Nedbank Group, a South African wealth manager and part of the Old Mutual Group, reportedly said that it has lost a number of staff at its private wealth management team.

Nedbank Group’s CEO Mike Brown said that the bank did not specify the exact number of departures, reported Bloomberg.

"The private client environment in South Africa has become very competitive. We have a very large workforce, so we are very capable of picking up from people who left us," said Mike Brown in an interview.

"Nedbank’s investments in South Africa are likely to grow faster and boost overall returns," Brown added.

Additionally, Nedbank is currently not looking for any new acquisitions but may increase its stake in Banco Unico to as much as 70% from current 36% in the next two years.

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By GlobalData

Last year, a number of staff at the bank’s private wealth management unit have quit the firm to join Anchor Capital and Sanlam Private Investments.

The move comes as many lenders are competing to take HNWI’s as clients in Africa because wealth levels across the continent increase along with economic growth.