Multiple award-winning Fairbairn Private Bank has today announced it will be changing its name with immediate effect to Nedbank Private Wealth.  Its Jersey-based Fairbairn Trust Limited, as well as its sister company, Fairbairn Trust Company in Guernsey, will become known as Nedgroup Trust. Together they form Nedbank Private Wealth’s international operations, under the Nedbank Private Wealth brand.

Greg Horton, Fairbairn Private Bank’s managing director, now the managing director of Nedbank Private Wealth Limited, said: “We are sad to say farewell to the Fairbairn brand, which has held an excellent reputation within the wealth management arena, but are flattered to be branded in line with our longstanding shareholder, Nedbank, with its prominence of size and the success it has achieved in the financial services marketplace.”
 
Horton went on to say: “Johannesburg-based Nedbank is the fourth largest bank in Africa which is owned by the well-known and highly regarded FTSE 100 and Fortune 500 financial services group, Old Mutual plc.”

Nedbank’s current high net worth markets are serviced by BoE Private Clients (Board of Executors) in South Africa and by Fairbairn internationally.  As part of Nedbank’s strategy, all these businesses are now aligned under the new Nedbank Private Wealth brand.   Nedbank Private Wealth employs around 650 staff in six geographies and holds more than ?7.5 billion assets under management and administration.

Mr Horton said: “The Nedbank Group has been an outstanding supporter of our international operations and the new brand will benefit from the collective strength and reputation of our businesses and a heritage that dates back to 1834 through BoE Private Clients.” 

Commenting on the launch of Nedbank Private Wealth, Nedbank’s CEO, Mike Brown, said: “Under the new brand, Nedbank Private Wealth will provide international and South African clients with world class, seamless international wealth management.  Fairbairn’s international businesses and BoE Private Clients display a commitment to put their clients’ needs at the centre of everything they do, and I am particularly pleased to confirm that this will continue under the new name.”
 
As Africa’s first carbon neutral financial services organisation, Nedbank has over 27,000 employees and market capitalisation of approximately ?6 billion.  It is completely untainted by the sub-prime and sovereign debt crisis which has crippled several US and European banks in recent years.  The Global Competitiveness Report by the World Economic Forum 2012/2013 has ranked South Africa’s banking sector first for regulation of its securities exchange and first for the strength of its auditing and reporting standards.  In addition, it was ranked as second, only behind Canada, for the soundness of its banks.  In comparison, the US was ranked 80 out of the 144 countries surveyed this year.

John Shimmin MHK, the Isle of Man Government’s Minister of Economic Development added: ‘Fairbairn Private Bank is to be congratulated on exploiting opportunities to expand whilst maintaining its impressive reputation in a global economic environment that has been on a steady decline over recent years.  Its reports of growth, year on year, in these times of austerity bodes well for its future under its new name of Nedbank Private Wealth.

For our part, we appreciate having the Isle of Man Head office based in our own local economy which, although faring better than many other economies, still presents its own challenges.  This is very much a commitment by the bank to its future on the Island.  The model of continuing to grow its client facing offices internationally, whilst being supported from the Isle of Man, is a model which is fantastic for our Island and contributes to significant opportunities for our local economy.’

Fairbairn’s international businesses, located across six different jurisdictions – Isle of Man, Jersey, Guernsey, the UK, the United Arab Emirates and South Africa - have received numerous accolades in recent years.

“The change of name will enhance our strong standing internationally as we will be identified as being part of Nedbank, a highly successful banking group. Our personnel, core values, pioneering approach to product innovation and client service excellence will remain the same,” said Horton.

He continued: “During these challenging financial times Nedbank Private Wealth can offer clients the comfort of knowing a bank and wealth manager who they can trust and know their total wealth is secure.  Nedbank Private Wealth and Nedbank both maintain strong funding profiles and robust, well capitalised balance sheets free of toxic assets, strong levels of liquidity at all times and no direct exposure to the euro-zone periphery countries.”  

Horton said: “The future certainly looks bright for the new Nedbank Private Wealth brand, of which we are proud to be a part.”