David Hughes, who has headed up the deVere Group’s Acuma operations in the Gulf for the last two years, has formally resigned from the role, and his duties are to be assumed by deVere CEO Nigel Green.
Hughes’s resignation was revealed in a letter to colleagues at deVere, a copy of which was seen by International Investment this morning.
In the letter, he suggested that a “dampened” motivation for his work was the reason behind his departure. He has been with the company since 2006.
In a statement this morning, Green said Hughes was “taking a well-earned break whilst he decides on his next career step, which I hope will be within the deVere Group” and that in the meantime and for the foreseeable future he would be “taking over [Hughes’s] role and running the region directly myself”.
Green added: “David has made an enormous and valuable contribution to deVere during his 12 years within the organisation. The board, the entire company and me personally are all full of appreciation for the effort and the achievements he has made.
“We thank him for his leadership, dedication and inspiration over the years, and know there is a bright future ahead for him.”
Hughes didn’t immediately respond to a request for comment.
Hughes began working for deVere in its Singapore offices, just four years after Green founded the company in Hong Kong in 2002. The following year Hughes moved to its Dubai offices, where he was a senior area manager until 2015, when he became senior area manager for deVere’s Acuma operations. The deVere Group acquired the Dubai-based Acuma wealth management business in July 2013.
Not ‘leaping’, nor ‘pushed’
In his letter to his deVere colleagues, Hughes said that having discussed “multiple options with Nigel” about how he might “reignite” his motivation for the role, they had agreed that his stepping down would be the best option. “I am neither leaping or, despite the mandatory rumours, being pushed to this decision lol,” he added.
He went on to praise the deVere Group for what it had done for him and his family, expressed gratitude to deVere founder and chief executive Nigel Green, and concluded: “There is only one company worth working for in financial services in the Middle East, and you’re already part of it.”