DeVere faces major restructure

Nigel Green, founder and chief executive of DeVere Group, said as the business moves into its fifteenth year it has embarked on a strategic review of not only our corporate structures but also operating units. 

While the review has yet to fully kick off, Mr Green said it would result in an enhanced level of protection and service, a broader range of advice, and a more extensive choice of products.

The recent Qrops announcements from the UK will form part of this analysis in the more immediate future, according to Mr Green.

In last week’s Spring Budget chancellor Philip Hammond committed to tackling abuse of foreign pension schemes as part of his measures to address tax avoidance.

The Budget document stated: “The government will introduce a 25 per cent charge on transfers to Qrops.

"This charge is targeted at those seeking to reduce the tax payable by moving their pension wealth to another jurisdiction."

It will affect those who transfer their pension to a country they do not intend to reside in.

It will enable us as a business to see in which areas and markets we need to reduce our presence, where we should invest and develop more quickly and in more depth, and with which products and services.Nigel Green

In response to the Budget detail on overseas pension transfers, Mr Green said: “It is extremely disappointing that the government sees Britons’ pensions as low hanging fruit they can raid whenever they deem it appropriate.  

“It seems to forget that it is an individual’s right to transfer their asset to any jurisdiction they see fit and, as such, people should not be penalised should they choose to move it outside the UK for legitimate financial planning reasons.

“Despite the move confirmed in the Budget that will make the transfer process more costly for those outside the European Economic Area – for those within it does not change – many of the fundamental advantages and long-term benefits of Qrops for expatriates remain intact.  

“Therefore, Qrops will still benefit many people living, or planning to live, overseas and who have a UK pension.”

On the 2017 strategic review, Mr Green said a rethink was needed as deVere has become such a large scale global organisation, with offices in a wide variety of different jurisdictions which are all evolving differently and at different speeds.

He said: “The industry is also evolving quicker than ever in terms of regulatory landscapes and clients’ expectations and requirements.

“The process which we’ve now begun will allow us to take a bird’s eye view perspective of where we need to go as a business in order to maintain and expand on our market-leading position.

“It will enable us as a business to see in which areas and markets we need to reduce our presence, where we should invest and develop more quickly and in more depth, and with which products and services.

“The strategic review will, no doubt, result in a comprehensive period of restructuring.

“We’re confident that this will provide the blueprint for us to navigate a new, exciting and fast-evolving era within the international advisory space. 

“Furthermore, it can be expected that we will be able to provide an enhanced level of protection and service, a broader range of advice, and a more extensive choice of products.

“Indeed, our recently received investment banking licence will allow us to offer new, specialist and innovative financial products and services to help our clients achieve their long-term financial goals.”

In addition to the investment banking licence, earlier this year deVere Group launched its own private bank.

emma.hughes@ft.com