A pan-African Wealth and Investment Management business is born
03 November 2013 | Company News & Results | Absa | Nomkhita Nqweni, Absa
Absa, a subsidiary of Barclays Africa Group (formerly Absa Group), announces the integration of its wealth, asset management, stockbroking and investment administration platforms into a business of substantive scale called Wealth and Investment Management. The new business will have R225 billion in assets under management and is positioned to help the Group’s retail and institutional clients prosper.
Nomkhita Nqweni, Chief Executive of Wealth and Investment Management, said: "This important development forms part of Barclays Wealth’s global strategy, aimed at bringing our capabilities together in a more coordinated manner by creating a centre of investment excellence within the Group. The integration of these areas of expertise will enhance our service delivery and offerings by providing holistic solutions and tailored advice to suit the financial requirements of our clients.”
Retail and institutional clients will have access to clear distinct boutiques of Active, Alternative, Passive product and Multi Management businesses. The integration provides them with access to a comprehensive set of investment solutions and philosophies across the various investment boutiques.
The Wealth segment of the bank – high net worth, ultra high net worth and family office clients – will benefit from a broader suite of services. These include private client portfolios, stockbroking, collective investment schemes platform, a Linked Investment Service Provider platform and wealth advisory services.
"By building the best of our Wealth and Investment Management businesses on top of the global Barclays Group’s platforms, this is an important milestone in our journey to delivering a powerful pan-African franchise for the benefit of our clients in our quest to become Africa’s ‘Go-To’ bank. Being part of the Wealth, Investment Management and Insurance cluster enables us to take advantage of our major strength, our distribution channels. We are confident that the enhanced efficiencies and platforms will enrich the overall experience for our clients,” concludes Nqweni.
