The global trust and administration firm Maitland has announced it is launching a multi-family office to service high net worth families, individuals and entrepreneurs in South Africa.
In setting up the offering, Maitland acquired Talaria, a Johannesburg-based fiduciary business set up by Cheryl Howard. Howard will now lead the fiduciary team at Maitland’s family office.
Speaking to PBI, Howard said that the family office would meet the rising demands of South Africa’s wealthy in managing their wealth internationally: “From a South African point of view, family offices are becoming important because we have a number of beneficiaries moving abroad.
Maitland Family Office will also appeal to the younger generation says Howard: “The world is global. People are mobile. The millennial generation will be beneficiates studying abroad and staying overseas”.
According to New World Wealth, a South African market research firm, the number of South African HNWIs is forecast to grow by 28% to reach approximately 56,000 by 2027.
To these wealthy, Maitland Family Office will provide “a total outsourced solution to managing the financial, tax, legal and investment affairs of an affluent individual or family,” it said in a statement.
A relaxing of exchange controls has made it easier for wealthy South Africans to invest outside their home country in recent years.
Family offices in South Africa are growing as a result, says Howard: “The compliance and regulatory landscape [of family offices] is more appealing. The wealthy do want to make sure their affairs are managed correctly. Corporate governance is becoming a factor based on professional advisors.”