The deVere Group has closed its offices in Cyprus and Luxembourg, and is now looking after its clients in these markets from its Financial Conduct Authority-regulated UK office, according to International Adviser.

The shutdown of the deVere Group office in Cyprus and Luxembourg follows the firm’s strategic review of its business; and the ending of the deVere Group’s licence in Belgium earlier this year.

"There will be no IFA job losses, as those previously based in Cyprus and Luxembourg will be working within and from other deVere Group offices," a company spokesman said.

deVere had used its Belgian licence to passport its services into Cyprus and Luxembourg.

The deVere spokesman stated that the streamlining of certain parts of its operations would enable deVere to further strengthen its position, while enabling it to offer a better standard of services and broader range of advice and products to its clients.

In March 2013, deVere Group director Mike Coady has announced the strategic review, stating that, ‘it seemed a good time to step back and look at which markets we want to be in, and invest in, and which we might not’.

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By GlobalData

As a part of the review, one of the first things to come up was the creation of a new executive committee for its European operations, being run by Coady, as part of a corporate effort to increase standards throughout the region.

Since January, deVere has reported it was planning to get out of the Belgium and Portuguese markets and expand its operations in the UK, Germany, Spain as and Nigeria.

deVere also said it would expand its operations in Cape Town, Johannesburg, and Accra, close three peripheral South African offices, and relocate its Dubai operation to a larger premises, so that it might increase the number of consultants there by 50%.

The firm is currently planning to make its existing New York office a super-hub from which to look after its American clients.