deVere Group has announce the acquisition of Elite, China’s second-largest investment advisory group.

Nigel Green, founder and chief executive of deVere Group, said: "I’m thrilled to announce the acquisition of Elite. By purchasing Elite, we can continue to fulfil deVere’s promise of providing our clients with trusted financial planning, wherever they choose to be. We are passionate about delivering world class financial advice, and look forward to building on Elite’s sterling reputation in China. We are fully committed to investing our time and resources so that they can do more of what they do best."

deVere Group is the world’s largest independent financial advisory organisation. Its acquisition of Elite, which has more than 2,000 clients worldwide, will help the group bolster its presence in China, a country that has seen an annual GDP growth rate of no less than 7% year-on-year since 1992.

Green concluded: "We are committed to building a stronger presence in Asia as well as the Gulf nations. These regions are seeing an increased demand for financial planning services from international investors and expatriates. Our acquisition of Elite ensures that we will be in a good position to further our reach and live up to our position as the world’s largest, and most truly global, independent financial advisory corporation."

Matthew Clark and David Hockley, executive directors for Elite added: "We couldn’t be more pleased to be able to work alongside Nigel Green and the deVere group throughout this transition. We feel that our existing team and skill set, coupled with deVere’s global reach, will enable us to enhance what we currently offer to our existing clients and increase our ability to deliver a world-class service."