Investment services group Ravenscroft has opened an office in Monaco, forming a partnership with Tavira, a global execution services for commodities, derivatives and equities with offices in Monaco, London and Dubai.
The joint venture, known as Tavira Ravenscroft, has had its application to operate approved by the CCAF (Commission de Controle des Activites Financieres) in Monaco.
Ravenscroft Group Managing Director Mark Bousfield commented: "The company’s long-term growth strategy is to offer our range of services in jurisdictions that share similar characteristics to the Channel Islands, where we have our headquarters.
"Tavira Ravenscroft will offer our key services, such as execution-only trading, advisory investment and discretionary investment management, to Monaco’s residents."
Eliot Goodfellow, founder and CEO of Tavira, said: "We recognised there was a need for a different investment approach for Monaco residents, so we are delighted we have found a partner in Ravenscroft which will allow us to expand our offering not only to existing clients, but prospective ones as well."
Following the approval from CCAF, Ravenscroft and Tavira put together a team to progress the plans and work closely with Monaco’s Department for Economic Expansion.
Ravenscroft Head of Trading and Market Making Dale Acton, who has been with the company in Guernsey since its inception in 2005, has moved to Monaco as Director of the new business.
He will be joined by Head of Fund Dealing and Services Debbie Wilson, who has worked for Ravenscroft’s investment management team since 2008.