Holborn Assets' S. Africa office doubles on back of expat demand
Holborn Assets has announced a doubling in size of its South Africa office in the past 12 months.
The office, which opened in 2018, now has around 30 advisers located onshore - roughly 50% more than 12 months ago.
Holborn says it expects to see a further need - and take-up - of its services as the government increasingly struggles to fund an ever-widening fiscal deficit. In response, investor concerns over the stability of the currency, local banks and capital markets instruments are growing.
This seminar reflects the growing concerns for South African residents and we look forward to helping allay those fears as we expand our operations to support our clients on the ground."
Holborn Assets has been licenced by the South Africa's Financial Sector Conduct Authority (FSCA) since 2015.
The increased demand in the South African market was reflected in a poll taken during a Holborn Assets live webinar which attracted 800 registrations, organised by the firm and hosted by RW Johnson, the acclaimed author, historian, academic and political analyst.
Of the 290 people who voted on where they see South Africa's future in 10 years, 93% of respondents said it would, at best, be half-way between a Zimbabwe hyper-inflation scenario and a Singapore-style economic powerhouse. Notably, 57% of respondents predicted it will be far closer to the former in a decade's time.
Entitled "How long will SA survive?", the webinar explored the multiple fiscal challenges for South Africa.
Among various predictions, Johnson said he expects the country to face a debt crisis in 2021, possibly extending into 2022.
"South Africa has had a generation of ANC rule, but the ANC has failed to govern trustworthily," he said. "We have seen six years of falling income and most state-owned enterprises are in a state of bankruptcy."
In Johnson's view, the government must cut its spending immediately and sharply, and to a level that goes beyond simply lowering wages and salaries.
This is inevitably impacting both local and foreign investor appetite and comfort in South Africa. Amid such sentiment, there is a focus among individual investors on how to externalise assets, and quickly.
"Receiving 800 registrations and having 500 participants for this seminar reflects the growing concerns for South African residents and we look forward to helping allay those fears as we expand our operations to support our clients on the ground."
"We are also very proud of the work our team are doing especially with the opening of the new office in Cape Town, we have plans for a new office in Durban and plan to double the number of consultants over the next 12 months," said Robert Parker, CEO of Holborn Assets.
More on Business Development
Most read
