JOHANNESBURG - Winston Monale, the managing executive of Absa Wealth and Investment Management, yesterday shared their pan-African strategy for high net worth (HNWIs) customers.
A HNWI is an individual who has net investable assets of $10 million (about R148m). High net worth individuals tend to invest offshore in hard currencies, euro or dollar.
Monale said with the separation from Barclays, Absa had decided to have a good offshore wealth offering, which they had been working on for the past 12 to 18 months.
This week they launched an offshore wealth offering through an agreement with Société Gé* érale Securities Services (SocGen). SocGen was chosen because of its strong platform.
“We believe that our offshore value proposition is best in class. It allows our clients seamless reporting of all their offshore holdings, across geography, currencies and asset classes, all done on an open architecture basis in one seamless portfolio and client statement,” said Monale.
He said Absa Wealth and Investment Management was expanding in Africa and had launched an office in Kenya with a focus on Mauritius next. Kenya is one of the fastest growing economies in Africa with 94000 HNWIs in 2016.