Reply by Devere Group

We will continue to try to communicate with this client. deVere prides itself on its service and will do its utmost to service all its clients to the highest of standards.
Author's
Abu Dhabi, Abu Dhabi
1.9K views
25 comments

Update by user Aug 14, 2014

Time to pass it on to the Police and the South China Morning Post. Warning avoid deVere Group and PIC like the plague if you EVER want to see your money ever again. Bunch of unprofessional wide boys who are quite happy to ruin peoples futures without any remorse.

Update by user Aug 03, 2014

Come on deVere. Who are you regulated by in the UAE? After 4 months, you still can't tell me.

Update by user Aug 01, 2014

Really?!!

Update by user Jul 21, 2014

As deVere have not responded in the prescribed timescale therefore there is no more negotiation unless they provide me with full reimbursement of my entire investment + interest and goodwill payment. Paperwork now being prepared for the Police to deal with, and press reports are also being compiled.

They have shown no remorse, deny any wrong doing and refuse to tell me who they are regulated by in the UAE.

Update by user Jun 24, 2014

deVere offered me a full and final settlement of 65,000 GBP against an investment of 135,000 + interest. That's less than 50% of my initial investment.

By the way, the offer was rejected. Thanks Rishi, hope you can live with yourself, knowing that you've screwed me over with my pension.

Original review posted by user Apr 12, 2014

I transferred my UK Pensions across to DeVere in early 2012 into a "safe and well managed fund". 1st year seem to go well, although the annual statement was late in coming through (Aug 2013).

However, this year in 2014 things turned completely. Two of the UAM funds had lost around 18% of their value, this equated to around 24,000 pounds GBR or $40,000. There were no explanatory notes, apologies, nada. When I called the sales guy from PIC (also part of DeVere), I was told briefly what happened.

I then requested hard copies of what happened. This only came through after a lot of pushing and the documents were dated before the date of my first statement!!!, so they knew for an awfully long time that things where wrong. Surfing the net gave me no pleasure as this same route had been gone down many times by DeVere before, with the same people involved time and time again. The more I look into this, the more it is clear that DeVere have been negligent, and are accused of self investment and insider dealing.

I'm now considering reporting the issue to the Financial Investigations Unit of the Abu Dhabi Police or going straight for legal action. DeVere's response to my queries has been awful.

In effect, we have your money, and it's now ours. Avoid them.

Monetary Loss: $40000.

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mcapindale
#843588

As deVere have not responded in the prescribed timescale therefore there is no more negotiation unless they provide me with full reimbursement of my entire investment + interest and goodwill payment. Paperwork now being prepared for the Police to deal with, and press reports are also being compiled.

They have shown no remorse, deny any wrong doing and refuse to tell me who they are regulated by in the UAE.

mcapindale
#829692

Devere, Nigel Green, PIC and my advisor who I will soon name are all to blame for me potentially losing 140,000 GBP of my pension. If deVere think they have problems on the web now, then if I lose my pension it will be a nightmare for them as a group and individuals. I will name names and connections

Anonymous
to mcapindale Abu Dhabi, Abu Dhabi, United Arab Emirates #834956

I am a De Vere "customer" in Abu Dhabi with a Friends Provident saving scheme, is this the product that you guys had issues with or was it a QROPS. De Vere / PIC are pushing an STM Group pension based in Malta, the info I have got suggests this is a very small pension company and after reading your reviews I have a very uneasy feeling.

After reading this I will definitely not move my pension with PIC.

I have been passed from pillar to post, I am on my 4th advisor in 30 months. Did you have similar experiences.

mcapindale
to Twedd #835171

I also have a FP savings scheme, again in Malta. Following the collapse of the SGF fund and what I later found out, I requested a surrender value on my FP savings.

The surrender value was worth about quarter of the fund value, this is after 2 years. Suffice to say, it is still in place, but I am far from happy.

Another savings account I took out was with the bank (ADCB) and it is performing well, and the surrender value is $1500 down on the fund value.

If you or anyone else is going to invest, I would check out and approach only companies that are regulated with the DFSA or the SCA.gov.ae in the UAE. Failure to do so may result in many many sleepless nights.

Anonymous
to mcapindale London, England, United Kingdom #836790

Hello twedd and mcapindale .

Here is why you were peddled STM ...ITS AN N .GREEN FUND !!!

just like the UAM / SGF scam .

Good job you avoided it , even N Green is pulling out , again just like UAM .

How do deVere get away with this type of self selling ??

http://www.international-adviser.com/news/europe/devere-green-sells-majority-stake

Anonymous
to Twedd #839048

Unfortunately, I used to work for DeVere (for a very short period of time), but I was there long enough to learn about the company and how it operates.

STM is actually part of DeVere. It was majority owned by Nigel Green (CEO of DeVere).

I understand that he's recently sold his majority stake in STM, but I believe that it was to another DeVere head.

Anonymous
Dubai, Dubai, United Arab Emirates #829579

I had a very similar issue with them. I've lost £20.000 of my money with them in a year. It's disgraceful.

mcapindale
to Anonymous #829686

Do you want to join up and start class action?

Anonymous
Newport, Wales, United Kingdom #826152

"Ailing" that's one way to describe these cos , another is "disastrous" , possibly" fraudulent" could also fit .

Funds were transferred from the SGF by dealers in Mauritius with shares and stakes in those companies .The original investment vehicle UAM was Nigel Greens co , he jumped ship , like that Italian Captain , in Aug 2012 when the story first broke in SA precipitated by the Murder and Suicide of former Avalloy partners.

These Mauritius traders are also on the UAM board and and one on theGlobal Mutual Board !

Only 20% of the SGF remains , don't bother asking Fund Corp about the rest , their director is on the GM board also , so linked to the Mauritius crooks living it up there at our expense ...

mcapindale
to Anonymous #829688

Thanks for that. Do you have any names as I am taking this to the police so we can get the whole lot locked up

Anonymous
to mcapindale #833042

Yes ,

Look up David Cosgrove , Jacobus Kellerman , Mauritius based dealers with Lancelot / 4 Elements who also have shares in Bk one to where the legitimate SGF funds were transferred in 2012 .

They were also UAM directors.

Also linked to P Everitt , director of Fund Corp and GM , as is ...guess who , D Cosgrove . Say goodbye to your cash , its lost forever in these crooked SA businesses .

Anonymous
to mcapindale London, England, United Kingdom #833048

Yes , look up David Cosgrove and Jacobus Kellerman , Lancelot / 4 Elements Mauritius who transferred your money to Bk One for the bankrupt Avalloy and a fish farm in which they have shares . Their running mate is Paul Everitt of Fund Corp Guernsey the supposed auditor ...

mcapindale
to mcapindale #833173

Excellent, thanks for the info.

Anonymous
to mcapindale #835186

Hi mcapindale do you have an email address as I am writing an article and very interested in what you have to say. Thanks

Anonymous
to SCMP #836772

Any Progress ?

Surely enough links out there to implicate Green / Cosgrove / Everitt / Kellerman , here is one more ;;;

http://amabhungane.co.za/article/2012-08-17-deaths-expose-troubled-business

Anonymous
to SCMP London, England, United Kingdom #836776

Any progress here ? Surely enough links now for Cosgrove / Kellerman 4 Elements / 2 Seasons , to UAM /GM and Fund Corp ?

This is where your pension went ....

http://amabhungane.co.za/article/2012-08-17-deaths-expose-troubled-business

mcapindale
to SCMP #836791

mcapindale@yahoo.co.uk

Anonymous
to SCMP Pool, England, United Kingdom #836817

This is where the SGF money went ;

http://amabhungane.co.za/article/2012-08-17-deaths-expose-troubled-business

Anonymous
#825614

Ailing assets of Strategic Growth Fund revealed

A recently published update on the status of the ill-fated Strategic Growth Fund from administrator Fund Corporation has revealed the fund has exposure to just two entities, one of which is invested in two cash-hungry businesses in South Africa.

The Strategic Growth Fund was suspended in February last year, although investors weren’t notified until the end of March. At the time, the fund manager Global Mutual Fund, said the decision was taken due to a high number of redemption requests, although market speculation suggested the underlying investments were also proving illiquid.

In an update posted on the Fund Corporation website, the Guernsey-based fund administrator, Global Mutual Fund said the Strategic Growth Fund has investment in two entities – BK One, a South African JSE listed company, and Kwanda African Growth Fund.

The two companies are Advanced Vacuum Alloys (AVA) – formerly Avalloy – and Pure Ocean Aquaculture and, while the update does not say which of the vehicles holds the entities, BK One’s website lists the two as the entirety of its investment portfolio.

According to the update, both companies are still trading but are both currently non-income generative and require continued capital investment.

Drawing a conclusion on AVA, the update said: “The business has successfully produced, shipped and invoiced its first orders following the completion of the business rescue process. Despite this significant achievement, the business will require further funding in mid-2014 and the board, together with the management, are working tirelessly to achieve this.” Pure Ocean Aquaculture meanwhile, is the holding company for two underlying aquaculture projects, namely Highlands Trout (HT) and Pure Ocean East London (POEL). The two businesses both farm and sell fish. Again, these two businesses require significant investment before they will become profitable, with POEL currently running at a loss of $35k per month and “significant investment [required] before there is a viable large scale operation”.

HT is described as reaching its “peak capital requirements in the next four-five months before potentially reaching operational breakeven.” As reported in April, deVere Group, whose advisers used the Strategic Growth Fund for a period, said it is “currently investigating its options” in relation to the fund. International Adviser contacted Fund Corporation for further comment and is still awaiting a reply.

mcapindale
to Glade123 #829690

Thank you glade123. Good info

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