Investec Trust has announced that it will close its Guernsey office with the loss of more than 60 jobs in the island. The closure will be carried out in stages in the course of the next year.
According to an Investec Trust spokesman, the closure decision is the result of a strategic review of the firm’s presence in both Channel Islands that involved “examining market requirements and leveraging its global platform”.
The spokesman says: “From a contextual point of view, Investec reviewed all operations and the conclusion we came to in a simple sense was that there was a lot of duplication.
“We remain committed to our trust business, and this only affects the trust activities in Guernsey – the group’s banking and asset management activities are not affected at all.”
Investec Trust, a subsidiary of London- and Johannesburg-based private banking and asset management group Investec, will consult with Guernsey clients and their advisers on the solutions most appropriate for their trust and fiduciary needs.
“Client structures will then be handed over to other parts of the Investec Trust group or other service providers,” the spokesman says. “Ultimately it is the client’s decision concerning what jurisdiction they choose. We will talk to all clients about where their needs will best be met, whether that is Geneva, Mauritius or Jersey.”
Xavier Isaac, chief executive of Investec Trust, says the group “understands the uncertainty that such change causes for our clients and employees” and will ensure they are kept informed.
“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,” he says. “Investec is committed to building further its trust activities in Jersey, Geneva, Mauritius and South Africa, where we have a strong presence.”
