The firm has opened a new office in the region following its recent acquisition of a client bank from Towry Asset Management.

European Wealth has opened an office in Johannesburg, South Africa, in a bid to better serve its clients in the region acquired from Towry Asset Management. 

The UK-headquartered wealth manager recently acquired a client bank from Towry, and with it came “many” clients based in South Africa, European Wealth said in a statement. 

“This office reflects European Wealth's commitment to servicing clients locally,” the firm said.

The new office will be led by Paul Heber, who has extensive experience in wealth management in the region, according to European Wealth. Heber previously worked as a director of Savoy Asset Management, a London-headquartered firm, and as an investment manager at Societe Generale. 

Also joining European Wealth's new unit are former Cazenove partner Tony Lederle, and former Corporate Advisory Group executive managing partner Sureshan Moodley.

“Southern Africa is an exciting opportunity for us,” said chief executive John Morton. “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 servicing our clients locally and with the acquisition of this client bank it was essential that we had highly skilled local expertise available to them.”

This publication recently sat down with Morton to discuss European Wealth's plans for 2017 and is scheduled to run a feature based on the interview in the coming weeks.