European Wealth opens South African office

UK-based wealth manager European Wealth has opened an office in Johannesburg, South Africa.

The firm acquired a large number of South African customers when it bought a client bank worth £120 million ($154 million) of assets from Towry Asset Management last year.

“Southern Africa is an exciting opportunity for us,” said John Morton, chief executive, adding that “we have always been committed to servicing our clients locally”.

Paul Heber, previously a director at Savoy Asset Management and an investment manager at Société Générale, will lead the new office.

Tony Lederle, formerly a partner at Cazenove, and Sureshan Moodley, formerly of 1st Corporate Advisory Group, will join the South African team.

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