UK private client investment manager Investec Wealth & Investment has created a private office to meet the needs of the high net worth.

Investec Wealth & Investment, part of the London and Johannesburg-listed Investec banking group, has launched a private office to serve the high net worth market.

The investment manager launched the division after identifying that the entrepreneurial high net worth market was “underserved and under-represented” through market research. 

The private office will offer a range of services, including discretionary portfolio management, wealth structuring, private banking, financial planning and philanthropy advice.

Investec said the service would be available to higher-net worth individuals, business owners, entrepreneurs and investors with more complex needs, and a net worth of at least £10 million ($14.9 million).

It will be led by Andrew Butler-Cassar, a HNWI investment specialist, who will be supported by a 19-strong team.

“Private Office addresses a clear market need for an integrated service targeting successful entrepreneurs and business owners, the sports and media sectors and those specialising in alternative finance such as private equity or hedge funds,” said Butler-Cassar.

“These are often time-poor and sophisticated individuals looking for a single access point to meet their financial objectives.”

Investec's move to expand its offering follows similar such moves to cater to the high net worth population. UK investment manager Rathbones, for example, is set to launch a private office towards the end of the year. Other wealth management firms with private offices include Coutts, Kleinwort Benson and UBS.

Investec Wealth & Investment currently operates from 15 offices across the UK and as of September 2014, managed around £25.4 billion of client funds.