PIS in joint US and Canadian ventures
ProfessionalInvestment Services (PIS) is close to signing joint venture deals with major institutional dealer groups in both Canada and the United States.
PIS Australia chief executive Robbie Bennetts says the two deals, to be finalised in the coming months, will allow PIS to open 50 branches across the US and Canada.
While keeping tight-lipped on the exact terms of the deals, Bennetts says the two groups will be named PIS US and PIS Canada.
According to Bennetts, PIS US, which will be headed up by Australian born businessman Tim Steele, has been in infant operation for the past two months and is expected to be fully operational by August this year.
PIS is preparing to launch a substantial marketing campaign for the US group in June, including the sponsorship of the Accounting and Business Show in Los Angeles.
As for PIS Canada, Bennetts says the joint venture agreement with the Canadian dealer group is in the final stages of being signed off.
The soon to be managing director of PIS Canada, David Steele, has been in Australia over the past two weeks for a training stint with PIS Australia.
“Our focus [in Canada] will be bringing in brand new planners and accountants. We see the Canadian market as a great opportunity,” Steele says.
“There are a few dealer groups on their own over there. There are a few dealer groups out there in the market at the moment that are looking to network [with accountants], but the idea is relatively new,” he adds.
According to Bennets, PIS had intended to break into the North American market shortly after announcing its move into Singapore in July last year, but was delayed by the September 11 terrorist attacks.
“September 11 delayed the situation. It took us until the middle of November to recover. We only started moving forward again in January this year,” he says.
Last week, PIS also gained the local equivalent of a dealers licence in Singapore, which will allow PIS to authorise local insurance agents and financial planners to work with the group.
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