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PIS reveals next international stops

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By Vishal Teckchandani
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2 minute read

PIS in discussions to venture into South Africa, Dubai and Sri Lanka.

South Africa, Dubai and Sri Lanka are the next likely bases for Australia's largest dealer group, Professional Investment Services (PIS).

The dealer group was looking at those countries because their rapidly growing economies presented good opportunities for financial planners, PIS managing director Grahame Evans said.

South Africa was attractive because of its growing middle class and a financial services industry that was moving into financial planning from life insurance, Evans said.

Oil-rich Dubai is a logical spot because of its strong economic growth and proximity to Malaysia, where PIS already has operations.

Despite political unrest in Sri Lanka, PIS believed the country was still a potentially strong economic environment to work in, Evans said.

"[Sri Lanka] is an interesting opportunity as a base to move into India," he said.

"It has got very strong economic growth, but is shackled by the political unrest due to issues with the Tamil [Tigers]."

The group earlier this year revealed it would establish an office in Taiwan this month in a joint venture with an undisclosed major global accounting firm and a bank.

PIS has around 850 advisers in offshore operations in Malaysia, China, Hong Kong, New Zealand, Canada and Singapore.

Evans said PIS was aiming to list this year, but an IPO could be delayed should markets sour.