The “smallish office” will be located on West Bay Road in George Town, the main city on Grand Cayman Island, and is expected to look after a high net worth clientele, Green said. It is in the process of obtaining a licence from the Cayman Islands Monetary Authority, which regulates financial services on the island.
The Cayman Islands lays claim to being the world’s No. 1 hedge fund domicile.
As reported, the office will be headed up by Simon Pratt, who has been with deVere since it was founded in 2002, and who has opened a number of its most important outposts over the years, including its New York City office in 2012.
Green, who has previously revealed his intention of expanding the company’s reach to additional markets, said the plan is eventually to enter a number of other key Caribbean markets, such as the British Virgin Islands and Trinidad.
The George Town office will be deVere’s first in the Caribbean/Central America region. It briefly had one in Brazil, but is no longer active in South America. In 2011 opened its first US outpost in Miami, as began looking to cater for American expatriate deVere clients who are returning home, as well as locals in these markets.
Based in Zurich, with a key management and operations hub in Malta, deVere is privately-held, and is believed to be the largest financial advisory firm worldwide based on the number of offices it operates. According to its website it has some 70 offices globally and looks after some 70,000 clients, with more than $9bn under advice and management.
