International Assets Expands Asset Management Business Through DIFC Presence.
Dino Skandalis, Senior Executive Officer, said INTL Capital's presence will give wholesale investors in the region access to a unique asset class that is relatively new to the funds industry.
"INTL Capital provides exposure to an asset class that is usually difficult for institutional fund investors to access. Trade finance-related assets provide investors in the region with added choice for portfolio diversification."
Global trade finance-related assets are typically credit facilities that are used to fund the sale and purchase of goods for import and export. This includes letters of credit, negotiable instruments such as promissory notes and bills of exchange, syndicated loans linked to trade deals, export credit loans and other trade finance-related products. The WTO values annual global trade flows in excess of US$9 trillion.
His Excellency, Dr. Omar Bin Sulaiman, Governor of the DIFC, said: "INTL Capital's license marks another positive development in the DIFC's growing fund community. The DIFC is home to a range of leading funds and asset managers from around the world, introducing greater choice and higher standards of service to investors in the region."
INTL Capital expects to expand its DIFC office in the coming months. Its parent company, International Assets Holding Corporation, also plans to introduce other business segments to its DIFC office in time, such as debt capital markets, commodities, equities and foreign exchange.
Sean O'Connor, CEO of International Assets Holding Corporation, stated, "Our presence at the DIFC allows us to expand our client base and help support their trade-related business flows. We look forward to significantly expanding our involvement in the global trade finance related market through INTL Capital as well as servicing other group clients within the scope of our regulatory license."
INTL Capital's DIFC office will be headed up by Dino Skandalis, Steve Swords and Steve Hefft, who previously managed IAHC's global trade debt business from its London office. Simon Walsh, previously joint general manager of Intesa Soditic in London, has joined as head of operations.
Notes to Editors:
About International Assets Holding Corporation (Nasdaq 'IAAC')
International Assets Holding Corporation and its subsidiaries (the "Company") form a financial services group focused on select international securities, foreign exchange and commodities markets. We commit our capital and expertise to market-making and trading of international financial instruments, currencies and commodities. The Company's activities are currently divided into five functional areas Co international equities market-making, international debt capital markets, foreign exchange trading, commodities trading and asset management. Additional information regarding the Company is available on the Company's web site at www.intlassets.com .
Certain statements in this document may constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements involve known and unknown risks and uncertainties, many of which are beyond the Company's control, including adverse changes in economic, political and market conditions, losses from the Company's market-making and trading activities arising from counter-party failures and changes in market conditions, the possible loss of key personnel, the impact of increasing competition, the impact of changes in government regulation, the possibility of liabilities arising from violations of federal and state securities laws and the impact of changes in technology in the securities and commodities brokerage industries. Although the Company believes that its expectations with respect to the forward-looking statements are based upon reasonable assumptions, there can be no assurances that the actual results, performance or achievement of the Company will not differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Readers are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties. Accordingly, readers are cautioned not to place undue reliance on these forward-looking statements.
About the Dubai International Financial Centre
The Dubai International Financial Centre (DIFC) is an onshore hub for global finance. It bridges the time gap between the financial centers of Hong Kong and London and services a region with the largest untapped emerging market for financial services.
In just under two years, over 270 firms have registered at the DIFC. They operate in an open environment complemented with world-class regulations and standards. The DIFC offers its member institutions incentives such as 100 per cent foreign ownership, zero tax on income and profits and no restrictions on foreign exchange. In addition their business benefits from modern infrastructure, operational support and business continuity facilities of uncompromisingly high standards.
The DIFC is made up of the following core bodies:
1. The DIFC Authority (DIFCA) - Responsible for the Companies and Security Registries and attracting financial as well as non-financial institutions to set up in the DIFC. The DIFC Authority is also responsible for developing the financial services industry. (www.difc.ae)
2. The Dubai Financial Services Authority (DFSA) - An independent, unitary regulatory authority, responsible for the regulation of all DIFC operations. Its principle-based primary legislation is modeled on that used in London and New York and its regulatory regime operates to standards that meet or exceed those in major financial centers. (www.dfsa.ae)
3. The DIFC Courts - An independent court system set up to uphold the provisions of DIFC laws and regulations, the courts provide comprehensive legal redress in civil and commercial matters within the DIFC. The DIFC Courts system is especially designed to deal with all of sophisticated transactions that will be conducted within DIFC. The DIFC Court laws, based on the common law, not only sets out the jurisdiction of the court but also provides for dispute resolution services, including arbitration and mediation, thus allowing for the independent administration of justice in the DIFC. (www.difccourts.ae)
4. DIFC Investments - The creation of DIFC Investments will result in the allocation to it of all non public administration activities previously carried out by DIFC Authority. This will include amongst other things all commercial and other activities such as the operation and management of any current and future subsidiaries, the development of the centre's investment strategy and relevant policies and any other strategic investments or alliances which will further the goals and objectives of the Dubai International Financial Centre and contribute to the fulfillment of the Centre's vision. Some of the companies and organizations that DIFC Investments owns include:
a.) The Dubai International Financial Exchange (DIFX). The DIFX is the region's first international financial exchange for equities, bonds, Islamic products, funds, index products and (subject to regulatory approval) derivatives. The target areas of the DIFX for seeking issuers include the Middle East and North Africa, as well as South Africa, Turkey and the Indian sub-continent. The regulator of the DIFX is the Dubai Financial Services Authority. The DIFX is located in the Dubai International Financial Centre (DIFC) and its owner is the DIFC Authority. (www.difx.ae)
b.) Hawkamah - the first Institute for Corporate Governance in the region is being set up by a group of international institutions, including the Dubai International Financial Centre (DIFC), Organisation for Economic Cooperation and Development (OECD), UAE Ministry of Finance and Industry, Centre for International Private Enterprise (CIPE), International Finance Corporation (IFC), the Union of Arab Banks (UAB), Dubai School of Government (DSG), Young Arab Leaders (YAL), and the Institute of Management Development (IMD). (www.hawkamah.org).
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|Date:||Oct 31, 2006|
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