NEDBANK Private Wealth, which changed its name from Fairbairn Private Bank in October last year, announced a strong year of growth for 2012 and encouraging continued growth levels into the first quarter of 2013.
Year-on-year profit in the bank after tax was up 33 per cent in 2012, but when one-off revenue factors are excluded underlying year-on-year profit growth still remains impressive at 15 per cent.
The business continues to see strong new business flows with double-digit percentage growth in the number of new client accounts during 2012. Greg Horton, managing director of Nedbank Private Wealth, said: ‘It is very pleasing to see that the strong progress made in 2012 has continued through into 2013.’
Mr Horton reported that total holdings on its award-winning integrated banking and investment platform, Focus, were continuing to grow strongly and were up a further 6 per cent in the first quarter of 2013, having comfortably passed through the £2 billion (US$3 billion) mark for the first time.
He sees the driver for this growth as being the bank’s consistent profile of success and its strong reputation for integrity and excellence of client service: ‘We have never lost sight of the fact we exist to serve our clients, not ourselves, and, throughout these difficult economic times, our commitment and passion has never wavered in this regard.
‘Our offering and execution has remained strong throughout and as wealth managers and bankers to our clients, we have continued to deliver attractive risk-adjusted returns and provided a secure home for their wealth.’
The vast majority of new accounts are emanating from existing client referrals across its six different geographic locations.
Its winning formula has already been endorsed by independent market analysis and, so far this year, the business has won: a maximum three stars, designated ‘extraordinary’, from the UK Best Companies Accreditation; a remarkable straight ninth-year listing within the Sunday Times sponsored Best 100 Small Companies to Work For; two Euromoney Private Banking Awards and the Wealth Adviser title of ‘Best Private Bank for Channel Islands and Isle of Man’.
