BERKELEY ASSETS UK ARM RECEIVES FINANCIAL CONDUCT AUTHORITY (FCA) REGULATION APPROVAL
International private equity firm Berkeley Assets’ UK office has received the official stamp of approval from the Financial Conduct Authority (FCA), one of the largest and most respected financial regulators in the world, as an appointed representative.
After a thorough application and due diligence process, the FCA has added Berkeley Capital and Asset Development Ltd (known globally as Berkeley Assets) to its register of appointed representatives that abide by a strict code of conduct to make financial markets honest and effective.
Mike Clark, Partner at Berkeley Assets, said: “The FCA is the gold standard regulation across the globe and we are very proud to have achieved this recognition.
“It will make a significant difference to us as we continue to develop and expand the business on an international scale, and provides our clients with a third party vote of confidence to know that they’re working with a reputable and respected firm.”
Berkeley Assets recently announced its global expansion plans, adding a range of new offices to the existing locations in London and Dubai. The Marbella office opened earlier this month, while Mexico City and outposts in Africa and the Far East are set to follow throughout 2019 and 2020.
Established in 2013 by taking over responsibility for conduct and regulation from the Financial Services Authority, the FCA operates to secure an appropriate degree of protection for consumers, to enhance the integrity of the UK financial system and to encourage effective competition in the interests of consumers.
Omar Jackson, Partner at Berkeley Assets, added: “As a regulated FCA firm, every process we undertake in the UK must abide by the Authority’s Handbook, which is in place to protect consumers and the financial services industry.
“All our global private equity advice, services, recommendations, compliance and marketing efforts are consistent with our BCAD Ltd headquarters in London, which means that our clients have absolute peace of mind that they’re working with a trusted partner.
“While not all private equity firms seek FCA approval, it was an important milestone for us due to the nature of our transparent operations and the way we communicate with our clients, particularly those in the retail market.
“Becoming an FCA appointed representative will also help us attract other regulators around the world to work with us and that is something we encourage and are working hard to nurture. Our clients know that we’ve passed the most stringent, diligence compliance checks with regulators and banks globally, and everything we offer to them is in line with an independent, respected authority.”
With investments in real estate, hospitality, logistics and technology, Berkeley Assets raised US$112.8 million in total in 2018 from the Middle East, Far East and central Europe, with US$16.2 million generated from the retail market and the remainder from institutional investors, far exceeding its capital raising targets.