The deVere Group has said it has sold its operation in the Bahamas to a group of management investors, as it begins to put into place corporate changes that its Strategic Review – unveiled in March – has revealed to be in the company’s best interests.
In a statement announcing the MBO of its Nassau-based operation, deVere said the Strategic Review is due to be completed within the next two weeks.
Today’s announcement comes around two weeks after reports indicated that deVere was closing its US hub office in Miami, first opened in June 2011.
The deVere statement didn’t provide details about which members of the management team of the DeVere Bahamas office are acquiring the business, or the price they’re paying for it.
In today’s statement, deVere said that going forward, “deVere USA Inc’s New York office will provide high quality service and financial products to US clients once serviced by the Bahamian operation”.
It added: “Following a decade and a half of continuous growth and expansion, this sale comes at an important time during the firm’s ongoing Strategic Review, which has ensured deVere Group’s ongoing prosperity in a new era, in which the firm will continue to offer high quality, specialist financial advice, coupled with digital and fintech solutions.”
Although the deVere Group was founded in 2002 – in Hong Kong – and quickly established a global presence, it didn’t enter the notoriously challenging US market until 2011.
DeVere now claims to be the world’s largest independent financial advisory firm, with around US$10bn in assets under administration and some 80,000 clients. It was founded by Nigel Green, who remains the company’s chief executive, and who was the subject of International Investment’s May issue cover story profile. That profile may be read online by clicking here.