The founder and chief executive of the world's largest independent financial advisory organisation has confirmed that he has acquired Acuma, a UAE-based wealth management firm.
The deVere Group's Nigel Green has been officially presented as Acuma's new owner to the firm's 50-strong team after the deal was finalised last week, a statement said.
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."
Speaking about the opportunities that the buyout offers the deVere Group, Green added: "The move represents an important next stage in deVere's far-reaching corporate growth plans.
"As we have stated previously, we're 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.
"This acquisition helps us to fulfil that commitment to strengthening our position as a truly global financial advisory corporation."
Acuma's chief executive, Kevin Thorp, said: "The strength and security that the deVere Group provides will further enhance the opportunity for our clients. We look forward to partnering with the deVere Group and remain committed to continuing to deliver the same highest standard of service and advice you have come to know and expect from Acuma."
According to its website, over $9bn of funds created by 70,000 active clients in over 100 different countries are currently under deVere Group's management.
Founded in 1999, Acuma's headquarters are in Dubai with a satellite office in Abu Dhabi. It is licensed by both the Central Bank of the UAE and the UAE Ministry of Economy.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.