UK cash management platform Flagstone has received regulatory approval from the Jersey Financial Services Commission (JFSC) to set up its international business in Channel Island.
Flagstone International will launch later this year, initially focused on serving clients of international wealth managers and IFAs, as well as trust and corporate services businesses, the captive insurance industry, and UK resident and non-domiciled customers of the firm’s distribution partners.
At the moment, Flagstone is working with HSBC Channel Islands and Isle of Man to provide “key operational services”, the company said.
At launch, Flagstone International will be available to clients of Intertrust Group (Jersey) who require cash management services.
Flagstone founder Andrew Thatcher will become chief executive of the international arm to focus on the growth of the newly established business.
He said: “We are delighted to establish our new business because our research shows that there is a tremendous opportunity to build on our existing expertise in this space and offer our platform to international clients.
“The inertia of cash stuck in low interest-bearing accounts, due to the time required to open new accounts, is far-reaching. To be able to do this with companies of the caliber of Intertrust Group and HSBC make this opportunity even more compelling from our perspective and we look forward to long and mutually beneficial partnerships ”.