In 2023, Old Mutual Wealth consolidated its high-net-worth business behind a unified proposition: Private Clients by Old Mutual Wealth. Specialising in bespoke wealth and investment solutions for high-net-worth clients, Private Clients by Old Mutual Wealth witnessed remarkable growth, with assets under management reaching R59 billion by 31 December 2023. This was an above 30% increase relative to the previous year, effectively bolstering Old Mutual’s foothold within the affluent segment.
This success is notable in the context of challenging market conditions, a continued weak currency, and muted business activity in South Africa. Key to this private clients' business success lies in the ability to personally guide clients on global wealth management issues that extend far beyond traditional asset allocation and portfolio management.
With international assets representing a significant portion of every affluent South African's portfolio, working with a trusted partner is becoming increasingly important. This is where Private Clients by Old Mutual Wealth comes into play, offering various specialist expertise geared towards helping clients navigate the intricacies of global citizenship.
Its advantage comes from combining the inter-generational, multi-national heritage of Old Mutual with the best people in the industry. Old Mutual Wealth leverages over 100 Portfolio Managers and Product Investment Specialists to enable high-net-worth South Africans from every corner of the country to live and invest as global citizens, prioritising inter-generational wealth accumulation.
Solutions encompass an accessible international investment platform, trust structures, multi-jurisdictional estate planning, fiduciary advice, multi-currency exposure, guidance around the most suitable geographic locations as well as a leading global investment management team.
Partnering with Wealth Managers, Financial Planners, and Advisors, Private Clients by Old Mutual Wealth guides clients through these intricate complexities, crafting tailored, integrated wealth and investment management solutions.
Looking ahead, Private Clients by Old Mutual Wealth remains committed to serving as a trusted wealth and investment manager to high-net-worth clients and their financial advisors, offering a platform to plan, preserve, grow, and leverage wealth across multiple geographies and generations.