Brexit has prompted one of the world’s largest independent financial advisory organisations to launch in Munich, it has today been announced.
deVere Group has expanded its deVere Germany brand into the Bavarian capital with offices located near Marienplatz, the city’s most iconic square. The Munich operation will be headed by Glen Crosfill, Area Manager, who has moved from Dubai, where he held a similar role within the organisation for seven years. He will report directly to Nicholas Grams, deVere Germany’s Country Manager
MrCrosfill comments: “I’m thrilled to be taking on this role in such a dynamic destination as Munich.
“We’ve take the decision to open here due to an ongoing increase in demand from clients for our cross-border financial expertise and experience. Previously, we had been serving existing Munich-based clients from our hub in Frankfurt. However, with demand rising consistently over the last 18 months – something we predict to gain momentum further – it makes sense to open offices within the city itself.”
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He continues: “We attribute much of this surge in demand to Brexit for two key reasons.
“First, it’s our experience that more and more expats, high net worth international investors, and German nationals who’ve been living overseas, are relocating to Munich – with many of them telling us this in in direct response to the UK’s decision to leave the EU.
“And second, many of these individuals are specifically seeking advice on certain specialist financial products, such as recognised overseas pension transfers, ahead of the official Brexit deadline of 29 March next year.”
MrCrosfill goes on to explain: “Due to a forecast growing client base, we will be looking to recruit additional talented wealth advisers plus career-minded support staff in the coming months to join our existing team.
“We intend to have 10 financial consultants in place by the end of the third quarter, who will be assisted by their coordinators and administrative staff.”
For his part, James Green, who is the Divisional Manager for deVere Group in Western Europe, observes: “This expansion in Germany is part of our ambitious strategic plans for Western Europe.
“There’s been a growing number of individuals and organisations seeking alternatives since Brexit. They are coming to us for our specialist independent advice as they value the access to a high-quality and effective suite of products and services, an exclusive selection of alliances with major international financial institutions, standard-setting technologies and first-class support teams.”
The announcement of deVere’s launch in Munich follows the firm opening in Madrid in May last year, the Austrian capital in August, and in Portugal’s Algarve in October. Plans are also being made to expand existing bases in France, Italy, Spain and Switzerland within the next few months.