DeVere Acuma plans UAE expansion, pulls PIC brand

Added 22nd July 2016

The deVere Group has announced that it will incorporate its Professional Investment Consultants (PIC) Middle East business into its deVere Acuma operation in the UAE as part of a strategic plan to expand across the region.

DeVere Acuma plans UAE expansion, pulls PIC brand

“The move is the result of a strategic review. It will enable us to further enhance our position as the market leading advisory firm for internationals and expats in the Middle East, meet evolving regulatory requirements, and help raise standards throughout the region,” said David Hughes, deVere Group’s regional director for the Gulf.

DeVere previously operated in Dubai and across the UAE under the PIC brand before it bought Dubai-based wealth manager Acuma in 2013.

Hughes said existing PIC clients will continue to be serviced by their financial consultants in the same way as always.  However, they will now be under the deVere Acuma umbrella, part of the deVere Group, which has more than $10bn (£7.6bn, €9.1bn) under advice from 80,000 clients in 100 countries.”

“We’re confident that this streamlining process will empower us to exceed client service levels, best business practice policies, corporate governance and operational excellence,” said Hughes.

“We are aiming to take the necessary steps to double our Gulf presence within four years,” he added.

The group currently has two hub offices Dubai, one in Abu Dhabi and one in Al Ain.

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Richard Hubbard is the group editor at Last Word. He is responsible for the editorial content of International Adviser, Portfolio Adviser, Expert Investor and Fund Selector Asia. Richard previously worked for Thomson Reuters and has covered the financial services industry and investment themes from its offices in London, Singapore, Hong Kong and New York. Richard started his career at the Australian Financial Review in Sydney.

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