bulletEDITOR'S PICKS

 

Chancellor’s tax evasion plans ‘blow to rule of law’

From Tax & Regulation Apr 16 2014 @ 11:44

Plans to remove a requirement to prove individuals with offshore accounts intended to evade tax...
view article

FSCS annual levy jumps for advisers despite overall drop

From United Kingdom Apr 15 2014 @ 16:43

The FSCS has announced that its total annual levy for 2014/15 will be less than predicted, but...
view article


bulletRELATED ARTICLES

 

bulletNEWS

 

LATEST NEWS

Eastspring Investments launches a three-year bond fund in Malaysia

Eastspring Investments launches a three-year bond fund in MalaysiaEastspring Investments Malaysia has launched a three-year close-ended...
view article

BlackRock grows AUM by 12%

From News Apr 17 2014 @ 17:13

Advisers banned for misleading 'thousands' of...

From United Kingdom Apr 17 2014 @ 16:32

MORE FROM Products

LATEST NEWS

Industry pragmatic as EU Parliament clears legislative decks

Industry pragmatic as EU Parliament clears legislative decks ahead of electionsAsset management, wealth management and insurance industry association...
view article

Brooks Macdonald sees strong first quarter

From United Kingdom Apr 17 2014 @ 14:42

Osborne’s grand plan

From Tax & Technical Apr 17 2014 @ 12:11

MORE FROM Europe

LATEST NEWS

FATCA compliance: time is running out

FATCA compliance: time is running outFinancial Institutions have just under three weeks left to apply for a Global...
view article

Brandeaux de-lists Student Accommodation Fund

From Products Apr 16 2014 @ 16:34

Group First Int’l gives non-UK...

From Products Apr 16 2014 @ 16:00

MORE FROM Tax & Regulation



DeVere announces acquisitions of two Asia wealth managers

From Asia Nov 8 2013 BY: Helen Burggraf , Contributing Editor , International Adviser

Add to My News Comments (2)

Add to My News Print

Add to My News

add to twitter

add to linkedin


Nigel Green

Nigel Green

The deVere Group said today that it had acquired the Shanghai-based Elite Investment Group as well as the Hong Kong-based wealth management and IFA platform arm of the Precision Group Asia.

According to deVere, Elite Investment is China’s second-largest financial advisory group. It did not say which is the largest.

Elite Investment Group (EIG) was said by deVere to be unrelated to Elite Capital Solutions, a Dubai-based wealth manager which subsequently became ECS Insurance Brokers. In 2012, deVere announced a “strategic alliance” with ECS, which it said at the time was expected to lead to “a full ownership” of ECS eventually.

The purchase price and other details of the two latest deVere acquisitions were not disclosed.

In a statement, deVere founder and chief executive Nigel Green said the Elite acquisition in China would enable the company to "continue to fulfil deVere’s promise of providing our clients with trusted financial planning, wherever they choose to be”, and hinted that there would be "further announcements in the coming weeks", as the company pursued its often-stated goal of expanding its global reach.

“We are passionate about delivering world class financial advice, and look forward to building on Elite’s sterling reputation in China,” Green added.

“We are fully committed to investing our time and resources, so that [our clients] can do more of what they do best.”

The Precision Group, meanwhile, was "yet another respected organisation" that the company was "delighted" to add to its growing portfolio. 

Offices in Shanghai, Dubai, Essex

According to its website, in addition to its offices on Tai Cang Road, in the so-called French Concession district of Shanghai, Elite Investment Group has offices as well on Sheikh Zayed Road in Dubai – where deVere already has a sizeable presence – and in Saffron Waldon, in Essex, England. The company describes its market as "international executives, business owners and SME companies", and says it "has become one of the fastest growing financial advisory firms in the international arena, and after a period of just four years spans three continents, serves [more than] one thousand clients, and has committed [more than]$500m in insurance and investment premiums".

It is headed up by founding partners David Hockley – who recently relocated to Dubai from Asia, where he remains the company's chief executive officer– and Matthew Clark, chief operating officer, whose biography states that he went to university in Upstate New York. He  continues to be based in Shanghai.

Senior partners include Kevin Monaghan, Stuart Norbury and Charles Martinaud. The company's website also lists nine financial advisers, one client service manager, and a senior account executive.

The Precision Group Asia is a business outsourcing company established in 2002, with offices in Hong Kong, Indonesia, the Philippines and the UK. DeVere is acquiring just its Hong Kong-based Precision Group Financial arm, which is described on its website as providing, in addition to wealth management services, a "platform" for financial advisory companies, all of which "are required to comply with our stringent due diligence standards, and are constantly monitored and kept up to date with the latest industry quality standards".

Precision Group Financial is registered in Hong Kong by the Professional Insurance Brokers Association.

Year for acquisitions

The acquisitions unveiled today are the latest in a series so far this year by deVere, which is already the world's largest expat-focussed international advisory firm, with more than $9bn in assets under advice and management, and more than 70,000 clients globally.

In July, it acquired Acuma, a major United Arab Emirates advisory firm, and in September, deVere revealed it had acquired Thailand-based, Thailand Securities and Exchange Commission-licensed Broadgate Investment Advisory Services.

 

 

Add to My News Comments (2)

Add to My News Print

Add to My News

add to twitter

add to linkedin



TAGS:

COMMENTS


Have your say

Have your say!

Please sign in or register here to leave a comment. Registration is free and only takes a few moments.

P A

Opinion Former

Posted by P A
OPINION FORMER
on Nov 20 2013 @ 07:48


I did have my say but once again as the mouthpiece for all things dever you censored me.


P A

Opinion Former

Posted by P A
OPINION FORMER
on Nov 11 2013 @ 02:59


Congratulations on your world domination strategy, how are you getting on with the Hong Kong regulators and all the immigration and miss-selling accusations??





Share us on Twitter

SHARE US ON TWITTER
Join the community

Join us on Linked In

SHARE ON LINKED IN
Inform your colleagues

Switch to our mobile site

SWITCH TO MOBILE SITE
News on the go

Back tot he top of the page

BACK TO TOP OF PAGE
Just click here...