DeVere Group has revealed that it is set to close its Barcelona office, due to political uncertainty in the region, it has been confirmed today.
International Investment can reveal that the closure has been decided due to Barcelona being at what has been described as "the epicentre of intensifying political uncertainty" in recent weeks.
As a result, the global financial advice giant has moved quickly to announce the closure. DeVere's Divisional Manager for Western Europe, James Green, pictured, who personally lived in Barcelona and worked from the company's Barcelona outlet until last year, when he moved back to London, said: "Whilst we remain fully committed in the longer term to Barcelona and the wider Catalonia region, where we have had a strong presence for many years, the ongoing political uncertainty has driven us to rethink our short to medium-term operational plans."
Green added that the move does not dampen the company's ambitions and expansion plans in Europe pointing to increasing demand for specialist cross-border financial advice, particularly in light of Brexit.
"We are looking to expand considerably in 2020," he said. "But for the time being, we don't think it's the right destination to recruit more top talent and retain our world-class teams to meet this growing demand."
"As such, we are set to significantly increase our teams in other major European destinations. Barcelona, where we have a strong and growing client base, is an amazing city and we look forward to returning when the political uncertainty subsides. However, understandably, the safety of our staff is a primary concern."
Green concluded by assuring the company's Catalonia- based clients that their long-term financial goals will be met by support from advisers in deVere's Spanish hub-offices in Marbella.