Will Rand be flowing outside South Africa?

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.

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.

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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.

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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.”