EFG Asset Management, the asset management arm of EFG International, has formally launched its UK business, establishing it in its own right after it having operated in the UK as a division of EFG Private Bank for more than 17 years.

EFG Asset Management is led overall by Jim Lee, while chief investment officer Moz Afzal is based in London as head of the UK part of the business.

Last year EFG International commenced a strategic reshuffle of its business lines into five divisions, with four regional private banking divisions and an asset management arm.

In addition to the UK, EFG Asset Management also operates in Geneva, Zurich, Hong Kong, Singapore, Miami and New York. EFG has said it intends to launch dedicated entities for each of these operations in the coming months.

EFG Asset Management’s assets under management currently total $7 billion. The firm has reported strong growth, having grown its managed accounts' assets by 20 per cent in the 12 months to the end of June.