UK-based Investec has launched a new wealth management unit in Guernsey in a move to offer investment management services to local and international individuals, families and locally based financial services businesses, businesslife.co has reported.

The new unit, known as Investec Wealth & Investment (Channel Islands), will start trading from 1 November 2013 and will be managed by local director Shaun Lacey.

Lacey said that Investec’s decision to establish a full presence in Guernsey, targeting both individuals and fiduciaries, will attract new wealth management business apart from providing employment opportunities.

"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," Lacey added.

Lacey said that clients would benefit from having their portfolios managed locally.

The new wealth management business is a part of Investec Wealth & Investment Group, which has 1,200 staff globally, including 15 offices in the UK with £40 billion of client assets under management world-wide.