Over the holiday period, deVere announced it has agreed a deal to sell its US operation to Hong Kong-based Brite Advisers for an undisclosed amount. The deal is subject to regulatory approval.
Nigel Green, founder and chief executive of the deVere Group, described the “strategic sale” as part of the company’s “ambitious” expansion plans.
Green said he these plans include “pursuing major acquisitions, further developing and broadening our own range of investment solutions and fintech propositions, as well as launching new deVere brands.”
In December, International Adviser reported that the deVere Group had joined forces with a UK-based Pacific Asset Management to roll out a range of mutual funds under its newly formed brand, DVAM.
Green also believes that Brite will “offer a high level of service to existing clients in the US”, and that deVere will continue “to help American expatriate clients across the world reach their medium and long-term financial planning goals using our specialist cross-border financial expertise and results-driven financial solutions”.
International Adviser understands that deVere are not the only firm looking to consolidate its position within the IFA market. Brite Advisers is believed to be looking to continue its acquisition spree after this deVere deal, with a focus on the Middle East while Swissglobal, under chief executive Mike Coady, is another firm believed to be mulling future acquisitions.
Brite Advisory Group is licensed in Hong Kong with the SFC, in Australia with ASIC, and in the US with the SEC.
It also has numerous pensions schemes, administered in Hong Kong, Gibraltar, and Malta.