He was commenting on the formation of the new division that will house the existing private clients and investment products divisions, as well as the bank's new institutional fund management operation.
"We created this to allow both the bank and its clients to benefit from the large pool of investment expertise and the economies of scale involved in merging the existing divisions around functionality as well as to ensure that the bank puts out a clear and consistent message with regard to investment strategy and financial markets.
"As importantly, a single asset management division will have centralised control over compliance and regulatory issues, and will be able to make sure that these regimes are of the highest calibre," he concludes.
This is a vital aspect of the offering given the extent of funds under management. Private clients currently manages R1.8 billion of client funds, besides handling investment management, it also provides fiduciary services such as wills and trusts to its clients. Investment products, through its various portfolios, has around R320 million.
