Standard Chartered Private Bank has launched a new technology based service for UK resident non-domiciled (UK RND) individuals that aims to enable them to make appropriate investments by maintaining their non-UK portfolios whilst segregating their assets and associated cash flows.
The service uses technology based safeguards to automatically segregate cash flows. This automation should simplify the investment process and reduce the likelihood of manual errors while decreasing the administrative burden for clients and their tax advisers, the bank said.
UK RND clients will have access to an investment product suite including global equities, funds and discretionary investment mandates. Banking and investment services are booked in Jersey while London-based UK RND-focused relationship managers work with the client’s professional advisers to provide a face-to-face service.
Standard Chartered has worked in Asia, Africa and the Middle East for many years, which puts the firm “in a unique position to provide private banking services to both new arrivals to the UK and to the existing UK RND community”, said Julian Davies, head of private banking UK and Jersey.
Standard Chartered Private Bank provides private banking services to clients across Asia, Africa, the Middle East and Europe, through onshore booking centres in Singapore, Hong Kong, Dubai, India, London, and Jersey. It employs around 1000 people.
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