deVere Group founder and chief executive Nigel Green has sold his remaining stake in QROPS provider STM Group.
Green paid £1.59 million for a 24% shareholding in 2012.
In 2015, he sold 6.7 million shares, but retained a 2% holding, which he has now sold in full.
STM Group paid a 1p dividend on the shares on June 28 at a yield of 2.82%.
“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,” said Green.
“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.
Investment goals fulfilled
“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.”
In April, deVere launched a banking app called Vault aimed at easing access to cash and banking services for expats worldwide.
The STM share disposal frees cash for further development of Vault, Green added.
Meanwhile, STM Group has issued a trading statement warning that the company is cash-rich and on the prowl to buy the books of smaller QROPS providers.
STM on acquisition trail
As demand for QROPS falters after UK Chancellor Phillip Hammond slapped a 25% transfer tax on pension switches to the offshore pensions, STM sees acquisitions as the way forward in growing business.
“With the possibility of some straight-forward bolt-on acquisitions in the QROPS sector, along with the imminent launch of our Australian pension offering, and some further efficiencies in how we process our existing business coming on stream shortly, we are currently optimistic about the Group’s growth prospects,” said STM CEO Alan Kentish.
STM operates as a QROPS provider from Gibraltar and Malta.
The firm says QROPS sales are stagnating and buying up smaller providers ‘generates opportunities’ for expansion.