Reply by Devere Group

UAM is a fund distributor and was not a fund manager. The Strategic Growth is currently suspended but we understand from the administrator that they are actively working to unfreeze the assets.  deVere Group has an excellent record in recommending funds and its disappointing that this fund is temporarily suspended.  Currently deVere has $9 billion under administration. 
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This is not a complaint but an enquiry.

Does anyone know why Devere have suspended the UAM Fund?

There seems to be no information and the website www.uam-sarl.com says nothing.

I know that they are now pushing a new fund to clients (as i received their global mail shot) called the Titanium Advisers Private Equity Fund of which there is no information at all on the web bar a cheaply designed web portal that funnily enough has a similar layout and appearance as the UAM site.

Interestingly the UAM fund closed last month and the Titanum Fund is brand new with only back tested results to show for.

Did they dump the UAM fund to open Titanium???

Does anyone have any thoughts or can a Devere employee shed some light on this?

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Anonymous
#656783

When you look at the lame reporting from IA about the latest deVere Fund to going belly up, we all know the answer... International Advisor is in Nigel Green's pocket.

Now sadly it looks like PC has succumb to his deep pockets.

Anonymous
#656598

Hi there,

It was me that posted the original post about the $50M deVere UAM Fund.

I have noticed that its been edited because I lifted the original report from International Advisor where it reports about NG putting the fund in his secretary's name for 3 years (Bev Yoemans).

I think deVere have now gotten into bed with PC, are paying them lots of money etc..

Time to start indi blogging to get the truth out there.

All the blogging on PC must be getting through to deVere clients.

Anonymous
to DeVere Now Paying PC #657365

hopefully the blogging is getting through to clients, but if they did choose to pull their money out of one particular UAM fund, that would mean they'd gone from doing zero online reserch and letting salesmen recommend them investments to searching the web and putting their money into/out of specific investment funds.seems a big leap but, hey, anything's possible...

who was the original source of the information that the fund was suspended because of client redemptions? what about the other UAM funds mentioned on the UAM site?

what about the other suspended fund mentioned in the Daily Mail article "Pensioners put £285,000 in woeful 'low-risk' funds", which says "You ended up splitting £285,000 between FOUR different funds.All made losses and two performed so badly that they were suspended, making it hard to say just how much you lost overall, except that it was a major sum."?

Anonymous
New York, New York, United States #656651

its like another post on this site said. devere are now pushing Titanium. The website is the same layout as UAM. UAM was a devere fund regardless of what anyone said. Green owned the fund.

Now Its owned by Frontier as Green sold his stake late last year. Frontier was also suspended for a while and the Frontier Commercial Property Fund still is.

Dig deeper and you will uncover ICL, CSA and Optima amongst other funds that Devere has sold its unsuspecting clients and funds have been lost/suspended or even stolen (ICL).

IA must be on the books of DVP now as their reporting is shoddy at best.

Anonymous
to hardly #657294

if you have evidence, do people a favor and publish it, or find someone who will.it can't be that hard.

difficult for others who do not have your information to fill in the gaps (or even work out the acronyms... ICL = Imperial College London?? Indian Cricket League???)

though IA does a pretty good job of reporting company activities in the IFA field, Devere's CEO was one of the judges at the International Adviser Life Awards 2012. See his photo along with two other judges on the IA site.

The award winners include Generali, Skandia, Friends Provident (e.g.for Asia, the best regular premium investment product was judged to be Generali Vision)

Anonymous
to joker #657304

Have we? Oh dear me... Too much for deVere to take is it? UAM Dund is a deVere Fund, which deVere sales people put their clients money into to make Nigel an extra 7% commission on top of the 8% he gets paid by Skandia. Generali & FPI. Not to mention if he puts it though his own Providence Life Bond they make even more money.

Does the client know that all this is owned by Nigel Green, probably NOT!!

How deVere claim to be independent is truly beyond me... What a scam in itself, let alone all the other stuff going on with dreadful firm.

Anonymous
#654738

International Adviser published the following on 20 May:

"A Mauritius domiciled fund, managed by a Swiss investment manager and administered in the Channel Islands, has run into difficulties and has suspended trading.

Shares in the Strategic Growth Fund were suspended on 25 February and this was confirmed to investors in a letter sent on 28 March by Guernsey based fund administrators Fund Corporation. Investors were told that due to “a high level of redemption requests being placed by investors”, shares in the fund had been suspended.

The letter gave no explanation as to why there had been a sudden upsurge in the number of redemptions but did say that “unfortunately, as there are a number of illiquid investments in the [fund], settlement of all requested redemptions would have unfairly disadvantaged the remaining investors”.

In the same letter, investors were also informed that Swiss-based United Asset Management is to be removed as the fund’s investment adviser from 25 May. UAM is also being removed as adviser of The Diversified Emerging Markets Fund, a fund which is also administered by Guernsey based Fund Corporation and domiciled in Mauritius.

The letter did not give a reason for the termination of UAM’s contract as investment adviser and a spokesperson for Fund Corporation declined to comment on the matter.

The spokesperson recommended International Adviser contact fund manager Lancelot Management or UAM for comment but...

Fund performance

The Strategic Growth Fund was first launched with a dollar share class in September 2007, with sterling and euro share classes added in March 2008 and February 2009 respectively.

According to a fund factsheet from 31 January, the fund’s objective is to “achieve steady long term capital growth”, it adds that “the potential for capital growth may be reduced by the need to provide a slightly higher level of stability”.

One of the directors of the fund told IA that he was not comfortable disclosing what assets were held within the portfolio, only that they were a “mixture of liquid and less liquid assets”.

According to the factsheet, which names Philip Rose as the manager, “key holdings” included Artemis Income, BlackRock UK Special Situations, GAM UK Diversified, Invesco Perpetual UK and Kwanda Africa Growth Fund.

The same factsheet also provides performance data for each of the fund’s currency share classes. In the year the fund was originally launched, 2007, it lost 4.81% and the following year the fund fell a further 21.87%.

In 2009 and 2010 the fund managed to make positive returns, chalking up 18.41% and 1.71% respectively. In 2011 and 2012, performance slumped again, with the fund falling 0.54% and 4.21%. In the first month of this year the fund returned 0.93%."

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Anonymous
New York, New York, United States #654150

i see that the suspension of the fund is now mentioned in the IA online magazine. No mention that the fund is or was owned by Nigel Green and Devere though.

Truly shocking.

Anonymous
#653711

U have lost all your money - uam was another devere scam.You should have checked the web before investing and looked at the hidden 7 percent fund charge on top of the 7 percent bond!

Too late now greedy pants!!!:grin

Anonymous
#634346

Sovereign Trust is involved in Providence Life, an investment provider set up with Devere's help. From "International Adviser", Feb 7 2011: "The deVere Group helped to fund the creation of a new Mauritius-registered life company that is aiming to provide it and other advisory groups with a range of investment products at competitive prices, including portfolio bonds that their clients may access online. DeVere did not reveal the size of its investment in Providence Life, or the extent of its ongoing links with the business. In a statement, Providence said it will be run “as an independent organisation”, with the majority of its management board being Mauritian residents, but did not say who its main shareholders were. ... Another product in Providence Life’s stable is a Guernsey QROPS, known as the Providence Capital Bond Personal Pension Plan, which was launched in January as a joint venture with Sovereign Trustees Guernsey Ltd, an arm of the Gibraltar-based Sovereign trust company."

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