Newly launched distribution business Provisca is now offering the Momentum platform to advisers, as it looks to widen the choice of investment platforms available to the British expat market.
Launched last month by founders Nigel Watson and Bryan Low, Provisca aims to respond to the spate of regulatory change in the offshore market by distributing regulated products to international advisers.
The Momentum platform, which has been trading in the domestic South African market for 20 years, is owned by investment and insurance giant MMI Holdings.
With assets under administration amounting to $1.8bn (£1.35bn), it is one of the largest platforms in the international market, according to Provisca sales director, Nigel Watson.
“Our partnership with Momentum will bring more product choice to international advisers and their clients, backed by a major blue chip provider,” he said.
The platform, which was previously only available in South Africa, gives advisers and their clients access to information and reporting, with online tools to help build and manage investment portfolios.
In the first instance, Provisca will be distributing two wealth management product offerings available on the platform:
• A general investment account called the Personal Portfolio which has easy access to offshore investments.
• The International Portfolio bond, which is an offshore portfolio housed within an insurance contract.
Mr Watson said advisers can create their own charging and commission structure on a client-by-client basis.
Asset management, discretionary fund management and pension products will also be available via Provisca over coming months.
Bryan Low, Provisca marketing director, said: “Given the trends within the international IFA market towards modern, transparent products and the desire to achieve efficiencies in IFAs’ business processes, we felt it was important that Provisca’s first product launch was a platform.”
katherine.denham@ft.com
