Africa’s best private bank for discretionary portfolio management 2023: FNB
Amid stiff competition, FNB once again rises to the top in the judges' assessment based on its strength and distinction in key areas including products, innovation and technology, and client service and delivery, making it Africa’s best private bank for discretionary portfolio management.
A standout demonstration of the bank’s leadership in this area – indeed, a product solution that was innovative and delivered handsome returns for its clients during the awards period – is the bank’s so-called Local Select Note offering.
This exchange-traded note essentially enabled the bank’s discretionary portfolio team to move quickly to capitalize on short-term market opportunities for clients without additional instructions from them. Empowering the team with such agility ultimately paid off – the Local Select Note generated a 15.8% return in 2022, well above the 1.1% return from the benchmark FTSE JSE Capped Swix all-share index.
[The] database has provided the team with more efficient and instantaneous comparisons across the portfolio
Such a performance amid tough markets is laudable and clearly a “standout item in their [FNB] portfolio management” offering, “enabling customers to take advantage of transient market possibilities”, according to the judges.