Financial advisory group deVere has acquired UAE-based peer Prosperity for an undisclosed sum.
Founded in 2009, Prosperity has employee strength of around 50.
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The acquired entity will retain its independence and remain under the leadership of its existing CEO Andy Cole.
Commenting on the takeover, deVere Group founder and CEO Nigel Green said: “Specifically, it allows us to expand our adviser base in the Gulf region, where client demand for specialist cross-border financial advice is continuing to grow.
“On a broader level, the buyout is an important advance in deVere’s ambitious vertical and horizontal growth strategy for 2019 and beyond, which will allow us to meet evolving client expectations, market trends and regulatory requirements.”
Green said that he intends to develop Prosperity’s “reputation for delivering world-class, results-driven financial advice”.
The acquisition is said to be a continuation of deVere’s vertical and horizontal growth strategy.
Around two months ago, deVere embarked on this strategy by setting up an asset management unit called dVAM.
deVere also unveiled plans for more takeovers, launch of subsidiary brands and products, as well as fintech development.
Last August, deVere obtained the green light from the Financial Conduct Authority to acquire WPS Advisory (WPSA).
WPSA will become part of UK Workplace Solutions, the UK division of deVere.
