Maitland is expanding its operations with the opening of Maitland Family Office in a bid to attract HNW families, individuals and entrepreneurs in South Africa.
The new entity will be one of the largest full-service independent multi-family offices in South Africa, according to the company’s statement.
Family offices offer a total outsourced solution to managing the financial, tax, legal and investment affairs of an affluent individual or family. Maitland Family Office is a multi-family office as it looks after more than one family.
The global advisory and administration firm recently acquired Johannesburg-based Talaria for an undisclosed sum in order to gain scale in the country.
Maitland said “the time is ripe” to tap into the growing wealth in South Africa. A report by academics Ihsaan Bassier and Ingrid Woolard suggests that based on tax data, the country has an estimated 182,000 dollar millionaires.
Furthermore, according to the AfrAsia Bank Africa Wealth Report 2018, total individual wealth in Africa is expected to rise by 34% over the next 10 years, reaching 3,1trn by 2027.
Herman Troskie the managing director of Private Clients at Maitland said that the wealthy are quickly becoming “global citizens” and need a service that is truly international and delivered seamlessly across borders.
Maitland Family Office has an operational presence in three major South African cities including Cape Town, Johannesburg and Durban.
The group also has 17 offices worldwide with private clients serviced mainly from Guernsey, Isle of Man, London, Luxembourg, Malta, Mauritius and Monaco.
We are also noting an increased need for philanthropy services with more and more South Africans wanting to give back to society,” said Troskie.
Maitland Family Office will be led by an executive committee comprising of the former owner of Talaria Cheryl Howard and five other people.
Maitland was founded in Luxembourg 42 years ago and according to the company, they count some of the world’s wealthiest families as their clients.