Private investment firm Investec Bank has snared Ernst & Young boss Brian Schwartz as its new chief executive officer, replacing Geoff Levy who becomes the chair-elect of its Australian operation.
Schwartz will take over the role from early next year, ending a career spanning more than 25 years with Ernst & Young, which began when he emigrated from South Africa in the 1970’s.
Schwartz has been Ernst & Young chief executive since 1998 and, according to Investec’s Australian group chairman David Gonski, will bring additional expertise to his new role at Investec.
Gonski will remain chair of the group while Levy will step into the role of Investec Bank (Australia) chairman on January 1, 2005.
Investec in Australia is a specialist financial services provider across the corporate advisory, structured finance, specialized property finance and private client services sectors.
In 2001 Investec picked up investment bank Wentworth Associates for an undisclosed sum as well as boutique financial planning firm ProVision.
Other acquisitions by the group include Melbourne-based boutique advisory firms Chronworth and Wrigh Financial Planning in 2002.
Investec set up operations in Australia in 1997 and acquired a banking licence in August 2002.
The firm has offices in Sydney, Melbourne and Brisbane and specialises in corporate advisory, private equity, property investment banking and investment advisory services for high net worth market.
The business was started back in Johannesburg as a small finance firm in Johannesburg in 1974 and today is one of South Africa’s top 25 companies with operations in the UK, US, Asia and Middle East.
