The deVere Group, which is coming to the end of a “comprehensive strategic review” announced in March, has announced plans to “extensively expand and develop” its operations across Western Europe, and named James Green to oversee the strategy, a head of the region.
Green, pictured above, is the son of deVere founder and chief executive Nigel Green, and most recently has been senior area manager for Abu Dhabi, Doha, Gurgaon and Mumbai.
The decision to prioritise operations in Western Europe is among the conclusions that have emerged thus far as a result of the review, which is expected to be finalised “within a week”, deVere said in a statement announcing Green’s appointment.
Once the review is completed, deVere said it will “provide a full and comprehensive breakdown of its findings”.
Nigel Green said the decision to “extensively expand and develop our already solid position across Western Europe” was influenced in part by such factors as the region’s “increasingly buoyant economy”, growing numbers of expatriates in need of specialist advice, and an exodus of other advisers from the business “due to high operating costs” and an unwillingness to look after clients who “aren’t deemed ‘high-net-worth enough’”.
The result, he added, is that the region “is now a major priority for the organisation for the rest of 2017 and beyond”.
As a result, deVere will, he said, expand its existing bases in Spain, France, Germany, Switzerland and Italy, and open at least two more offices in the region.
James Green will begin his new role on 5 June and report directly to Nigel Green.
As reported here last week, another change in the deVere business model to emerge from the strategic review was a decision to sell its Bahamas operation to a group of management investors.
DeVere now claims to be the world’s largest independent financial advisory firm, with around US$12bn in assets under administration and some 80,000 clients. It has a network of more than 45 offices around the world.