12 February 2019
Absa Wealth Management has won several first places in the prestigious Euromoney Private Banking and Wealth Management Survey 2019, testimony to the bank’s excellent Wealth offering.
The survey covers 12 product and client categories on a global and regional basis, ranking results in 56 countries.
Absa Wealth Management ranked first in two categories in South Africa: Ultra High Net Worth Clients (greater than $30 million) and Super Affluent Clients (Between $1 million and $5 million). Across Sub-Saharan Africa, Absa Wealth was ranked first across four categories: Family Office Services (joint first with Stonehage); Ultra High Net Worth Clients, High Net Worth Clients and Super Affluent Clients.
Absa’s Family Office is a multi-family office service that provides high touch banking, leveraged solutions, legal advisory services, traditional and non-traditional investment management on a bespoke basis. It looks after the wealth of high net worth families with net investable assets of more than R100 million.
“Wealth Management today is a global business, with new professionalism to cater for specific client requirements and constantly increasing industry competition. Absa Wealth provides guidance and advice to clients through complex global trade economics and political environments and these awards are testimony of the value we add to our clients,” said Winston Monale, Managing Executive of Absa Wealth Management. “We are very proud to have improved on our achievements from the 2018 Survey in several categories.”
Absa has a presence in 12 countries across Africa as well as an offshore solution in Mauritius which offers banking and investment management.
“We provide a world-class offering and holistic service to our clients across banking, fiduciary and offshore wealth management, with the ability to create bespoke solutions to clients in partnership with broader bank services. Our wealth management business is expanding into the continent – we currently have offices in Kenya and Mauritius and are working hard on our broader African expansion plan, so these results bode well for the future,” Monale said.
More than 2 000 private bankers from 737 institutions took part in the 2019 Euromoney private banking survey, which ranks private banks and wealth management businesses across different categories. Now in its 16th year, the survey is considered the industry’s leading barometer of the world’s best service and product providers to the world’s wealthy.