Private Banking and Wealth Management, in its breadth and depth, is increasingly becoming a much-sort-after financial service in Africa, thanks to the economic renaissance happening across the continent and the emergence of a solid class of the ‘nouveau riche’ and the surge in pension funds.
Africa is largely regarded as the last emerging opportunity. The continent has been attracting investments from portfolio managers looking
for best returns. After years of sustained capital inflow to countries like Kenya, Nigeria and Egypt, the results are becoming evident. The continent’s entrepreneurs and middle class have been growing steadily over the last two decades and as a result, disposable incomes have grown exponentially. This has given rise to a plethora of investment schemes, which in turn have led to the growth
of intermediaries. These are fund manager
and investment advisory firms, set up either as subsidiaries of commercial banks, insurance companies or as standalone boutique firms.
Private Wealth Management in Africa – African Perspective