CFI.co Meets the CEO of Alliance Financial Services
Contributed by Alliance Financial Services
31 October, 2016
Published in Capital Finance International (UK), Issue: Winter 2015/2016.
The youngest CEO ever of a company regulated by the Mauritius Financial Services Commission, Roshan Boodhoo of Alliance Financial Services is making his mark on the island nation's booming offshore sector. A peerless grasp of the market's dynamics has enabled Mr Boodhoo to respond quickly and effectively to changing conditions. Since being named CEO of Alliance Trust – the precursor to the present company – in 2010, Mr Boodhoo has managed to increase revenue by well over 800%.
"I joined Alliance Trust in 2009 just as the full dimension of the global financial crisis was becoming clear. Up to then our company had focused on providing wealth management services. However, the downturn necessitated a corporate rethink in order to arrive at a more diversified palette of services." Thus Alliance Financial Services came into being. The name change reflects the broader approach that was chosen to better serve clients and broach new markets.
"Alliance Financial Services has become a onestop- shop for businesses that wish to leverage the attractive legal framework put in place by the Mauritius government for the offshore industry. We provide not just legal advice but enable interested parties to establish a corporate presence in this jurisdiction without suffering the usual hassles and hurdles. Our company takes care of all minutiae from premises and office furniture to tax structuring, accounting, human resources, and everything in between. As such we offer a service unique in its reach."
Mr Boodhoo has readied Alliance Financial Services to join up with PrimeGlobal, one of the world's largest and most prestigious networks of independent accounting firms. Mr Boodhoo has been named PrimeGlobal's regional officer for Sub-Saharan Africa in recognition of his efforts to develop the industry. Increasing the size of its corporate footprint and eying business opportunities, Alliance Financial Services recently opened offices in Dubai and London with a view to better serve the company's clients in these regions.
"While about 40% of our business is generated in Africa, the Middle East is increasingly important to us and now represents slightly over 30% of our revenue. Alliance Financial Services is now known as a hallmark of quality in the provision of offshore management services for companies and investors alike. This stellar reputation was hard-won and allows us to enter new markets and further expand our services."
After obtaining a BSc in Banking and International Finance from the Mauritius University of Technology and a MA in Finance and Investment from Nottingham University Business School, Mr Boodhoo started his career at Barclays on the corporate finance and credit finance side. "When the Mauritius government signalled its intention to develop the island nation into a financial services centre, it became abundantly clear that opportunities would arise. This realisation motivated me to jump from the banking side of the business to the operational side. I joined Alliance Trust, as the company was then called, in 2009 as chief operations officer. A year later, I was named CEO and am happy to report that last year I became an equity partner of Alliance Financial Services."
Traveling the world and highly motivated to meet new challenges head-on, Mr Boodhoo was never going to be satisfied with following the lines traced by others: "If you wish to lead and succeed, just go ahead and take the reins. You can do it."
In a business where personal qualities and relations determine the outcome of many business ventures, Mr Boodhoo is well-equipped to succeed. A walking and talking encyclopaedia on the Mauritius business scene and the country's offshore legislation, the CEO has a well-earned reputation as a fast thinker and an effective mover and shaker. As a result, Alliance Financial Services is now well settled in a fast expanding niche all its own near the apex of the country's offshore establishment.
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