PRIVATE BANKING

South African private banking and wealth management recognised in global awards

Global PB Awards 2014_Henry and Ciaran.jpg

South African private banking and wealth management continues to excel and impress on a global scale, according to judges at this year’s Annual Global Private Banking Awards by Private Wealth Management (PWM) and The Banker Magazines – part of the Financial Times Group – held in Geneva on 29 October.

Private banking and wealth management in South Africa has demonstrated significant momentum and is being earmarked as a favourable springboard for services further into the region and beyond. The judging panel’s Yuri Bender, who is also Editor-in-Chief of PWM Magazine says, “South Africa was invited to join the global survey for the first time last year and so for only the second year of competing, this market is already considered a valuable one.”

This year’s survey received 140 entries from 60 countries spanning every continent – up from 103 entries in 2013. The judging panel have been particularly interested in identifying the best banks servicing new sources of wealth in developing and newly industrialised countries.

Scooping last year’s top honours, Investec has once again been announced as the Best Private Bank and Wealth Manager in South Africa, at the 6th annual awards ceremony. Investec joins the likes of powerhouse brands such as UBS Wealth Management (Best Global Private Bank as well as Best Private Bank in Asia winner 2014) and Coutts (UK winner 2014).

Investec launched a pioneering strategy earlier in the year that offers its global clients seamless, integrated access to Private Banking as well as Wealth & Investment services, both locally and internationally in One Place. While many Investec clients are based in South Africa, the creation of Investec One Place was an answer to their changing banking and investment needs because they are not restricted by national boundaries in their lifestyles or in their income generation and preservation.

“We’re delighted to be recognised for the second year running,” says Head of Investec Wealth & Investment South Africa, Henry Blumenthal. “We hope to retain Investec’s leading position through our Investec One Place philosophy where our clients can now bring the management of their international finances together under one roof through their preferred channel.”

Ciaran Whelan (Global Head of Investec Private Banking) concurs, “Winning this award is testament to our single-minded focus in ensuring that every interaction with us is out of the ordinary. Our private clients remain at the heart of our business. Investec’s strong client-centred service culture and growing capabilities and success in South Africa and the United Kingdom, allows us to be at the forefront of the financial services industry.”

The expert panel of 15 judges felt that Investec has one of the most powerful brands across the industry, where the South African business holds the leading position with assets of R280 billion and also noted Investec's success in the UK, where Wealth & Investment is the third largest private client investment manager with £29 billion under management.

Banks competing in the Global Private Banking Awards are judged according to their business and growth strategy as well as on their strategic and operational business progress. Among the numerous criteria evaluated is their client relationship management as well as their product strategy adjusted to meet investors' changing needs. Due to recent developments in global markets, due diligence and risk management have also become key areas of evaluation.

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