Parasol Network, to be shortly followed by Parasol Foreign Exchange has recently been rebranded and become part of Binary Financial, a newly created group of divisions, set to launch a range of revolutionary products, joint ventures and deals in the UK. Having identified a gap in the market for a nimbler, more responsive organisation that is able to provide bespoke solutions to diverse client requirements, Binary Financial will service areas that the larger mainstream financial houses seem to be ignoring.
The first of its ground-breaking products is the launch of the Celtic Fund, which was developed in partnership with Direct Share Deal on April 1. The new fund management business is the first of its kind to be launched in Scotland in nearly five years and consists of a £60 million fund, with arrangements for a further £50 million to be made available in 12 months should the initial year’s performance be successful.
In the next few weeks, Binary Financial will follow this deal with a further expansion into the UK financial services arena; a pre paid card as well as a revolutionary insurance product. The evolution of Parasol into Binary Financial will catapult the company from being a successful Southern European financial services company to being part of a pan European organisation that will compete with the giants of the financial services industry.
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.
As the newest entrants into UK financial services, Binary Financial is looking to shake things up. The group of divisions will continue to expand and will be looking to work with likeminded businesses with a similarly innovative approach to financial products.
Over the course of the next year, Binary Financial aims to build its fund management business to an excess of £100m and at the same time become a major player in the UK mortgage and card market. With strong connections in Scotland, England, Ireland and Wales, giving it a broad overview of the UK’s financial services requirements, the group of companies firmly believes that it can quickly become a top 50 company and aims to float in three to five years.
Richard Matthews, CEO of Parasol and now MD of Binary Financial, comments: “By launching Binary here in the UK, I hope to provide British businesses and consumers with a refreshing alternative to the traditional and increasingly moribund products on offer by the sector. Over the last couple of years it has become increasingly apparent that the giants of the industry are creating a malaise of slow, inefficient, out of date products and services.
“Binary Financial - through a combined experience of financial engineering and financial broking - will bring a fresh outlook to the UK market place. Furthermore, I believe the unique mix of cultures between financial advisors, stockbrokers and foreign exchange brokers will cater for all areas of wealth creation and management in an innovative and effective manner.”