Advisory and administration firm Maitland has launched a new family office service in South Africa, as it looks to capitalise on growing wealth in the country and on the African continent.
Maitland, founded in Luxembourg in 1976, already provides private client services in 12 jurisdictions across the UK, Europe, US, and Africa. It aims to cover the full “life cycle” of wealth planning including legal advice, family governance, tax planning, fiduciary administration, investment advice, and succession planning, and has more than $250 billion under administration.
The group is now doubling down its focus in South Africa, acquiring fiduciary services business Talaria as part of the new Maitland Family Office set-up.
Talaria, bought for an undisclosed sum, is owned by Johannesburg-based tax, accounting and fiduciary specialist Cheryl Howard, who will join the executive committee of Maitland Family Office. Talaria will be rebranded and absorbed into the new business, which Maitland Group said will be “one of the largest full-service independent multi-family offices in South Africa”.
Maitland said in a statement that South Africa was “ripe” for the service. It cited research by South African academics Ihsaan Bassier and Ingrid Woolard, who analysed tax data and found there were approximately 182,000 US-dollar millionaires in the country. The AfrAsia Bank Africa Wealth Report 2018 projected individual wealth in Africa would rise by 34 percent over the next 10 years to $3.1 trillion.
Herman Troskie, managing director of private clients at Maitland, said the service met the demands of wealthy “global citizens”, as well as an increased need for philanthropy services in South Africa, and specialist planning during ongoing geopolitical uncertainty.
“The geopolitical environment in South Africa, coupled with the macro-economy is forcing many families to get serious about the way they manage their wealth and preserve a legacy for future generations,” he said.
Maitland Family Office will have a presence in Cape Town, Johannesburg and Durban. The executive committee comprises Ms Howard, Mr Troskie, Rupert Worsdale, Paula Bagraim, Hanna Marais and James Newell.
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