DeVere’s acquisition of the Securities and Exchange Commission-licensed company follows a similar acquisition in July when the global IFA firm bought Acuma in the United Arab Emirates.
Nigel Green, founder and chief executive of deVere, said: “This acquisition will help us meet the consistently increasing demand for our specialist, independent, expert financial advice from expatriates and globally-minded investors who are living and working, or who are retired, in Southeast Asia.
“Moving forward, this region represents a key element of our ambitious corporate growth and consolidation strategy, and the acquisition of Broadgate Advisory is an integral part of this.”
Broadgate Advisory chief compliance officer, Simon Osborne, said the deal would see he and chief executive John Mills relinquish management of the business by year end or when deVere appoints a new CEO “whichever is soonest”.
Osborne explained that having set up Broadgate Advisory in 2008, he and Mills soon decided they wished to diversify their business portfolio and established three further business units under the Broadgate name – Broadgate Plantation, Broadgate Construction and Broadgate Energy.
Osborne added that these three business units, providing a range of services, from corporate consultation on renewable energy to the manufacture of materials for pre-fabricated buildings, became the main focus of their efforts.
“We kept the advisory business going, with two full-time analysts serving our client base in the knowledge that at one point the business would be attractive to a company looking to access Thailand and, with the ASEAN countries opening up, the rest of the region,” added Osborne.