Investec’s client centricity is what Cumesh Moodliar, head of Private Banking SA, believes is the deciding factor behind Investec’s award, for the 10th year in a row, of best private bank and wealth manager in South Africa by the Financial Times of London, at the annual Global Private Banking Awards, held in London.
The award comes after similar accolades in recent times, which recognise Investec’s unique offering of private banking and wealth management services under one roof. These awards include Best Private Bank and Wealth Manager at the 2022 Euromoney Private Bank and Wealth Management Survey, also for the 10th year in a row, and winner of the FT Wealth Tech award. In addition, Investec has been awarded Best Private Bank and Wealth Manager in Africa for philanthropy services.
A greater set of challenges needs a holistic multi-generational solution
“A strong relationship with clients to get them through these volatile and uncertain times is more important than ever,” says Moodliar. “What’s changed is that clients now have a larger set of challenges in their lives when it comes to managing their banking and wealth.”
“This calls for the bringing together of specialists to meet our clients’ varied and multi-faceted needs which is why we’ve evolved from separate banking and investment businesses for the individual, to becoming a holistic, multigenerational solutions provider,” he says.
Investec Private Bank and Investec Wealth & Investment, together with the international teams in the UK, Switzerland, Mauritius and the Channel Islands united to create Investec One Place™ in 2014.
“This remains a distinctive solution that encompasses banking, wealth management and legacy management services, locally and internationally, to clients based domestically and abroad,” notes Joubert Hay, chief executive of Investec Wealth & Investment SA.
“In essence, clients and their families partner with dedicated private bankers and wealth managers who connect them to specialists across the business based on their needs, including structured property finance and private capital consultants, stockbrokers, life insurance advisers and a tax and fiduciary team,” Hay adds.
A world of complexity needs specific skills and capabilities
This is especially relevant when it comes to the growing trend for South African families to be spread out across a number of jurisdictions.
“Grandparents may live in South Africa, while the children and grandchildren may live in different countries, each with its own tax and estate planning laws. So as bankers and wealth managers we need to both understand these complexities and be able to offer a holistic multigenerational solution that encompasses everything from personal banking to estate planning,” says Henry Blumenthal, chairman, Investec Wealth & Investment SA.
The solutions needed for a changing world
Hay says that different investors and generations will bring a different perspective to the discussion of asset allocation. “We see an increasing insistence among our clients that their wealth is deployed in an impactful and sustainable way,” he says.
“It’s not just younger investors that are concerned about environmental and social issues. Older investors increasingly believe it’s their role to leave a legacy, by ensuring their wealth is channeled into investments that they believe will contribute to creating a better world,” he says.