Sanlam Private Wealth (SPW) has opened their first office in Africa outside of South Africa.
Sanlam Private Wealth Mauritius is the building block in the expansion of Sanlam Private Wealth Africa, which provides clients in African countries access to SPW's global investment and wealth management solutions.
SPW Africa will tread on the heels of the well-established Sanlam Group footprint across the continent, in partnership with Sanlam's existing partners in several African countries, which Kenya, Zimbabwe, Zambia, Namibia and Botswana. Mauritius will be forming the hub for SPW Africa's expansion strategy consisting of SPW Mauritius focusing on wealth management, and Summit Trust Mauritius, offering multi-jurisdictional fiduciary and tax advice and services to private clients, and a range of company administration services to the corporate market.
Sanlam Private Wealth CEO, Daniël Kriel said the company's expansion formed part of a drive to extend its offering to clients at the top end of the market across Africa, this is also consistent with the Sanlam Group's international strategy, who's primary focus is the emerging of markets. A statement by Sanlam stated, "The event was attended by over 100 guests, including representatives of both Mauritian and South African companies, Sanlam’s partners in Namibia, Zimbabwe and Zambia, and dignitaries including the Deputy Prime Minister of Mauritius, Mr Ivan Collendavelloo, and South Africa’s High Commissioner to Mauritius, HRH Princess Zenani Mandela-Dlamini, daughter of former President Nelson Mandela."
"Through our Mauritian operations, private clients in African countries will now have access to a range of international investment and wealth management solutions," Kriel said.
This includes access to Sanlam's global investment capabilities and the UK-based SPW Global Quality Fund, named the winner in the Best Fund category of the City of London Wealth Management Awards earlier this year. SPW Africa Managing Director, Shane Tremeer said: "We aim to meet the needs of private clients and their families in African countries, by providing world-class advice and integrated onshore-offshore wealth management solutions."
"The Mauritian government has created an internationally recognised regulatory framework, and the country’s focus on developing the financial services sector has resulted in a highly skilled talent pool," Kriel added. Mauritius Deputy Prime Minister, Ivan Collendavelloo said: "SPW’s presence here bears testimony to the confidence and trust the company attaches to Mauritius as a jurisdiction of choice. We wish SPW a successful venture."
Kriel said that the expansion of SPW Africa is mutually beneficial as it would provide Sanlam Private Wealth with "new opportunities" on the continent while at the same time offering high net worth private clients in the countries concerned world-class solutions from a leading Africa-based, multi national financial services company.
"Sanlam’s reputation and strong brand in Africa is an obvious advantage, and we are delighted at the chance of extending our offering in these new markets," Kriel concluded.