deVere boss sells last STM shares to focus on fintech

News


10 Jul, 2017

deVere boss sells last STM shares to focus on fintech

The founder and CEO of deVere Group, one of the world’s largest independent financial services organisations, has sold his last remaining 2% shares in STM, the London-listed cross-border product specialist, it has been confirmed.

Nigel Green acquired a 24% stake in the product provider in 2012.  In 2015, he relinquished his majority stake, selling more than 6.7 million STM shares, at a time when the share price was rising.
 
Mr Green comments: “STM is going from strength to strength and is continuing to enhance its already robust position within its sector. However, my investment with the company has now come to an end.

“My financial interest in STM was always only ever intended to be a short-term one, to provide the required funds for STM to develop and grow in order that clients could benefit from working with a first-class product provider with top level business and customer services practices.  My investment goals with STM have now been fulfilled.”

He continues: “The sale of my last remaining shares in STM has freed-up resources to allow us to concentrate more fully on developing and expanding our growing fintech business.

“There has been enormous, international interest in our challenger bank, deVere Vault since its launch in April.  We fully expect this momentum of interest in the global e-money app to continue and build.
 
“As such, we have taken the strategic decision to aggressively develop our burgeoning fintech proposition throughout 2017 and beyond as a major priority. 

“We’re looking to go big in the global fintech sector with new services and additional products and, therefore, we are committing considerable extra resources to this part of our organisation.”

More than 40,000 people are expected to have downloaded deVere Vault, deVere’s global e-money app, by the end of 2017, revealed forecasts last month.  At the time, Nigel Green commented: “Our extensive market research and our 15 years’ experience of offering cross—border financial advice to internationally-mobile individuals, globally-focused firms and expats informed us that there was a niche in the market and that there would be a demand for deVere Vault.  We knew it would be popular.  But the phenomenal interest already shown in this pioneering global e-money app has surprised even us.

The deVere Group CEO concludes: “We're hugely excited to be developing the fintech part of our business - it presents a vast amount of potential for growth – whilst simultaneously actively, ambitiously and strategically expanding deVere’s primary financial advisory business.”