The purchase follows changes in December when DeVere launched its own asset management company called dVam, which has been working with fund managers to introduce outcome-orientated, low-cost solutions in the region.

Green said that Prosperity is one of the Gulf Cooperation Council (GGC) region’s "most respected and licensed advisory companies and we’re committed to using our scale and considerable resources to empower them to do even more of what they excel at: enabling clients to reach their financial goals.”

The IFA, which has offices in Abu Dhabi and Dubai, will remain an independent brand and continue to be run day-to-day by CEO Andy Cole, who founded the company in 2009 and has worked in the Gulf for the past 20 years.

The gain for DeVere: "Specifically, it allows us to expand our adviser base in the Gulf region, where client demand for specialist cross-border financial advice is continuing to grow,” Green said, adding that further acquisitions, launching additional subsidiary brands, and new products and fintech development are also in the pipeline.