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Absa moves to be Africa’s ‘go-to’ bank

Johannesburg - The new Wealth and Investment Management portfolio from Absa Bank [JSE:ABSP] paves the way for a powerful pan-African franchise, says CEO Nomkhita Nqweni.

Absa announced the integration of its wealth, asset management, stockbroking and investment administration platforms into a single business called Wealth and Investment Management.

The new business will have about R230bn in assets under management.

“This important development forms part of Barclays Wealth’s global strategy, aimed at creating a centre of investment excellence within the group”, said Nqweni.

Retail and institutional clients will have access to distinct boutiques of Active, Alternative, Passive product and Multi Management businesses.

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“We are confident that the enhanced efficiencies and platforms will enrich the overall experience for our clients,” said Nqweni, “providing them with access to a comprehensive set of investment solutions and philosophies.”

The wealth segment of the bank – high net worth, ultra high net worth and family office clients – will benefit from a broader suite of services.

These include private client portfolios, stockbroking, collective investment schemes platform, a Linked Investment Service Provider platform and wealth advisory services.

Said Nqweni: “This is an important milestone in our journey to delivering a powerful pan-African franchise for the benefit of our clients in our quest to become Africa’s ‘go-to’ bank.”

 - Fin24


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