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Devere Group - The Senior Management team at Devere own part of frozen UAM Funds

  • by   Oct 08, 2013
  • 3 comments
  • Review #: 451598
Company Devere Group
Product / Service Closed Fund
Category Investment Brokerage
Views 577
 

The Senior Management team at Devere were offered the chance to part own the UAM funds. The idea being to lock them in and not leave. These guys are Mr Green's Generals.
They were offered a % of the fund over several years based on how much their teams contributed to the fund.
The idea being that after 5 years the fund would be sold or Mr Green would buy it from them if there were no other buyers.
The 5th anniversary was March 2013. Could it be that Mr Green actually closed the fund and suspended it just so that he would not have to pay out and therefore locking in and most likely losing $50M of clients money at the same time????
Answers on a postcard please. 2d999b3

 
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Oct 24, 2013 

Making headlines in the China Post today. Also in the print edition

" De Vere faces down bad practice claims" in the South China Morning Post. Defended by independent journalist George Prior of iExpats.com .

One of the biggest financial advisory firms to expatriates in Hong Kong, controlling US$9 billion in assets worldwide, is facing down accusations of mis-selling and bad practice from former clients and employees, an investigation by the South China Morning Post has revealed.

DeVere, which describes itself as the world's biggest financial consultancy, has been disciplined seven times by its regulator in the past eight years for breaches of industry rules.

Documents seen by the Post reveal that the Hong Kong Confederation of Insurance Brokers (CIB) has handled a complaint this year by a Hong Kong doctor after she was advised by deVere representative Charlie Reeves to consolidate premiums paid to two investment-linked insurance plans sold by Generali, called Vision. The consolidation resulted in extra fees and charges for both plans.

The core complaint was that Reeves was "churning", or encouraging a client to sign a new agreement for the sake of generating a selling commission, but the more damning accusation was that Reeves did not hold a CIB licence.

This was an obvious attempt to twist business so he could earn additional commissionONE COMPLAINT LETTERThe doctor's case has echoes in a
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Reply to South China Post

Oct 14, 2013 
Absolutely true and accurate. I have met Nigel Green and was an employee when the UAM fund was suspended. The reason it was suspended? Well, originally set up to mirror 2 JP Morgan funds (so in essence completely unnecessary as you could just buy the funds directly and save yourself paying commission to your "adviser"), at some point in time it decided to step out of its remit entirely and invest in risky property assets. When the rumor came out that the fund was suspending, there was a (futile) rush to pull clients out, but it so happens that this was impossible due to Nigel Green and Mike Coady (both directors) getting preferential treatment allowing them to pull their funds out before every one of their clients. Treating customers fairly? HHmmmmmmm I will let you decide. I have seen advisers "guarentee" returns of 10% per year, 100% immediate uplift in value when transferring a pension into a QROPS, its criminal what they are doing. I worked as an advisor for 2 months before needing to leave due to the massive hole in my pocket and conscience. Despicable company that relies on its international status and transient nature of its client base to avoid repercussion (after all if you get in a bit of a sticky situation, all you do is close down in that country as they did in Belgium and Cyprus or change your name and company structure) It makes me sick that people like this exist, honestly, stealing from pensioners just before retirement. They should do us all a favor and jump... Show more
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