Financial advisory group deVere has acquired UAE-based peer Prosperity for an undisclosed sum.
Founded in 2009, Prosperity has employee strength of around 50.
Go deeper with GlobalData
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”.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataThe 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.
