UK’s deVere Group makes Australian planning move
UK-based financial advisory firm, deVere Group has moved to leverage its recent acquisition of Melbourne’s Meridian Financial Pty Ltd to establish an Australian presence, starting in Melbourne but with ambitions to go national.
The company’s move has been confirmed in an overnight announcement by its founder and chief executive, Nigel Green, who claimed it was being “fuelled by consistent and increasing client enquiries from in Australia for specialist cross-border financial advice”.
“We have far-reaching strategic plans for deVere Australia where demand for expert, independent financial advice from expatriates and globally-focussed investors – who are typically our primary client base - is soaring.
“With official estimates putting the number of British expats alone in Australia at 1.3 million, ultimately this could very well prove to be deVere Group’s biggest market,” Green said. “Steps are being taken to enable deVere Australia to become the largest independent financial advisory firm in this region within a matter of years.”
Green said the company would initially focus on developing a hub office in Melbourne but would then look to open offices in the other major cities, including Sydney, Canberra, Adelaide, Perth and Brisbane.
He acknowledged that the expansion into Australia was being facilitated by the recent acquisition of Meridian Financial Pty Limited.
Green said it was intended that a country manager for deVere Australia would be appointed imminently.
Recommended for you
ASIC has launched court proceedings against the responsible entity of three managed investment schemes with around 600 retail investors.
There is a gap in the market for Australian advisers to help individuals with succession planning as the country has been noted by Capital Group for being overly “hands off” around inheritances.
ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager.
Having peaked at more than 40 per cent growth since the first M&A bid, Insignia Financial shares have returned to earth six months later as the company awaits a final decision from CC Capital.
