Independent financial advisory organisation de Vere Group has acquired Prosperity, a UAE-based wealth adviser.
The value of the deal was not disclosed.
Prosperity will remain an independent brand and continue to be run on a day-to-day basis by its chief executive, Andy Cole, who set up the firm in 2009.
de Vere founder Nigel Green (pictured above) said: “I’m delighted to announce our acquisition of Prosperity, one of the GCC region’s most respected and licensed advisory companies.
“I’m looking forward to further developing its reputation for delivering world-class, results-driven financial advice and to welcoming their talented team of professionals to the deVere Group of companies.
“We’re committed to using our scale and considerable resources to empower them to do even more of what they excel at: enabling clients to reach their financial goals.
“Specifically, it allows us to expand our adviser base in the Gulf region, where client demand for specialist cross-border financial advice is continuing to grow.
“On a broader level, the buyout is an important advance in deVere’s ambitious vertical and horizontal growth strategy for 2019 and beyond, which will allow us to meet evolving client expectations, market trends and regulatory requirements.
“We’re enthused about the Prosperity acquisition and this overall growth strategy. We’re uniquely positioned to pursue this robust and far-reaching plan – which includes further acquisitions, the launch of additional subsidiary brands, plus new products and fintech development – due to our already dominant position in the sector.”