Investec, the South African financial services firm, said in an announcement that its private banking loan portfolio rose 29 per cent to ...

Investec, the South African financial services firm, said in an announcement that its private banking loan portfolio rose 29 per cent to ₤4.2 billion ($8.0 billion) from March 2004 to September 2004. The bank also said that its private client portfolio management and stockbroking in both South Africa and the UK rose 16 per cent to ₤9.9 billion since March 2004. Investec's chief executive Stephen Koseff said the strong performance reflects the growing importance of the private client business, which he added is a sustainable source of revenue, less prone to the volatility inherent to other investment banking activities. Private client activities now make up about 40 per cent of Investec's revenue, compared with 15 per cent five years ago, he said. Staff numbers in both the private client and private banking divisions of the firm have been cut in the last six months, according to Investec, although these have been marginal. Group managing director Bernard Kantor said the ongoing merger of Investec UK wealth management subsidiary Carr Sheppards Crosthwaite with wealth manager Rensburg is proceeding. He said a shareholder circular detailing the revised terms of Investec's offer will likely be published within a week.