Wealth management group European Wealth has opened an office in South Africa, following its recent acquisition of a client bank from Towry Asset Management as many of the clients involved are based in the region.
The new office, based in Johannesburg, will be led by Paul Heber who was previously a director of Savoy Asset Management and an investment manager at Societe Generale. Mr Heber has much experience in the region. The team also includes Tony Lederle, a former Cazenove partner, and former executive managing partner in 1st Corporate Advisory Group, Sureshan Moodley.
Chief executive of European Wealth, John Morton, said: “Southern Africa is an exciting opportunity for us. It is a region that we know well and many of our team have direct experience of working with clients from this area.
“We have always been committed to serving our clients locally and with the acquisition of this client bank it was essential that we had highly skilled local expertise available to them. We are delighted that Paul and his team will be on hand to deliver the high standard of service our clients expect and deserve.”
General manager for Africa, Mr Heber, commented: “I am hugely proud to be a part of the EW team and it is a great privilege to be representing the company in Africa. Our clients here can have very different requirements to those based, for example in the United Kingdom. One thing, however, remains the same – their need for excellent service.”
He concluded: “Being based here in Johannesburg, we are available to help and support them as required. It is one of the most important characteristics of European Wealth’s approach.”
In Q1 of this year, European Wealth reported an increase of 21.7 percent of group funds under management compared with 2015. Group funds under management ended 2016 at £1.46 billion, and total revenue for the full year is expected to exceed £9.3 million.