The move comes a day after the company confirmed to International Adviser that it had closed its business in Miami, and forms part of the strategic review of deVere’s global business operations that began in March.
The full results of the strategic review are expected to be announced within the next week.
European shake up
Under the plans for western Europe, which Nigel Green described as a “shake up” of the financial advice market, deVere will expand its existing bases in Spain, France, Germany, Switzerland and Italy and open at least two more offices in the region.
“This expansion and development of the region is now a major priority for the organisation for the rest of 2017 and beyond.
“We’re set to shake-up the western Europe market place. Of that, I am confident,” Green said in a statement.
“Of course, this will create a raft of new and extremely rewarding career opportunities for talented advisers to work within a growing, responsible organisation,” he added.
James Green, who was previously senior area manager – Abu Dhabi, Doha, Gurgaon & Mumbai for deVere, will take on the role as head of Western Europe on 5 June and report directly to his father.
The promotion comes at a time when the company has yet to announce a replacement for its UK managing director, following the resignation of Mike Coady in early December 2016.
Coady was formerly the deVere Group director for western Europe and also the firm’s European regional manager.
Nigel Green said the company had decided to pursue an expansion across Europe because of the increasingly buoyant economy in the region; the increasing demand it saw from the growing number of expats and international investors who are relocating there; and to help close an “advice black hole” that existed due to the many advisers exiting the market.
“Western Europe represents an enormous opportunity for growth for the company and we intend to explore this to the maximum,” Nigel Green said.
Of deVere’s current operations review, Green added: “The strategic review will, no doubt, result in a comprehensive period of restructuring.”