A Bermuda firm is to expand its business into wealth management.

EFG International — which specialised in investment research — is changing its name to EFG Wealth Management (Bermuda) and moving into asset management with a strong focus on the captive insurance sector.

Now Greg Soares — who was formerly head of private banking at Capital G — has been recruited as EFG’s first client relationship officer, working under Keri Wong.

Jim Lee, head of investment solutions at EFG International and chairman of the new Bermuda arm, said: “We are excited about the opportunity to expand our business in Bermuda.

“The government has taken a proactive business stance, making it easier for new players to enter the market and this is something we are responding to.”

The Swiss-based global private banking group operates from 30 locations worldwide, including the Bahamas and Cayman, and has around 2000 employees.

The firm said the Bermuda operation would “serve a range of sophisticated investors and institutions and will also have a strong focus on the captive insurance sector.”

It added: “The latter will exploit synergies with EFG International’s operations in two other important captive sectors, the Cayman Islands and Guernsey.

“The business will also provide investment advisory services to hedge funds and funds of funds.”

Mr Lee added: “We see our global network, combined with the expertise and contacts developed in key international captive insurance locations, as a key differentiator.

“The intention is to broaden and deepen our services as the business grows — much as we have done in the Cayman Islands, where EFG has grown from a small office to an established business offering a comprehensive range of banking, trust and wealth management services.”