FIRSTRAND’S wealth management business is launching international initiatives.
These will initially be centred on the Channel Islands and Dubai but will expand into India during the coming year and replicate the FirstRand Group’s South African wealth management offering internationally.
The company’s wealth management division, which is part of the South African-based integrated financial services group, is setting up FirstRand Private Wealth Management.
Trevor Falle, chief executive officer of FirstRand’s international wealth management businesses, said the South African model and philosophy was of a global standard and very transportable internationally.
‘Given our experience in South Africa, we are well placed to serve the new generation of wealthy individuals. We have a good understanding of their needs and proven expertise in creating solutions to match these needs using an open architecture approach.’
FirstRand’s Guernsey subsidiary is FirstRand Trustees Ltd.
The local organisation offers offshore trust and corporate services to high net worth clients across the world and will be part of the cross-border service offered by First Rand PWM.
As well as replicating the advice model, supported by proprietary technology, FirstRand PWM will also be exporting the group’s wealth manager ‘practice’ model, which enables wealth managers to build their own client bases.
‘While other companies might be using a similar model, most cannot offer the backing and owner/manager philosophy of a parent the scale of FirstRand,’ said Mr Falle.
‘We believe this is critical to the retention of top-quality wealth managers and thereby the continuity of relationships that all clients want.’
A vital part of the new company’s strategy will be targeting the high-net-worth segment in the Middle East and India. The Dubai operation will be run by Vijey Kapoor, chief executive officer of the DIFC-based FirstRand PWM (Middle East) Ltd, who will also head the new India operation when it is launched.
nÊFirstRand is currently South Africa’s second-biggest banking group by assets.
CEO Paul Harris recently told Reuters the bank did not need to shore up its finances despite the global financial crisis that has felled some of the world’s biggest banks.
He said it was adequately capitalised and had liquidity buffers in place to see out the credit crisis.
Article posted on 4th November, 2008 - 2.30pm
Most Commented: