George Prior, a spokesperson for deVere, confirmed to International Adviser on Tuesday that the company had officially closed its Miami office.
The closure comes less than a year after deVere had announced it was moving its Miami base to larger premises to meet “skyrocketing client demand”.
Earlier this year, deVere said it had launched a “strategic review” of its international operations after the UK’s shock decision to impose a 25% overseas pension transfer charge on Qrops outside Europe.
The review prompted speculation the firm may pull out of its Miami and New York hubs in North America.
Around the same time, deVere UK was ordered by the UK’s Financial Conduct Authority to “immediately cease” providing third party companies with transfer value analysis (TVAS) reports or other similar reports of information “designed to assist third parties companies in transferring customers DB pensions to an alternative arrangement”.
In early May, Nigel Green, the chief executive and founder of deVere, told IA the firm was committed to maintaining a presence in each country where it currently operates, including the US, following a “strategic review”.
US hubs
DeVere opened its US operations in 2011, first in New York, followed by the office in Miami in same year.
In August last year announced it had moved its Miami base to larger premises in the main financial district to accommodate increasing advisers to meet demand.
DeVere’s area manager in Miami at the time, Gareth Jones, said then that: “Skyrocketing client demand across the U.S. has driven the need for another hub office from which advisers can help our growing numbers of US-based clients wherever they choose to live and work”.
He added, “This relocation is part of a strategic expansion that will allow us to take on more financial advisers and support staff to meet the continually increasing demand, not only in the Florida region, but in neighbouring states and further beyond too”.
“There are currently 11 of us in the Miami office and we are looking to at least double this number within the next 12 months,” Jones said at the time.
