INTELLIDEX AWARDS
Standard Bank takes top spot for wealth services
Standard Bank walked away with the laurels at the Intellidex private banking and wealth management awards at a function in Rosebank on Tuesday. The hotly contested award has been running for six years, assessing the capabilities of the financial services companies that cater to the often particular tastes of SA’s high net worth individuals. Nearly 6,000 clients were surveyed. Standard Bank beat Sanlam Private Wealth and Nedbank Private Wealth for the overall award. But it has been a tough market, as ructions in SA’s political environment have caused many of these clients to move their assets offshore. Investments are also being squeezed by lower returns and rising taxes, including the introduction of a new tax of 45% on those earning more than R1.5m per year. "The top end is really feeling the pinch now," said Philip Faure, Standard Bank’s global head of wealth advisory. Clients were "constantly paying more in tax and receiving very little benefit", Faure said. "Wealthier clients al...
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