Investec sets up private banking arm
Investec Australia is set to ramp up its private banking and advisory services with the addition of Ord Minnett Investment Planning chief executive officer and di-rector Robert Lipman as director of its new private client arm.
Investec Australia is set to ramp up its private banking and advisory services with the addition of Ord Minnett Investment Planning chief executive officer and di-rector Robert Lipman as director of its new private client arm.
Lipman will be involved, from early June, with creating a dedicated financial plan-ning arm for clients with $1 million to $5 million of investable assets.
Investec Australia director Michael Pillemer says the addition of Lipman is a cen-tral factor in the expansion into the private client advisory business in Australia.
Lipman’s job will involve raising the profile and credibility of the group.
His role will be primarily based in advising but he will also be developing the new arm.
"This will require standards different to normal financial planning businesses as we seek different solutions in a tailored fashion for a limited range of clients," Lipman says.
"I expect a number of my existing clients will also make the move across but we are hoping to build up to 100 individual clients by the end of year one."
At the same time, the group is also recruiting advisers.
"It is our intention to recruit more advisers and we are doing that at present but are looking for experience with high net worth individuals. New advisers must be competent in that area and have the technical expertise that goes with that," Lip-man says.
Lipman was with Ord Minnett for more than five years and prior to that was with Charles Perrin Financial Planning, which he helped to establish.
Investec Australia was set up two years ago and is part of the global financial services group.
The Investec group currently has worldwide funds under advice of about A$115 billion. Local operations account for about $300 million of that figure. Investec also owns the fund managers ACSIS which it purchased about a year ago.
AUTHOR
Jason Spits
Recommended for you
After seven years at the company, Iress’ chief technology officer for wealth management APAC, Anthony Gerrits, has departed as the firm commences a search process to fill the role.
With advice firms thinking about scaling up in 2025, research has detailed the main avenues financial advisers say they have used for successful recruitment.
The board of Insignia Financial has reached a decision regarding the possible acquisition of the firm by US private equity giant Bain Capital.
Six of the seven listed financial advice licensees have reported positive share price growth in 2024, with AMP and Insignia successfully reversing earlier losses.
