DeVere Group subsidiary UK Workplace Solutions has received regulatory approval to finalise its acquisition of WPS Advisory, formerly trading as Priscum Direct.
Nigel Green, deVere Group founder, said he was “thrilled” by the development.
“This latest group acquisition underscores deVere Group’s ongoing commitment to the UK and to investing in financial services firms that truly reflect a changing market, regulatory and legislative landscapes in Britain.
“I personally look forward to helping this forward-thinking, and game-changing company become successful in reaching even more people who are facing tough retirement choices,” Green said.
The news of the acquisition follows financial advisory business deVere and Partners (UK) reporting a loss of £1.2m ($1.5m, €1.3m) for the year to 31 December 2017. This compared with a loss of £864,714 in 2016 and was attributed to an ongoing FCA investigation into its DB pension transfers.
Simon Chrystal, chief executive of UK Workplace Solutions, said: “Receiving the approval notice was the final piece in a jigsaw which will allow us to enhance our position, with WPS Advisory Limited becoming our single brand, as a leading provider of access to high quality, affordable, financial advice – primarily via the workplace.”
Workplace Solutions was founded, with investment from deVere Group, in January 2015.
