A branch in Nairobi was established in June 2012 through a joint venture with Executive & Corporate Advisory Services, led by area manager Gavin Cooper.
At that time, DeVere highlighted the prospect of building on the existing relationships that the company had within the “thriving community” of fast-growing Kenya. However, the working relationship has come to an end.
A company spokesman said: “DeVere was working with another company, but we decided to apply for our own licence. DeVere will do business in Kenya again.”
He added that “there were no issues with the other company in Kenya, it was just felt that deVere would be stronger with its own licence.”
DeVere is one of the biggest independent financial adviser groups in Africa having already established offices in Botswana, Ghana, Mauritius, Mozambique (two offices), South Africa (seven offices), Uganda, Zambia and Zimbabwe.
Chairman Nigel Green said that Africa is an integral part of the deVere Group’s corporate growth strategy: “We’re looking to open another 10 offices across the continent within five years, as well as expand our existing operations there.”
Green pointed to the “significant surge in disposable incomes” in many parts of Africa, a trend which he fully expects to continue as the continent’s economic growth and global influence increases.
The CMA is Kenya’s key regulator and it describes its mission as to “promote market confidence, investor protection and access to financial services within capital markets in Kenya”.
