deVere acquires UAE-based Prosperity

deVere Group founder and CEO, Nigel Green, recently announced the acquisition of Prosperity, an independent financial advisory organisation based in the UAE.

Prosperity will remain an independent brand and continue to be run on a day-to-day basis by its chief executive, Andy Cole, who set up the firm in 2009.

Green commented: “I’m delighted to announce our acquisition of Prosperity, one of the GCC region’s most respected and licensed advisory companies.

“I’m looking forward to further developing its reputation for delivering world-class, results-driven financial advice and to welcoming their talented team of professionals to the deVere Group of companies.”

The acquisition offers the deVere Group to expand its adviser base in the Gulf region where the demand for specialist cross-border financial advice is continuing to grow.

The first stage of this horizontal and vertical growth strategy was unveiled in December 2018 with the launch of dVAM, deVere’s own asset management company.

Green pointed out:  “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.”