Fairbairn Private Bank is to be renamed Nedbank Private Wealth in line with its South African parent.
Fairbairn’s subsidiary trust companies, Jersey-based Fairbairn Trust Limited, and Guernsey-based Fairbairn Trust Company, will become known as Nedgroup Trust.
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Nedbank’s current high net worth markets are serviced by Board of Executors Private Clients in South Africa and Fairbairn internationally.
As part of Nedbank’s strategy, all these businesses are now aligned under the new Nedbank Private Wealth brand.
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By GlobalDataNedbank Private Wealth employs around 650 staff in the UK, South Africa, the Isle of Man, Jersey, Guernsey and the United Arab Emirates and holds more than £7.5bn ($12.1bn) assets under management and administration.
Nedbank Private Wealth is the international private wealth management brand within the JSE-listed Nedbank Group whose major shareholder is London-listed Old Mutual.
"We are sad to say farewell to the Fairbairn brand, which has held an excellent reputation within the wealth management arena, but are flattered to be branded in line with our longstanding shareholder, Nedbank, with its prominence of size and the success it has achieved in the financial services marketplace" Greg Horton, Nedbank Private Wealth managing director said.
