Blacktower Cayman has been granted the upgraded permission of Broker Dealer by the Caymen Islands Monetary Authority (CIMA), it said in a statement on 22 September.
The firm has qualified for the upgrade after working with the Cayman Islands Monetary Authority to bring its systems and controls up to Broker Dealer qualifying standards.
The addition of this licensing permission, once fully implemented, will permit Blacktower Cayman Limited to offer a range of securities trading and dealing services which will accompany the execution-only trading and discretionary management services that the firm currently offers.
It will also allow Blacktower Cayman to offer their clients a self-trade facility, and with it, a more bespoke investment experience.
Group chairman, John Westwood, said: "This development is not only a tremendous step forward for Blacktower Cayman, but also for the rest of the Blacktower Group, as it is the strength of our constituent parts that has led to us being so well-established in the international wealth management and financial planning landscape.
"The Broker Dealer licence positions us to compete fully within the Caribbean and international wealth management industry and presents the opportunity to provide our clients with a truly personalised and bespoke service."
Group managing director, Gavin Pluck, added: "It is the combination of Blacktower's comprehensive range of services and years of experience in the industry that makes us such an appealing choice for those seeking wealth management services.
"The addition of this licence will not only allow for that service offering to be extended, but also showcases our reputable and well-established standing in the industry."
