Investec is boosting its presence in the north of England as it responds to demand from advisers using its discretionary fund management service.
Investec Wealth and Investments recently hired two trainee paraplanners and three graduates in its Leeds office and is eyeing hiring more people in the city.
A statement from Investec says the Leeds office has seen an increase in private client and financial planning activity.
Divisional director Rowena Houston says: “We have seen increased activity from across our regional client base, from private clients and intermediaries, and we are responding by investing in resources and talent.”
The firm will be relocating the Leeds office to larger premises later this year.
Other wealth managers boosting their regional presence include Brewin Dolphin, which acquired Dundee firm Clark Thomson Mortgage Finders’ financial planning and investment assets.
Speaking to Money Marketing in March, Investec Asset Management managing director David Aird said that division of the company has also been growing through luring talent from larger fund groups.
That business is aiming to grow organically.
Aird said: “We stay away from that M&A growth. We really like organic growth, but it is slow and it is tough.”