2.8K views
20 comments

$50 M of deVere client money was recently locked down in Nigel Green's UAM Fund that he had his secretary Bev Yoemans front.

International Advisor reported this astonishing news last week (May 2013).

Nigel Green is no stranger to running his own funds into trouble, he has a track record which is documented.

I bet 90% of these clients didn't even know it was a deVere fund? DeVere have a habit of being conservative with the truth (as well we know).

Search International Advisor- deVere $50 Million client money frozen.

You'll see the backstage antics behind the scenes, but fortunately for deVere clients authorities have stepped in. Nigel Green has taken his name off as Director (what a surprise)...

There will be much more bad news coming about these thieves, just wait and see.

Monetary Loss: $50.

Had an Experience with Devere Group?

Write a review

Comments

Terms of Service
Post Comment
Cancel
Anonymous
#815070

I love devere cos thay trane me proper to sell financel producs and earn loadz dosh. I ave a rite good life working like a slave for those t0ssers!! :cry

Anonymous
#795346

The deVere Group has returned almost £70,000 to an investor after an internal investigation found the client had not received the best advice.

According to an article published by This is money, the client was advised in 2010 to invest about 80% of his portfolio into a single fund called the Strategic Growth Fund (formally UAM) The fund’s value subsequently plummeted and was eventually suspended in May last year.

The client only realised there was a problem when his quarterly pension payment failed to arrive in June last year, according to the story, which added that when the client contacted deVere he was informed the current fund value was just £20,063 – and that if he wanted to withdraw all of it, he would be left with just £11,000 after charges.

DeVere has now reinstated the pension pot to the £89,000 value it held prior to the fund’s suspension.

This is money claimed deVere’s decision to reinstate the capital followed pressure it asserted, however deVere disputed this.

In a statement, Nigel Green, founder and chief executive of deVere, said: “I would like to make it clear that it was our investigation into a legitimate client complaint and our subsequent conversations with the client that led to a mistake being rectified; it was not as a result of the involvement of a newspaper, as has been suggested.” As reported previously, the Strategic Growth Fund ran into difficulties last year, although it was never entirely clear why the...

According to one source familiar with the situation, in 2012 the fund manager began investing into a South African private equity company which ultimately performed badly.The owner of the private equity firm was SHOT DEAD in September of that year but, despite this, it is believed the fund manager continued to invest into the private equity firm.

Show more
Anonymous
#781704

Liers, cheats, thieves & scum8ags - these are the decent deVere staff. Be warned, stay clear, you financial future is at risk if you deal with these parasites.

Anonymous
#732138

DeVere Group Moscow office is a drugs den full of wide boys and cheap tarts

Anonymous
#730059

Oh dear, Mr Green.Your reputation is suffering and this time is seems to be all your own fault - no jealous ex-employees to blame.

I do hope De Vere told these poor clients of the conflict of interest before they invested in this awful fund.

Perhaps a regulator might like to investigate?I'd also like to see Mr Green explaining this one in his next YouTube video but my breath is not held.

Anonymous
#724886

Read this from international Advisor about the disgraced Director Nigel Green.

http://www.international-adviser.com/news/products/up-to-50m-of-devere-client-money-trapped

Anonymous
#696383

The deVere Group has closed its offices in Cyprus and Luxembourg, and is now looking after its clients in these markets from its Financial Conduct Authority-regulated UK office, a company spokesman has confirmed.

"There will be no IFA job losses, as those previoulsy based in Cyprus [and Luxembourg] will be working within and from other deVere Group offices," the spokesman said.

The closure of the deVere Group office in Cyprus, which had been located in Limassol, and the one in luxembourg on Rue de la Grève, follows the ending, earlier this year, of the deVere Group's being licenced by Belgium's Financial Services and Markets Authority. It also comes as the company is engaged in a strategic review of its business.

As reported, deVere had used its Belgian licence to passport its services into Cyprus as well as Luxembourg.

In a statement, the deVere spokesman noted that the streamlining of certain parts of its operations due to local authorities clamping down on rouge companies, however this would enable deVere to "further strengthen its market-leading position", while enabling it to offer a better standard of services and broader range of advice and products to its clients.

Strategic review

In March, deVere Group director Mike Coady announced the strategic review, noting that as the company entered its eleventh year in business, “it seemed a good time to step back and look at which markets we want to be in (what he means is,...

One of the first things to emerge from this was the creation of a new “executive committee” (that would be Nigel , Simon & ***)for the company's European operations, to be headed up by Coady, as part of a corporate effort to“raise standards throughout the region” while overseeing business development, best practice policies and corporate governance matters.

Since January, deVere has announced it was planning to get out of the Belgium (they were thrown out of Belgium for abuse and blatant disregard of Belgium laws)and Portuguese markets; expand its operations in the UK, Germany and Spain; and enter the Nigerian market with an outpost in the capital city of Lagos. It also said it would expand its operations in Cape Town, Johannesburg, and Accra, close three peripheral South African offices, and relocate its Dubai operation to a larger premises, so that it might increase the number of consultants there by 50%.

And, instead of a pan-US operation it is now planning to focus on making its existing New York office a “super-hub” from which to look after its American clients. (More Bull)

Show more
Anonymous
Bangkok, Krung Thep, Thailand #693116

Oh dear, Mr Green.Your reputation is suffering and this time is seems to be all your own fault - no jealous ex-employees to blame.

I do hope De Vere told these poor clients of the conflict of interest before they invested in this awful fund.

Perhaps a regulator might like to investigate?I'd also like to see Mr Green explaining this one in his next YouTube video but my breath is not held.

Anonymous
#683451

To Mugwamp,

There is a guy on this site who posts under NONEEDED, he is the one you need to contact regarding bad deVere practice. He played a pivotal part in deVere getting thrown out of Belgium.

Search through the various posts/replies or write a complaint titled (Action Group Against deVere). Don't use your own email address, register a new one. Also if you are posting from your own PC, Pissed Consumer may disclose you IP Address to Nigel Green.

Alternatively you can set up a free Blog?

Good luck.

Anonymous
Dubai, Dubai, United Arab Emirates #683391

Is there a group of people who are fighting back against the dodgy practices of DeVere, especially in Dubai? We need a group to take legal action. Does one exist?

Devere Group Products and Services