DeVere said its founder and chief executive, Nigel Green, was “presented as Acuma’s new owner to the firm’s 50-strong team” at Acuma Wealth Management’s Dubai office this morning, following completion of the deal on Friday.
Green said: “I’m thrilled to announce the acquisition of Acuma, one of the Gulf region’s most highly respected advisory companies.
“We’re enthused by the prospect of building on Acuma’s world-class reputation and we’re looking forward to welcoming the company’s talented wealth professionals and support team to the deVere Group family.
"We’re fully committed to investing our time and resources so that they can do even more of what they do best – helping clients achieve their long-term financial objectives.”
Acuma was established in 1999 and is licensed by both the Central Bank of the United Arab Emirates and the UAE Ministry of Economy. As said above, its head office is in Dubai, but it also has a branch office in Abu Dhabi.
The company was bought by Hong Kong based property developer IP Global in early 2010, although details of the agreement were not released at the time.
The current CEO of Acuma is Kevin Thorp who joined the firm in 2002 as a consultant, working his way up to his current position. It is not yet clear whether he will remain with the company.
In reference to the takeover by IP Global, new owner Green said: “Acuma’s established partnerships with other financial giants and its suite of products and services, such as real estate, will empower deVere to further broaden its scope and investment portfolio, benefitting our clients and the advisers.”
Green added that, “as he has previously stated”, deVere is “determined to further increase our presence in regions such as the Gulf, where demand for sound financial planning advice from international investors and expatriates is continually increasing”.
The chief executive has previously set out ambitious plans for the expansion of the deVere Group. In 2011 Green announced plans to have 100 offices within five years, although he increased this figure late last year when interviewed by International Adviser to 200 offices.
Click here to read a recent International Adviser profile of deVere
