Cross-border specialist wealth service likely to appeal to those needing offshore estate planning
Maitland, the global advisory and administration firm, has announced the formation of Maitland Family Office, a multi-family office to service high net worth 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.
Maitland has combined its existing advisory, fiduciary and investment teams in South Africa under the Maitland Family Office banner. To gain further scale and strenågthen its offering, it has also acquired 100 per cent of Johannesburg-based Talaria for an undisclosed sum. Talaria is a successful fiduciary business owned by tax, accounting and fiduciary specialist Cheryl Howard. Talaria will be fully integrated into the newly rebranded Maitland Family Office.
Maitland Family Office will be led by an executive committee comprising Cheryl Howard, Herman Troskie, Rupert Worsdale, Paula Bagraim, Hanna Marais and James Newell. Howard will lead the fiduciary team, Worsdale the legal team, and Newell the investment team. Maitland was founded in Luxembourg 42 years ago and counts some of the world’s wealthiest families among its clients.
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 local market is ripe for such services. A 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 USD3,1 trillion by 2027.
Herman Troskie, MD of Private Clients at Maitland, said that the wealthy are rapidly becoming “global citizens” and require a truly international service, delivered seamlessly across borders.
Mr Troskie said: “The geopolitical environment in South Africa, coupled with the macro-economy is forcing many families to get serious about the way they manage their wealth and preserve a legacy for future generations. International services are needed and Maitland is one of the few that can offer a seamless multi-disciplinary service through a worldwide network. Maitland Family Office has an operational presence in Cape Town, Johannesburg and Durban. The Maitland group has 17 offices worldwide with private clients serviced predominantly 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 Mr. Troskie.
Cheryl Howard, MD of Maitland Fiduciary Services, South Africa said: “I am tremendously excited about Maitland Family Office, and look forward to leading our comprehensive fiduciary offering in South Africa. Our existing clients will benefit from Maitland’s experience of more than 40 years in looking after internationally mobile families. We have world-class legal and tax experts in the team, and additional differentiators such as consolidated financial reporting afforded by Maitland’s technology platform.”
Internationally, Maitland is currently shortlisted for the Multi-Family Office of the Year by the prestigious Society of Trust and Estate Practitioners (STEP).