A global wealth management group based in the UK has discussed plans to expand into Australia, with a keen focus on Sydney.
Scotland's Gladstone Global Advisory intends to expand its wealth management operations, concentrated on Sydney, Kuala Lumpur, and Singapore. Gladstone already operates a capital markets business in Singapore.
The focus will range from investments to credit, estate, succession and tax planning. In particular, Gladstone sees Australia as a private banking and trust center for South Asia and the Oceania, alongside Singapore.
Gladstone already has businesses in Hong Kong, Switzerland, Canada, Malaysia and the UK.
Co-head of Gladstone's global finance group Hector Douglas said the group hopes to tap "emerging market growth".
"Around 50% of the firm's wealth management clients are outside of Europe and the UK, mainly from emerging markets, and the firm sees growth coming out of all of those areas," he said.
"The reason we think the wealth management business is going to be faster growing than financial services overall is the growth of wealth coming from emerging market countries."