International advice firm deVere Group has continued its acquisition trail with the purchase of UAE-based adviser Prosperity.
Prosperity has more than 50 staff, and will remain an independent brand under the day-to-day management of its current chief executive Andy Cole.
deVere says demand for specialist cross-border financial advice is continuing to grow across the Gulf region.
deVere chief executive Nigel Green says: “On a broader level, the buyout is an important advance in deVere’s ambitious vertical and horizontal growth strategy for 2019 and beyond, which will allow us to meet evolving client expectations, market trends and regulatory requirements.
“We’re enthused about the Prosperity acquisition and this overall growth strategy.”
In December, deVere moved into the vertical integration space with the launch of an in-house asset management company, dVAM, and says its growth plan includes further acquisitions, subsidiary brands and products.
In 2017, deVere hit the headlines after agreeing to stop providing pension transfer reports amid an FCA probe into the firm.
deVere made an acquisition in the UK last year after facing other issues with how overseas pensions – QROPS, which represented around 20 per cent of its business – are taxed.
At the start of 2019, deVere and Partners (UK), a subsidiary of deVere Group, had a complaint regarding QROPS advice go against it.