Nigel Green
DeVere Group
CEO
The company has faced regulatory sanctions in other countries, including SA.
The Financial Services Commission (FSC) of Mauritius has granted the troubled DeVere Group a family office licence for the island nation.
According to the FSC’s website, the multiple family licence for ‘deVere Multi-Family Office Ltd’ was registered on 14 October 2024.
The financial services regulator also lists an investment banking licence for ‘deVere Investment Ltd’, registered on 30 December 2016.
In a media release on its website, DeVere Group said the licence allowed it to cater to the financial needs of ultra-high-net-worth individuals and families and provide bespoke family office services. Dated 21 October, the media release cited group CEO Nigel Green as saying the licence allowed it to give clients access to wealth preservation, investment management and intergenerational planning services.
Green said DeVere has an ‘extensive network of experts and advisers’ to support families and that its offering ‘includes access to world-class partners through DeVere’s network of dedicated providers’. In a LinkedIn post, he said DeVere wants to expand its global footprint.
However, the DeVere Group has faced a regulatory backlash in at least three countries – including South Africa (SA).
FSCA investigation
South Africa’s Financial Sector Conduct Authority (FSCA) had investigated the DeVere Group’s actions in SA since at least 2006, following complaints, including allegedly moving clients’ funds into unregulated unit trusts and charging undisclosed fees.
Green was a DeVere Group director from 2008 until he resigned in 2015.
First published by CitiWire – https://citywire.com/za/news/troubled-devere-group-sets-up-shop-in-mauritius/a2453087 republished with thanks