As reported earlier this week, Nedbank Group, which is owned by South African company Old Mutual, has decided to combine four entities, Fairbairn Private Bank, Fairbairn Trust Company, Fairbairn Trust Ltd and South Africa based BoE Private Clients, into one new company.
International Adviser, which has obtained a copy of a communication sent by Fairbairn Private Bank to its clients, can now reveal that this new entity will be Nedbank Private Wealth.
The name change is subject to regulatory approval, but Fairbairn said in its letter, which is signed by managing director Greg Horton, that it expects the change to be effective from 25 October.
The letter also suggests that there will be no redundancies at Fairbairn PB. In seeking to reassure investors the letter states: “I would like to take this opportunity to assure you that whilst our name may be changing, we will be retaining the same staff, offices, dynamic business strategy, and commitment…”
A Nedbank spokesperson declined to comment on the letter and referred back to a holding statement issued earlier this week to IA which confirmed that communication will be made to external parties on 25 October.
