CompaniesJul 1 2016

DeVere chief expects business to grow post-Brexit

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DeVere chief expects business to grow post-Brexit

Plenty of companies might be concerned for the future after Britain’s vote to leave the European Union but international adviser firm DeVere sees an opportunity.

The company, which has a network of more than 70 offices across the world, more than 80,000 clients and $10bn (£7.4bn) under advisement, sees Brexit as an opportunity for growth.

Nigel Green, founder and chief executive of DeVere Group, said: “The international financial advisory sector is set to enter a period of client demand-driven growth as a result of the Brexit decision. This is for two key reasons.

The international financial advisory sector is set to enter a period of client demand-driven growth as a result of the Brexit decision. Nigel Green

“First, we can expect an increasing number of individuals and companies to consider moving outside the UK, especially over the next few years before Britain invokes Article 50 of the Lisbon Treaty.

“These people and these firms will be new clients for the international industry as they will need, as all expats and multinational firms do, specialist international financial advice due to their changing financial status.

“And second, it is likely that once Britain officially exits the EU, and the less harmonisation there is, the more complex the financial affairs will become for those who live, work and retire abroad or who are considering doing so.

“As such, there will be an even greater need for the services of companies like DeVere.”

Mr Green said the company has plans for “ambitious, strategic global expansion” through 2016 to 2017.

He said deVere’s plans include increasing its number of financial advisers worldwide with a particular focus within the EU and extending its global network of offices.

Mr Green said: “We can fully expect demand for HMRC-recognised overseas pension transfers to be further boosted thanks to the UK’s decision to leave the EU.

“Arguably the most pressing concern – and therefore the main trigger for people to consider transferring their pensions out of the UK - is the significant fall in the pound following the Brexit result.

“For those living in the EU and in receipt of a UK pension, a plummeting pound has serious consequences; the cost of living becomes more expensive.”