Though Brexit continues to cause divisions and infighting among UK Government cabinet ministers, as reported this week, it seems it is being seen as likely to deliver dividends to wealth management companies active in the expatriate market.
This is, at least, the view of the deVere Group’s David Owen, previously a senior wealth consultant for deVere Acuma in Abu Dhabi, who is moving to Spain to head up the company’s re-opening Madrid office.
DeVere had a Madrid office previously, but closed it in 2014, after arranging for its clients there to be looked after by staff based in its Marbella and Barcelona outposts.
But now, Owen explains, the company believes there is enough interest to again justify a Madrid outpost, as Brexit concerns are seen as having helped to fuel “an increase for some financial products” by expatriates, ahead of the conclusion of the UK’s ‘divorce proceedings’ with the EU”.
Another key driver that has led to deVere to reopen the Madrid office after a three-year hiatus, Owen adds, is “the strengthening Spanish economy”, which he says is “back to pre-crisis size”, thanks to improved exports and increased household spending.
According to Owen, the new Madrid office will have seven full-time consultants and their respective support staff in place by the end of this year, with additional staff likely to be hired in 2018.
The relaunch of the Madrid office follows the appointment, in May, of James Green as deVere’s head of Western Europe.
In a statement, deVere founder and chief executive Nigel Green noted today that the re-opening of the Madrid office was part of a “major” regional expansion and development that would also see an expansion of the company’s existing bases in Spain, France, Germany, Switzerland and Italy, as well as the opening of “at least two more offices in the region”. He didn’t say which countries those new offices would be in, or when they were expected to open.