New Financial Services Group Binary Financial Launched
As of 11 April 2007, Parasol Network (to be shortly followed by Parasol Foreign Exchange) has been re-branded and become part of Binary Financial, a newly created group of divisions, set to launch a range of products, joint ventures and deals in the UK. The new group aims to provide bespoke solutions to diverse client requirements. The first of its products to be launched is the Celtic Fund, which was developed in partnership with Direct Share Deal on 1 April. The new fund management business is the first of its kind to be launched in Scotland in nearly five years and consists of a £60m fund, with arrangements for a further £50m to be made available in 12 months should the initial year’s performance be successful. Binary Financial plan to follow this deal with a further expansion into the UK financial services arena with a pre-paid card and an insurance product. The aim of the re-branding of Parasol into Binary Financial is to take it from being a southern European financial services company into being part of a pan-European organisation. Binary Financial is made up of five divisions: Binary Sipps, Binary Foreign Exchange, Binary Cards, Binary IFAs and Binary Fund Management. The group of divisions will be headed up by Richard Matthews, currently managing director of Parasol Network and newly appointed managing director of Binary Financial. He will be supported by Binary Financial directors Anthony Llewelyn-Davies (special projects director) and Malcolm McNiven (director of Direct Share Deal). Binary financial will retain at least a 25% stake in each of the joint venture divisions within the group.