Investec Bank ( Channel Islands) has hired Kevin Allen to take over from Tony Grimes as head of its new Jersey branch; Mr Grimes moves to be head of risk and compliance in Jersey.

Mr Allen joins from Royal Bank of Scotland International, where he was head of portfolios in the offshore real estate finance team. In addition to his responsibilities as head of the branch, he will concentrate on client lending opportunities with a focus on property via Jersey based financial intermediaries. He will also look to provide development funding to local property developers on projects in the Channel Islands.

Mr Grimes joined Investec in 2000 and has since held a number of roles, including working to assist Investec with the licensing process for the new Jersey office, culminating in taking on the role of interim branch manager, responsible for operations, risk and compliance, now stepping aside for Mr Allen.