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Sat 10 Dec 2011 03:24 PM

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Zurich’s deVere plans to tap Middle East

Swiss-based financial advisory to open three regional offices, hire 40 staff

Zurich’s deVere plans to tap Middle East
DeVere plans to open an office in wealthy Gulf emirate Qatar in 2012

DeVere
Group, the Zurich-based indepedent financial consultancy, plans to open three offices in the
Middle East by the first quarter of 2012 as it looks to increase its regional
footprint.

The
group will open bureaus in Qatar, Lebanon and Turkey under a global expansion
plan that will see it add a further 12 offices in the next six months.

The
group said it planned to hire 40 new staff in the Middle East.

“The
Middle East is a very important region for the deVere Group.  We are
always reviewing the MENA countries for opportunities and will continue to
examine markets in the Levant and GCC for furthering expansion later on,” said Nigel
Green, CEO.

DeVere,
which has more than $8bn in funds under management, plans to double its number
of offices in the next five years.

Financial
advisors, private banks and wealth management firms are ramping up their
expansion plans in the oil rich Middle East as global wealth is redistributed
from West to East.

JP
Morgan in September announced plans to expand its private banking operations in
the Middle East as it attempts to fend off trouble in its home market.
America’s second largest bank in terms of assets said it would focus its
investments on Qatar, Saudi Arabia and Abu Dhabi.

The
number of high network individuals in the Middle East increased 10.4 percent to
0.4 million in 2010 while their wealth grew 12.5 percent to $1.7 trillion, Capgemini
and Merrill Lynch said in August.

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charles 7 years ago

I thought they were here already? I have had countless calls from people saying they are devere. Very insistent too, if I can phrase it politely!