Standard Bank Private Clients will be renamed ‘Wealth and Investment’ to reflect its commitment to adapting its service offering to the evolving needs of its customers as well as to align to global standards for high net worth wealth management.

Margaret Nienaber, Global CEO of Wealth and Investment, said: “The name change is a reflection of our shift in strategy to provide more holistic financial planning and advisory solutions around wealth creation, lifestyle requirements, wealth preservation and legacy and philanthropic ambitions.”

“This shift is in response to changes in the High-Net-Worth market, and a need to position the business more closely with international competitors,” she said.

Wealth and Investment offers an integrated solution that includes specialised lending, risk solutions, transactional banking, trust and fiduciary services and investment solutions.

Their investment solutions include stockbroking, fund solutions and portfolio management through boutique asset manager, Melville Douglas.

“We follow an ‘open architecture’ approach, giving our clients access to best of breed investment solutions irrespective of investment house,” said Nienaber.

The business currently manages in excess of $12bn in assets under management worldwide.

Seven years ago, Standard Bank Private Clients was established as a separate business to Private Banking to cater to the wealth management needs of the bank’s high net worth clients who are different from the target market falling under Private Banking.

Private Banking, caters to individuals with an annual income of at least R700 000 whereas Wealth and Investment services clients who have the potential for investable assets in excess of $1m (R10m).

“The past seven years have been about establishing the business, getting it right, and building deep, meaningful engagements with clients. Our focus has always been on delivering uncompromising ‘before the sun sets’ service to our clients, and that commitment remains,” said Nienaber.

“We now have a footprint throughout South Africa and in Kenya, Nigeria, Mauritius, London and Jersey and can truly offer clients a seamless solution for their on-and offshore financial planning needs,” she added.