Investec Private Bank has appointed Eric Ebermeyer as chief investment officer and head of portfolio management for its European wealth management business – a hire which the UK/South Africa-listed banking group said comes amid increased demand from private clients for its wealth management services.

Mr Ebermeyer joins Investec from Iskander multi-family office, where he was chief investment officer. Previously he was global chief investment officer of Fortis and his career also includes having been deputy head of asset management at Republic National Bank of New York and the head of structured products at Banque Paribas.

In his new role Mr Ebermeyer is based in London, reporting to Robert Gottlieb, head of Investec European Private Bank’s Wealth Management business.

“Over the last three years our wealth management business has expanded substantially across the bank’s core jurisdictions. We have continued to invest significantly into our people, processes and systems. With our continued focus on clients with investable assets of more than £10 million ($16.6 million), we recognise that we need to continue to recruit the very best individuals,” said Steve Heilbron, global head of Investec Private Bank.

In a statement issued last month the private banking arm of Investec said its operating profit fell by 51.6 per cent to £80.5 million in the year ended 31 March 2009 from the same period a year before.

Higher average advances and diversified set of revenues drove operating income. However, activity levels declined and impairment losses on loans and advances increased in all regions, the bank said.

The private client core lending book grew by 24.3 per cent to £11.1 billion, compared with £8.9 billion a year before, and the division increased its deposit book by 17.0 per cent to £7.7 billion. Funds under advice fell by 11.2 per cent to £3.3 billion.

Within its private client activities segment, which comprises the private bank and private client portfolio and stockbroking divisions, operating profit dropped 46.0 per cent to £104.6 million.

For the Investec group as a whole, operating profit before tax fell by 22 per cent to £396.8 million.