Investec has launched a new wealth management business in Guernsey providing investment management services to local and international individuals, families and locally based financial services businesses.
Investec Wealth & Investment (Channel Islands) Limited started trading today [Friday 1 November 2013] and will be headed up by local Director Shaun Lacey.
"Investec has vast experience in wealth management across the globe, and the decision to establish a full presence in Guernsey, targeting both individuals and fiduciaries, is fantastic news for the Island. We think it will attract new wealth management business, as well as providing employment opportunities at a time when other financial institutions appear to be downsizing," said Mr Lacey.
"Investec Private Bank's former wealth management business is in the process of being integrated into this new company and we will be able to offer a significant increase in the range of high quality, tailor-made investment services across a wide range of asset classes."
Mr Lacey said that Investec was one of a very small number of firms providing fully integrated investment management services on the Island. He said that clients would benefit from having their portfolios managed locally.
"A lot of private banks have client relationship managers with portfolio management being carried out behind-the-scenes. The key differentiator for us is that the person who manages the client relationship, manages their portfolio as well, providing greater continuity and assurance," said Mr Lacey.
Investec Wealth & Investment (Channel Islands) Limited forms part of the wider Investec Wealth & Investment Group, which has 1,200 staff globally, including 15 offices in the UK with £40 billion of client assets under management worldwide. The Group has experienced strong growth in recent years both organically and through its acquisitions of Rensburg Sheppards in 2010 and Williams De Broë in 2011.
Rupert Stevenson, Divisional Director for Investec Wealth & Investment's international division, said: "We are very excited about the establishment of our new Channel Islands operation, which will provide a robust investment platform for our local and international client base. Investec Specialist Bank already has a high profile in the island and the provision of wealth management services locally will complement Investec's range of banking products."
Mr Lacey, who has 33 years' private banking experience and has been with Investec for 12 years, said the local investment team was expected to expand further during the first half of 2014.
For more information about Guernsey's finance industry please visit www.guernseyfinance.com.
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