Investec, part of UK and South Africa-listed Investec, is expanding its European client group with the opening of an Italian office.

Investec, part of UK and South Africa-listed Investec, is expanding its European client group with the opening of an Italian office.

The firm said in a statement that the move further supported Investec Asset Management’s expansion across Europe in both the institutional and advisor channel.

The firm has also hired Marco Orsi as Italian sales director, who joins Italian sales manager Sarah Pastore in focusing on the Italian market.

“As a global investor, we believe that we will be able to bring our expertise in active management across a range of investment capabilities, including emerging markets, to a range of Italian partners. We look forward to working with our clients in this market,” said Stef Bogaars, managing director of the European client group.

The parent company's wealth management business logged £1.1 billion ($1.79 billion) in assets under management in the nine months to 31 December 2013, while operating profits at its specialist banking arm rose by 1 per cent ahead of the prior year.