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Nedbank Private Wealth, the multi-award-winning private bank and wealth manager, has once again announced strong growth in new business flows and profits, this time for the financial year ending 2015.
On a standalone basis, this business would feature under a number of measures in The Banker’s Top 250 European Banks listing. Having already won the accolade of Best UK Private Bank at the City of London Wealth Management Awards, for the second successive year, been awarded a maximum 3 star accreditation (designated “extraordinary”) from the Best Companies in the UK and achieved a place on The Sunday Times Best 100 Small Companies to Work For listing, it should perhaps come as no surprise this business is really getting noticed.
The Telegraph Business Club recently approached the company to produce a documentary on the business for its Secrets of Success series. The series features successful businesses with interesting and individual stories to tell, which can offer inspiration to others. The documentary currently features on the Telegraph’s website and it is also available in Nedbank Private Wealth’s video gallery, at www.nedbankprivatewealth.com.
Business flows in 2015 saw net growth in new client accounts over £50,000 increase 55% year-on-year (YOY), significantly up on the prior year’s impressive 13% YOY increase. Growth in profit after tax at 38% YOY was also up on the prior year’s noteworthy 30% YOY growth figure. Income is up 13% and expenses only 3%, which is due in large part to the continued growth in non-interest revenues, up 15% YOY, with discretionary assets under management leading the pack, up 17% over the same period. On a consolidated basis, the YOY growth in net profits is equally impressive at 33%.
Greg Horton, managing director at Nedbank Private Wealth, said: “I see the key drivers for growth as being the business’s consistent profile of success and its excellent reputation for integrity and exemplary client service.”
Horton continued: “Consistent upward momentum has been firmly established with net profit after tax in our wealth division growing over 30% in each of the last two years. We anticipate further solid growth during 2016 as the business begins to see the benefits from a growing footprint across our various geographical locations.
“We are prioritising our technology solutions and over the next two to five years our integrated banking and investment platform, Focus, will seek to provide a full multichannel and omnichannel solution for our clients and intermediaries. Focus, which has won numerous awards over many years, ended 2015 with holdings approaching a new record high of almost £3 billion.”
With the vast majority of business emanating from existing client referrals, Horton sings the praises of not only his team, but also the business’s clients and professional intermediaries who continue to drive the high level of new business referrals.
Another impressive performance and exciting times appear to lie ahead for this multi-award-winning business whose reputation as a top-rated private bank and wealth manager, focused on applying sound business morals and superior service standards, continues to grow.
