DeVere Group has agreed to sell its South Africa business to Hong Kong-based Brite Advisors for an undisclosed sum - International Investment can exclusively reveal.
The move, part of what appears to be end of year clear-out as the company restructures for 2020, is the the second major change to he company this week, following, as reported, the company's move to close its Barcelona operations due to political uncertainty in the region.
The sale has been agreed with Hong Kong-headquartered Brite Advisors, which is headed by CEO Mark Donnelly.
"...the sale is in the best interests of clients and will enable deVere to implement its ambitious 2020 expansion plans” - deVere spokesperson
The South Africa deal is be the second time that deVere Group has dealt with Brite, following the sale, as exclusively reported here, last Christmas of deVere's US operations.
The spokesperson said: "deVere has agreed the sale of deVere South Africa following a difficult period. We believe the sale is in the best interests of clients and will enable deVere to implement its ambitious 2020 expansion plans."
South Africa has become an increasingly difficult marketplace for financial services companies to operate in, not least due to introduction of a controversial FATCA style double taxation for South Africans that chose to live and work abroad - something deVere CEO and founder Nigel Green has been extremely critical of. The system, similar to that in the US, could also have been instrumental in deVere choosing to exit the US market last year.
There were other difficulties in both regions too, with, as reported, a high profile legal case in South Africa initially going against deVere, before being overturned. And in the US, DeVere USA being fined by the US regulatory body.
At time of going to press, Brite Advisory Group were unavailable to comment. The company is licensed in Hong Kong with the SFC, in Australia with ASIC, and in the United States with the SEC. Brite Advisory Group also have numerous pensions schemes, administered in Hong Kong, Gibraltar, and Malta, according to the company's website.