Infinity has also opened an office in Ho Chi Minh City, Vietnam, bringing to six offices, in six countries, its network in Asia.
Infinity Finance co-founder and finance director Ben Bennett said Infinity had been operating in Shanghai on its own since April last year, but had begun “looking at ways to expand its presence in the market, over and above organic growth”, when the opportunity to form a JV with Essential Finance (EF), presented itself.
EF, which is headed up by founders director Alex de Wit and Tony Mustafa, has operated in the Asian market for more than 15 years, and has clients throughout the region.
The newly-combined operations will be located in OOCL Plaza, a 24-storey office tower on Yanan Road Middle in Shanghai’s central Puxi district.
“Essential has operated in Shanghai for many years, and has a strong presence there, with eight consultants and five support staff,” said Bennett, who founded Infinity in Thailand in 2004, with fellow British national Judy Blair and South Africa-born Trevor Keidan.
Now the combined businesses total 33 consultants and 28 staff, he added.
“This JV [between Essential and] Infinity will provide clients with local support through Infinity’s offices across the region, and increases the range of services available to both sets of clients.
“Geographically the JV is very complimentary, as Essential doesn’t have a physical presence outside of Shanghai, and Infinity was actively looking for ways to boost its presence in Shanghai.
“Furthermore, the JV increases the range of [products], adds nearly 50% to Infinity’s assets under advice, and this provides economies of scale to both groups.”
Essential’s de Wit said a near 20-year friendship with Infinity’s Bennett meant the decision to “join forces with Infinity” was an easy one to make.
“We share [Infinity’s] vision in building a lasting bond with our clients through the provision of sound, impartial advice coupled with the very best management services.”
In Ho Chi Minh City, which was known as Saigon until 1976, Infinity has taken offices in An Phu Ward in District 2, a residential area favoured by expatriates who work in the city.
