View all newsletters
Receive our newsletter – data, insights and analysis delivered to you
  1. News
October 18, 2018updated 19 Oct 2018 8:24am

Maitland launches South African multi family office as HNWIs look to move wealth offshore

By Oliver Williams

The global trust and administration firm Maitland has announced it is launching a multi-family office to service high net worth families, individuals and entrepreneurs in South Africa.

Free Report
img

Benchmark your strategies for targeting the HNW market against your competitors

Even as professionals and entrepreneurs constitute the largest segments within the global HNW market, there are notable differences in terms of investor proclivities such as investment behavior, risk and channel preferences, as well as loyalty, calling for differentiated servicing strategies. Our recent report, HNW Investor Targeting Strategies, is based on our proprietary Global Wealth Managers Surveys, and will help you to:
  • Understand the size and service requirements of key client groups.
  • Develop and enhance your client targeting strategies using our proprietary data on the effectiveness of various strategies across key groups.
  • Minimize customer churn rates by gaining a detailed understanding about key client groups’ diverging proclivities and investment preferences.
  • Tailor your product portfolio to match demand patterns across the segments discussed.
Download the full report to understand what to expect and how to align your business for success.
by GlobalData
Enter your details here to receive your free Report.

In setting up the offering, Maitland acquired Talaria, a Johannesburg-based fiduciary business set up by Cheryl Howard. Howard will now lead the fiduciary team at Maitland’s family office.

Speaking to PBI, Howard said that the family office would meet the rising demands of South Africa’s wealthy in managing their wealth internationally: “From a South African point of view, family offices are becoming important because we have a number of beneficiaries moving abroad.

Maitland Family Office will also appeal to the younger generation says Howard: “The world is global. People are mobile. The millennial generation will be beneficiates studying abroad and staying overseas”.

According to New World Wealth, a South African market research firm, the number of South African HNWIs is forecast to grow by 28% to reach approximately 56,000 by 2027.

Speaking to PBI, GlobalData believes there is a significant opportunity to be had in South Africa, as 21.5% of HNW investors do not place their assets with a wealth manager.

To these wealthy, Maitland Family Office will provide “a total outsourced solution to managing the financial, tax, legal and investment affairs of an affluent individual or family,” it said in a statement.

A relaxing of exchange controls has made it easier for wealthy South Africans to invest outside their home country in recent years.

Family offices in South Africa are growing as a result, says Howard: “The compliance and regulatory landscape [of family offices] is more appealing. The wealthy do want to make sure their affairs are managed correctly. Corporate governance is becoming a factor based on professional advisors.”

 

Related Companies

Free Report
img

Benchmark your strategies for targeting the HNW market against your competitors

Even as professionals and entrepreneurs constitute the largest segments within the global HNW market, there are notable differences in terms of investor proclivities such as investment behavior, risk and channel preferences, as well as loyalty, calling for differentiated servicing strategies. Our recent report, HNW Investor Targeting Strategies, is based on our proprietary Global Wealth Managers Surveys, and will help you to:
  • Understand the size and service requirements of key client groups.
  • Develop and enhance your client targeting strategies using our proprietary data on the effectiveness of various strategies across key groups.
  • Minimize customer churn rates by gaining a detailed understanding about key client groups’ diverging proclivities and investment preferences.
  • Tailor your product portfolio to match demand patterns across the segments discussed.
Download the full report to understand what to expect and how to align your business for success.
by GlobalData
Enter your details here to receive your free Report.

NEWSLETTER Sign up Tick the boxes of the newsletters you would like to receive. A weekly roundup of the latest news and analysis, sent every Wednesday. The industry's most comprehensive news and information delivered every month.
I consent to GlobalData UK Limited collecting my details provided via this form in accordance with the Privacy Policy
SUBSCRIBED

THANK YOU

Thank you for subscribing to Private Banker International