Devere Group's reply to:
Devere Group - DeVere - Claim # 717276
I am upset with the way the consultants in charges are giving me support.
The Commodity fund in which I was advised to invest en 2012 suspended quotation on March 2015, 18 while my order to sell was send in writing on Jan 2015, 28 and on hold on Jan 29 as shown by the Portfolio valuation.The fund then went into liquidation on October 2015, 6. No information was given to me on the chain of events in between leading to the critical situation in which about 25 KGBP are on stake.
Questions raised on October 26 remain unanswered.
I also happen to discover the fund is an hedge fund which cannot be proposed in Belgium, my country, within a Life Insurance policy. It also does not fit my profile. It finally became obvious the fund is not easily tradable, I mean here not having the liquidity to match the redemptions, which is contrary to my expressed wishes. Again such lack of liquidity does not fit the portfolio's purpose which requires, at least in Belgium, tradability.
This Fund was sold by deVere Belgium just before their unexplained closure en 2012, of which I have been kept ignorant until february 2013. The compliance with Belgian regulations has to be addressed.
Reason of review: Order processing issue.
Monetary Loss: $33000.
I didn't like: Questionable advice given environment and customer profile.