South African model goes global

FIRSTRAND'S wealth management business is launching international initiatives.

These will initially be centred on the Channel Islands and Dubai but will expand into India during the coming year and replicate the FirstRand Group's South African wealth management offering internationally.

The company's wealth management division, which is part of the South African-based integrated financial services group, is setting up FirstRand Private Wealth Management.

Trevor Falle, chief executive officer of FirstRand's international wealth management businesses, said the South African model and philosophy was of a global standard and very transportable internationally.

'Given our experience in South Africa, we are well placed to serve the new generation of wealthy individuals. We have a good understanding of their needs and proven expertise in creating solutions to match these needs using an open architecture approach.'

FirstRand's Guernsey subsidiary is FirstRand Trustees Ltd.