Schroders South Africa has been awarded a Category 1 Financial Services Provider (“FSP”) licence, meaning it can now offer investment services directly to South African clients.
It is the latest foreign bank to enter the South African market this month. Last week Swiss private bank Julius Baer announced that it will expand its presence in South Africa through an office in Johannesburg.
This month also saw Credit Suisse pull out of South Africa as part of a broader restructuring programme. The Swiss banks said it would withdraw all presence from the country but continue to serve clients from Europe and Dubai.
Schroders have had a presence in South Africa since 2015 but until now operated through a partner, Argon Asset Management.
Doug Abbott, Schroders’ country head in South Africa, said, “After a positive reception from local investors we are very pleased to be expanding our team in the country.
“As a global asset management company we have made a significant commitment to the local market and can offer a range of capabilities and funds to the offshore investment market. We plan to develop our presence further in 2019.”
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There is a growing opportunity in the South African offshore market. In October, PBI reported that trust and administration firm Maitland was launching a multi-family office to service high net worth families in South Africa as they look to move wealth offshore.