Western Daily Press
Financial services firm links up with multinational
BATH-BASED financial services company Fidelius Group has confirmed the completion of a strategic partnership with the UK arm of multinational firm deVere Group.
The deal will see the new business – branded Fidelius deVere – providing advice and solutions to deVere UK’s returning expat clients.
The agreement will bring assets under management of £280m to independent chartered financial planning firm Fidelius, taking assets under its advice to around £1.7bn.
It will also bring a mortgage business which Fidelius said it would look to “develop substantially” over the coming years.
As part of the deal, 28 staff will join Fidelius from deVere’s Mansfield office, which will become part of Fidelius Group, adding to its existing bases in Bath, Cheltenham, Chelmsford, Bridgewater and London.
The company said the addition of the office in Mansfield would allow it to offer additional support to a financial planning business it runs in partnership with accountancy firm Azets, in particular in the Midlands. Fidelius supports 64 of Azets’ UKwide offices.
Fidelius Group chief executive Jim Grant said: “We are very pleased to welcome the deVere staff to Fidelius and we look forward to working closely with them to build on the great work that deVere have done in looking after the needs of their returning expat clients. Fidelius has a long-standing relationship with deVere and this arrangement was a natural fit for our businesses.
“We are continually looking at new opportunities for growth, including acquisition, high level recruitments, establishing professional service JVs and opportunities to add significant expertise and value to the company.”
In a statement on its website deVere UK said that Fidelius was a “highly respected organisation’’ and “a long-time trusted partner” of the deVere Group.
The statement read: “We are confident that their size, scope and infrastructure capabilities will further enhance the service levels and the financial planning propositions for clients who return to the UK from overseas and will better position our organisation to push ahead in our key areas of growth and development.”