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.
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