The wealth management arm of Nedbank, in turn majority owned by South Africa’s Old Mutual financial services group, has been on a recruitment drive over the last six months, snapping up private bankers from such rival institutions as Lloyds TSB, many of which are withdrawing from unprofitable markets.
According to Bates, although Nedbank is in the fortunate position of being able, should it wish, to recruit from a pool of well-connected bankers following several banks’ exodus from the Gulf region, Nedbank’s strategy for now is to build up its business there first, before recruiting any more staff.
Nedbank will, however, be looking to grow its client base next year, he revealed to International Adviser.
“Our clients in the region are in the hundreds at the moment. We would be looking to double this from where we are now [by] 2014.”
Nedbank currently has four staff on the ground in Dubai, with a support team of 15 people servicing the UAE from the bank’s Isle of Man office.
Next stop Asia…
Bates, who is based in the Gulf, is to depart shortly on a 12-day tour of Asia, where, he says, business is “constantly growing”.
While Nedbank has no full-time presence in Asia as yet, Bates said it’s a region Nedbank plans to focus on in the future, “particularly in areas with a robust regulatory framework – such as Hong Kong or Singapore.
"The Monetary Authority of Singapore and the Hong Kong Securities & Futures Commission are certainly strong in that respect.”
Nedbank’s client profile
Nedbank customers in the UAE typically fall into the general “western expat” category – that is, they tend to be internationally-mobile expatriates who have worked for much of their lives, and have reached the upper levels of their profession in low-taxation environments.
While many of these Nedbank clients (who need at least £50,000 minimum net cash to open an account) require a diversified selection of asset classes, Bates “guestimates” that currently around 65% currently hold at least some exposure to the UK property market, with around half of this figure investing in London’s “robust” prime market.
