Financial advisory firm deVere plans to launch its first office in Australia after months of media speculations, the firm has announced.
The move comes after ‘consistent and increasing client enquires in Australia for specialist cross-border financial advice,’ founder and CEO of the firm, Nigel Green said.
"We have far-reaching strategic plans for deVere Australia where demand for expert, independent financial advice from expatriates and globally-focussed investors is soaring," he added.
A group’s spokesperson told PBI deVere Australia will provide advice for various different classes of financial products. The company will deal on in financial products to retail and wholesale clients.
The firm, which globally has more than 70 offices, currently has $10 billion under advisement and management, a year-on-year increase of $1bn. Its client base has also increased from 70,000 to 80,000 over a 12-month period.
deVere said the region could ‘ultimately prove to be deVere Group’s biggest market, within a matter of years’."deVere believes that Australia could be its biggest market as the firm’s speciality is cross-border financial advice for expatriates and international investors. There are already an estimated 1.3 million British expats alone in Australia – besides the other nationalities – and the number of expats is set to increase, we believe, considerably over the next few years," the firm told PBI.The group’s strategy is to primarily focus on developing a hub office in Melbourne. However, deVere said it will subsequently look to open offices in other major cities including Sydney, Canberra, Adelaide, Perth and Brisbane.
According to the latest wealth report from Capgemini and RBC, the population of HNWIs in Australia increased by 5.8% in 2013 to reach 219,000, while wealth grew by 7.7% in 2013 to $674bn.
deVere’s expansion into Australia is being highly facilitated by the recent acquisition of Meridian Financial, which has an Australian Financial Services License, the firm said.
During 2013, deVere’s acquisitions also included Acuma in the UAE, Precision Group Asia in Hong Kong, Broadgate Investment Advisory Services in Thailand, and Elite Investment Group in Shanghai.