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DeVere buys UAE-based IFA

DeVere buys UAE-based IFA

Financial advice business DeVere has bought an IFA based in the United Arab Emirates for an undisclosed sum.

The acquisition of Prosperity will see the firm remain an independent brand and continue to be run on a day-to-day basis by its chief executive Andy Cole, who founded the business in 2009.

Prosperity has 4,000 clients, with approximately US$110m (£85.7m) of assets under management and more than 50 staff. 

DeVere’s founder and chief executive Nigel Green said the acquisition was part of the group’s expansion in the Gulf region, where he said client demand for "specialist cross-border financial advice" was growing.

Mr Green said: "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."

He added: "We’re enthused about the Prosperity acquisition and this overall growth strategy.  

"We’re uniquely positioned to pursue this robust and far-reaching plan – which includes further acquisitions, the launch of additional subsidiary brands, plus new products and fintech development – due to our already dominant position in the sector."

In November last year DeVere launched an actively-managed cryptocurrency product for investors with a hedge fund manager in the Dubai International Financial Centre.

The DeVere Digital Asset funds was launched for experienced investors with Dalma Capital Management, to address client demand for exposure to the digital currency sector.

rachel.addison@ft.com