Investec to use its Swiss office to lure more wealthy clients from SA

Investec, the niche private bank and wealth manager, is looking to use its office in Switzerland to lure more high-net-worth South African clients looking to externalise their wealth, as well as those from the United Arab Emirates (UAE), where it is considering setting up an office in future.

Zurich-based Investec Bank Switzerland AG reported funds under management of £1.675 billion (R38.3 billion) for the financial year ended 31 March 2023, of which just over half stems from high-net-worth South African clients, families and trusts. In May 2021, Investec appointed South African-born Shaun Karpelowsky, who joined the group in 2008, as CEO of the Swiss office, with a view to repositioning its offering in the Alpine country famed as a global banking jurisdiction for high-net-worth individuals.

"It's a long-term strategic positioning that will potentially go beyond our South African client base…to look at other markets where Investec could play where similar emerging market client needs would be suited to having a Swiss platform offering," Cumesh Moodliar, Head of Investec Private Bank and Private Client SA, told News24 in an interview.