Led by its head of wealth and investment Jacques Els, Standard Bank Wealth & Investment is a private-banking powerhouse in Africa.
Key to its success is its reach. SBW&I delivers private wealth services to clients in 14 markets across southern and western Africa, as well as London. The business generated R1.5 billion ($81 million) in pre-tax profit in 2023, up 61% year on year, with revenues up 42% and headline earnings surging 74%. Assets under management climbed 9% to R128.5 billion.
The wealth manager saw earnings and client numbers rise sharply in 2023 in its three core markets, South Africa, Uganda and Nigeria. Total private wealth in Africa is projected to expand by 30% to $2.6 trillion by the end of the decade, with the number of ultra-high net-worth individuals – families with at least $30 million in assets – on track to grow at a similar rate, hitting 4,440 by 2030.
At the heart of SBW&I’s offering is what it calls its ‘generational wealth strategy’, which focuses heavily on serving family offices and the next generation of industry and wealth leaders, and empowering female clients, to meet the needs of the family unit.
“By fostering an entrepreneurial mindset and providing the tools to navigate business ventures wisely and sustainably, we aim to ensure family wealth continues to grow and thrive into the future,” the company says.
Its aim is to be the trusted generational wealth leader for HNW and UHNW families across Africa.
Standard Bank Wealth and Investment generated R1.5 billion in pre-tax profit in 2023, up 61% year on year, with revenues up 42% and headline earnings surging 74%
New products unveiled over the course of the awards period include an expanded partnership with London consultancy Henley & Partners to offer emigration services to HNW clients, and a venture with African philanthropist Shelagh Gastrow to offer advisory work to clients on philanthropy, education and civil society.
In terms of its product offering, there is little the pan-Africa wealth manager does not do. On the investments side, its services span everything from advisory and execution-only stockbroking, to discretionary portfolio management. A full set of global trust and fiduciary services, including estate planning and administration, are also part of the offering.
SBW&I continued to invest heavily in its wealth-related digital offering during the awards period, as well as in thought-leadership events, seminars and academies. It also unveiled a new joint venture with JPMorgan Asset Management to diversify client portfolios.
