deVere says buying Dubai-headquartered Prosperity is evidence of its “ambitious vertical and horizontal growth strategy”.
Group founder and CEO, Nigel Green, announced the acquisition to existing teams across the global network on Wednesday morning, before being presented as Prosperity’s new owner to the firm’s 50-plus staff.
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.
Mr Green said: “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.
“We’re committed to using our scale and considerable resources to empower them to do even more of what they excel at: enabling clients to reach their financial goals.”
Mr Green said the acquisition would allow deVere to expand its adviser base in the Gulf region, where it says client demand for specialist cross-border financial advice is continuing to grow.
He added: “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.”
Mr Green said deVere’s “robust and far-reaching plan” included further acquisitions, the launch of additional subsidiary brands and new products and fin-tech development.