Vestra Wealth plans to quickly build a new offshore business, targeting £500 million ($805 million) in assets under management by the end of this year, its founder and managing partner said, according to Reuters.

David Scott, who founded Vestra in late 2008, said Vestra is recruiting 10 new client advisors to build the offshore arm which will be based in Jersey.

In 2008, as exclusively reported by WealthBriefing at the time, Vestra jolted the UK’s wealth management industry when it took more than 50 employees from UBS, Mr Scott’s erstwhile employer, to create a new business located in the heart of London’s City financial district.

The latest hiring spree follows the appointment of Milena Ivanova from Goldman Sachs last June, who is charged with setting up the offshore investment product.

"Obviously the clients are more international in their thinking ... you can't just take a UK portfolio and exactly replicate it in terms of its composition," Mr Scott was quoted to have said.

Mr Scott's comments are not unexpected. WealthBriefing understands that clients with an interest in offshore business have figured in Vestra's plans as it develops its business, which was launched in the late summer of 2008.

Mr Scott said the strategy to build a business in Jersey offering banking and fund management services is an attempt to bring the boutique investment model to the offshore market which is currently dominated by large private banks.

He said around 30 per cent of new business being signed by Vestra is with clients resident in the UK but non-domiciled, while others are people living overseas who require offshore services.