Group has announced
the formation of a wholly-owned U.S. subsidiary with an extensive e-commerce platform.
The Delaware Corp.
has been established to extend the reach of IPG’s wealth management
services throughout the U.S.
IPG’s “Virtual Apartment Building” concept enables clients to create
geographically-diverse portfolios of well-selected, high-grade investment
properties in high growth and emerging markets. The company owns or asset
manages 54 properties with 7,697 condominium suites.
An important first step will be to launch a Web site to support the U.S.
initiative. The site is scheduled to launch this quarter and is intended to
become a leading online community for individual real estate investors.
“Our revolutionary approach to wealth management through real estate
investment has established broad appeal,” said Phillip J. Carroll, Chief
Executive Officer of IPG. “We have established relationships with important
U.S. partners who will help roll out our services in this significant
“To further enhance this e-commerce platform, strategic alliances will be
formed to position us with leading Internet companies,” said David Steele,
President of IPG. “Included, will be online mortgage companies and
financial service portals.”
IPG is investing US$2 million of seed capital for the venture. The
company has also indicated that it is currently engaged in discussions with
several venture capital firms.