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Local demand for global wealth mobility emerged after South African regulators relaxed, simplified and streamlined exchange controls in the mid-1990s, explains Henry Blumenthal, Head of Wealth & Investment for South Africa at Investec.
“South African HNWIs have used this opportunity to externalise their wealth, because it offers a degree of economic security through diversification, and access to unique global opportunities.”
Henry Blumenthal, Wealth & Investment Head
Additional drivers of wealth mobility cited by the DOC Research Institute include accessing more tax-efficient jurisdictions and world-class infrastructure, securing better education opportunities for children, the need for improved personal safety, and the protection of property rights.
“Many HNWI have leveraged this opportunity to become global investors,” adds Blumenthal. “The challenge is to make this process as seamless as possible and facilitate easy access to these markets.”
Investec's answer to this challenge is the bank's acclaimed One Place™ solution. “One Place™ provides seamless access to local and international banking and investment services under one umbrella,” explains Cumesh Moodliar, SA Head of Private Banking at Investec.
“Our clients can open a UK-based Private Bank account and currency access accounts from South Africa, which can be done through Investec Online in a few minutes. Clients are then able to receive and make payments in the UK. They can also use the facility as an offshore account to hold a variety of global currencies, or access a diversity of funding options.”
Clients also benefit from a single point of contact for all their transactional banking requirements, both locally and abroad. The Investec Online and mobile app digital platforms also offer a consolidated view of all local and international accounts and investments.
“This ability to deal with a single local institution that can facilitate all local and global banking and investment requirements is a unique and compelling proposition that is resonating with South Africa's increasingly globalised HNWIs,” concludes Blumenthal.
About the author
Patrick writes and edits content for Investec Wealth & Investment, and Corporate and Institutional Banking, including editing the Daily View, Monthly View and One Magazine - an online publication for Investec's Wealth clients. Patrick was a financial journalist for many years for publications such as Financial Mail, Finweek and Business Report. He holds a BA and a PDM (Bus.Admin.) both from Wits University.