Investec Wealth and Investment has launched a new private office, aimed at servicing the needs of higher-net worth individuals with a net worth of at least £10m.
Speaking to FTAdviser, Andrew Butler-Cassar, the firm’s private office divisional director, explained that the wider group’s experience and a period of market research led to the conclusion that this end of the market was being underserved and under-represented.
He stated that the private offices basically acts as a gateway to the group, offering bespoke discretionary portfolio management, wealth structuring, private banking, financial planning, corporate finance and banking, philanthropy advice, foreign exchange and institutional brokerage.
“Clients will often come direct, or be referred by an existing adviser, often because once they get past that £10m mark, they have more complex needs.”
The service will target successful entrepreneurs and business owners, the sports and media sectors and those specialising in alternative finance such as private equity or hedge funds.
Mr Butler-Cassar pointed out that they are often time-poor and looking for a single access point to meet a variety of financial needs, whether that be raising capital for a business, or planning for the rest of their family.
“We are an advice-led business and Investec have been working with the intermediary sector for a long time, gradually noticing more and more demand for services more specifically focused on this sector of the industry.”
peter.walker@ft.com
