DeVere Group chief executive Nigel Green has divested a majority of his shares in STM, the QROPS provider.
Green has sold a total of 6,764,191 shares in the London-listed firm retaining 9.95% since the purchase of the stake in March 2012.
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Green said that he has acquired a strategic stake in STM to provide additional resources to develop robust systems that will provide the best QROPS administration in the market, to reduce costs and to increase efficiency for its clients.
"As these objectives have now been achieved, the next stage of the original, long-term, considered strategy was the sale of the majority of my shares.
"Whilst I still consider shares in STM, a truly market-leading financial products provider, to be an excellent investment opportunity, my main focus is and always has been the development of deVere Group.
"My aim for deVere, which now has 80,000 clients in 100 countries and more than $10bn under advice and management, is to become the British equivalent of American bank Merrill Lynch, only bigger and better, Green added.
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By GlobalDataColin Porter chief executive of STM said: "Nigel Green’s significant investment in STM some two years ago was timely and allowed STM the resources to develop and implement a growth strategy in the pensions administration market and in niche markets for its own life assurance company, STM Life."
