Nedbank unveils new high net worth brand

Nedbank has announced that it has consolidated its existing high net worth offerings under a new brand, Nedbank Private Wealth, anchored on the heritage and reputation of the well-known and highly successful international wealth management offerings of Bo

With the introduction of Nedbank Private Wealth, Nedbank signals a step change in its strategic direction for the High-Net Worth market segment by moving towards a single mother brand and away from a multi-branding approach.

Nedbank Private Wealth will seamlessly integrate existing high net worth clients under the new banner, providing them with a clear and exciting offering and a wider and improved range of products and services. The move eliminates brand confusion linked to multiple brands and allows the business to leverage-off Nedbank’s strong brand equity.

“Our goal through Nedbank Private Wealth is to organise our high net worth offerings under one umbrella with an over-arching strategy. We want to provide our clients with a world class and seamless international wealth management offering with international fiduciary services, international investments, international banking, insurance and philanthropy advice,” said Nedbank Chief Executive, Mike Brown. “Clients will also have access to an international investment research and asset management team, discretionary portfolio management, and full service stockbroking with direct access to 31 stock exchanges,” Brown added.

“We will be harnessing and building on the great reputation of the BoE and Fairbairn brands under the Nedbank name which we believe will create various benefits for our clients and our growing banking and broader financial services operations in the years ahead.”

Nedbank Private Wealth will provide local and international clients with a range of benefits and services including easy access to a consolidated view of their finances - wherever they may be invested or have their funds managed - greater accessibility, and enhanced online features and capabilities.

“Both BoE Private Clients in South Africa and Fairbairn Private Bank internationally have offered very strong personal relationship services and interactions to their clients. Under Nedbank Private Wealth these relationships will not only be maintained but also enhanced as we believe we can add further value to their wealth management experiences,” added Brown.

“Previously we had two distinct approaches for our South African and international clients. Now our clients will have the choice for their Relationship Managers to seamlessly bring in offshore expertise as and when involvement is needed. We will be enhancing the service models offered by BoE and Fairbairn not detracting from them.”

Through BoE Private Clients, which Nedbank acquired jointly with Old Mutual in 2003, Nedbank Private Wealth can trace its heritage back to 1834 and the South African Association for the Administration and Settlement of Estates, which later became Syfrets Trust Limited. (BoE Private Clients was established on 1 January 2003 as a result of the merger of six business entities, namely: BoE Personal Stockbrokers, BoE Private Bank, FT NIB Private Clients, Nedbank Syfrets Wealth Management, Old Mutual Trust and Syfrets Trust Limited.)

BoE Private Clients has performed strongly against its peer benchmark over the past one, three, five and seven years. Nedbank and its parent company Old Mutual were both shareholders in Fairbairn Private Bank from 2001 until 2009 when Nedbank became the sole owner after acquiring Old Mutual’ s 30% stake in Fairbairn Private Bank and its 50% stake in BoE Private Clients

Recent awards won by BoE Private Clients and Fairbairn Private Bank include Best International Wealth Provider for four consecutive years and Best International Service initiative for two consecutive years (Professional Adviser International Fund and Products Awards 2012). The philanthropy offering was shortlisted for the international Philanthropy Team of the Year award 2012/2013 in the STEP Private Client awards.

As part of this rebranding of Nedbank’s international wealth management business, Jersey-based Fairbairn Trust Limited and Guernsey-based Fairbairn Trust Company will change their names to Nedgroup Trust.

In addition, to avoid any segment confusion in the South Africa markets, Nedbank Private Bank will in future provide its services as Nedbank, and will focus on providing a personal relationship banking service for its affluent clients, and their households, within the bank’s retail business.