With international diversification critical to an effective wealth strategy, trustworthy partners in stable, secure offshore jurisdictions are essential. To this end, Standard Bank Wealth International decided in 1992 that the Isle of Man and Jersey are territories ideally suited to support its growing affluent client base.
Michael Nudlbichler, Head of International Personal Banking for Standard Bank South Africa, asserts the Isle of Man boasts exceptional political and economic stability. Its status as a major financial centre with sophisticated global communication links make it an ideal location for those seeking to preserve and grow wealth offshore, and achieve the benefits of a goals-driven strategy.
Apart from this exceptional island located halfway between Northern Ireland and the northwest of England, Wealth International’s offshore teams include Jersey, Mauritius and London. All assist clients with specific investment and financial planning needs, and all provide an essential international dimension to our wealth management services.
Standard Bank believes peace of mind comes with effective forward planning in a goals-driven strategy, and international diversification in key markets – done in a perfectly legal manner – is a key component. According to Mr Nudlbichler, it’s only natural to diversify in order to mitigate the obvious risk of exposing all your wealth to a single jurisdiction. This desire is catching on in Africa as incomes grow in tandem with economic maturity. The need for banking services ideally suited to a transient population is also on the rise with the ability to accumulate funds for future use through, for instance, buying property overseas, travelling abroad, tertiary education and as an onward investment.
Certainly, the history and stability of jurisdictions like the Isle of Man and Jersey set them apart; in the Isle of Man, politics is stable and GDP growth consistent. Though a small geography, it’s still a large international financial centre not directly affected by the risk events emanating from the rest of the world. And while Brexit is an issue, it may also be an opportunity: Mr Nudlbichler advises that those who are quick to adapt can benefit when such changes come along. Other benefits of the Isle of Man include:
“We are proud to have maintained such strong presences in both the Isle of Man and Jersey, and look forward to many more years in both,” says Mr Nudlbichler. “As an international business with integrated services and operations that reach across geographical borders, our priority is to provide exceptional banking and wealth management services.”
He concludes that the focus of diversifying wealth should never be on trying to hide from the authorities, but on securing a legacy for future generations.