Investec is set to open its first Asian office for its wealth and investment business in Hong Kong, as it eyes international expansion in wealth management.
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Investec global head of wealth and investment Steve Elliot stated that the firm was in the process of securing a licence to establish a physical presence in Hong Kong.
"We are targeting two areas — the expatriate market and the Hong Kong Chinese markets. The expat market we are already looking after both from the UK and Europe," Elliot was quoted as saying by the Financial Times.
Additionally, Investec chief executive Stephen Koseff highlighted the company’s plans to grow its wealth business in Switzerland.
Koseff added that the company looks to target wealthy individuals in Africa in the long-term, particularly non-South African regions such as east Africa.
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By GlobalDataHe said that the firm has launched an online wealth management service, Click & Invest, which is expected to be available by the end of 2015.
Regarding a potential British exit from the EU, Koseff said the firm was not concerned with the move as it mainly a domestic business in the UK.
Investec Bank chief investment officer in Switzerland Annelise Peers said that the firm aims to increase wanted to increase its wealth book in the region from CHF1.3bn ($1.39bn) to over CHF2bn.
"We are at the moment doing organic [growth] and we are looking for acquisitions of books," commented Peers regarding Switzerland.
