Financial advisory group deVere has unveiled plans to return to the Mallorca market by launching an office in Portals Nous.

A firm spokesman said that the firm’s previous retreat from Mallorca was driven by recruitment issues.

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The problems have now been overcome, according to the spokesman.

The new Mallorca location will be led by Michael Jacobs, who will move from Milan.

“With already high demand and with it being on an upward trajectory, we will be looking to recruit some talented financial advisers, and ambitious graduates who are looking to start a rewarding career, to join the team here in Mallorca,” Jacobs noted.

Jacobs earlier served as the senior wealth manager for 10 months at deVere Italia.

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In the new role, he will report to deVere Spain senior area manager Andrew Oliver.

Commenting on the development, Oliver said: “We’re absolutely delighted to welcome someone of Michael’s calibre and professional expertise to our new office in Mallorca, where there is increasing demand for deVere’s specialist cross-border financial advice. Much of his focus will be on the vibrant yachting community in and around Portals Nous and Palma.

“Together with him being a talented wealth adviser and senior-level business manager, Michael has an intimate personal and professional knowledge of this market, being an expat himself for many years and having lived around some of the world’s best-known ports and marinas.”