DeVere chief buys UAE firm

DeVere chief buys UAE firm

The chief executive of financial advice business DeVere has bought a wealth management company based in the United Arab Emirates for an undisclosed sum.

The acquisition of Credence International will see the company remain an independent brand at its offices in Dubai and continued to be run by its chief executive Chris Ferguson.

Credence International has more than 500 clients and US$110m assets under management (£85.7m).

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Nigel Green said: "I am confident that my investment in Credence International will be of great benefit to the company’s clients.

"Together, with the talented, high-quality team at the company, I will be proactive in pursuing material benefits for clients."

He added: "These are exciting times within the international advisory industry as companies of all sizes need to develop in order to meet evolving client expectations, market trends and regulatory requirements."

Mr Ferguson added: "We’re hugely excited by this development, this is a great opportunity for the business to expand and grow in many directions and on many different levels.

"The additional resources plus the experience, expertise and commitment of Nigel Green will help us maximise our full potential."

Earlier this month Mr Green's firm DeVere bought UAE-based Prosperity, adding 4,000 clients and approximately US$110m (£85.7m) of assets under management to the group.

Mr Green said at the time 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.

This article has been revised post-publication to reflect it was deVere's chief executive Nigel Greenwho bought Credence International, not the firm deVere.