Brooks Macdonald International, part of AIM-listed wealth management group Brooks Macdonald, is extending its offering to South Africa.

Brooks Macdonald International, an investment manager with offices in Jersey and Guernsey, has received regulatory approval to provide advisory and intermediary services in South Africa.

The firm received a Category I licence from the Financial Services Board, which oversees the South African non-banking financial services industry.

With the licence, the firm can now serve South African investors from its Channel Islands base. They will have access to BMI's spectrum of investment services, which include its international portfolio service and its segregated equity and bond strategies.

“The granting of the licence demonstrates our commitment to growing and servicing BMI’s international professional advisor and wider investor base in South Africa,” said BMI's chief executive, Darren Zaman.

“In addition, investors are increasingly seeking to access offshore investments as a result of the relaxation of exchange controls and benefits of greater asset security and returns.”

In January last year, the firm hired Lindsay Bateman as a business development director as part of its move to target new business opportunities in South Africa and internationally.