SOUTH African financial services group FirstRand is using a new Jersey-based private wealth management operation to target the emerging Indian market.

FirstRand Private Wealth Management has been set up under an existing Jersey holding company, FirstRand International Asset Management, and also has links with Guernsey trust company FirstRand Trustees.

Initially the new business will have offices in Jersey and Dubai, with plans to launch in India as soon as it is practical to do so. An office opened in Dubai earlier this year employs around 20 staff and all but two are Indian expatriates.

In Jersey the new business has been accommodated in Hilary Street, next to investment management firm Ashburton, which is also a subsidiary of FirstRand. The team of 14 staff includes some employees who have moved across from Ashburton and some newly appointed staff. Heading the new international operation is Trevor Falle, the chief executive of the Jersey holding company. Mr Falle (pictured) was previously managing director of Ashburton, from 2000 to 2007.