The decision is the result of a review of the firm’s dual presence in the Channel Islands (Investec Trust also has a presence in Jersey), and market requirements there. The decision only relates to Investec’s trust business; the bank and asset management businesses are unaffected.

The firm said it will consult with Guernsey clients and their advisors to find the most suitable solutions for them, either within other parts of the Investec Trust Group or alternative providers.

“The interests of our clients and the intermediaries who advise them are a key priority and we intend to maintain our high standard of service throughout this period. Investec is committed to building further its trust activities in Jersey, Geneva, Mauritius and South Africa where we have a strong presence,” said Xavier Isaac, chief executive of the Investec Trust Group.