Investec Wealth and Investment are launching a private office to improve their financial services for high net worth individuals (HNWIs) such as business owners, entrepreneurs and investors who have investable finance in excess of $1 million.
The bank stated that a period of “extensive market research” revealed that this market is being underserved and underrepresented.
A new division would provide a better service for HNWIs who may have more complex needs and direct them to on and offshore services within the wider Investec group. Services that the Investec arm offers include corporate finance and banking, foreign exchange and institutional brokerage and wealth structuring.
HNWI investment specialist, Andrew Butler-Cassar says the “Private Office addresses a clear market need for an integrated service targeting successful entrepreneurs and business owners, the sports and media sectors and those specialising in alternative finance such as private equity or hedge funds. These are often time-poor and sophisticated individuals looking for a single access point to meet their financial objectives.”
It was also reported last month that the wealth and investment sector of Investec bank would launch their advice-based online investment management service later this year and would be led by newly appointed digital head, Jane Warren.
Jonathan Wragg, CEO for Investec Wealth and Investment commented on Investec’s digital services playing “a growing role in driving client acquisition, engagement, market differentiation and growth. Our investment in this area puts us in a strong position to extend our investment management expertise to a broader range of clients.”
Wragg has established over £25.4 billion in assets under his management since September 2014 across 15 offices in the UK.
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