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By Henry Baye, chief executive of Standard Chartered Jersey
THANKS to its mature infrastructure and over 60 years of experience, Jersey is today playing a vital role supporting the wealth management strategies of African private clients.
One of the questions we get asked a lot is “why Jersey?”. The response to this question is one which has become part of our offering to clients. The political and economic stability of Jersey, combined with its robust legal and regulatory framework, continues to appeal to the complex needs of wealthy individuals and this has led to it becoming increasingly attractive to Africans looking to make a positive impact with their money.
The number of high-net-worth individuals in Africa is predicted to nearly double within the next ten years and with this phenomenal growth comes a growing desire to participate in the global marketplace. It is estimated that Africa is home to US$2.4 trillion in investable wealth and that individuals are looking to invest 75% of these assets outside the continent.
As one of Jersey’s most well-established institutions, with a presence spanning over 45 years, and as one of the few global banks that can boast on-the-ground experts and partners across the world, Standard Chartered has seen a growing number of African clients turning to the bank to open up global opportunities.
We recently helped a client in Lagos, for instance, who had established a successful technology company and with it created considerable wealth and was looking to invest in property outside of Africa. We helped the client diversify into UK property, a very attractive option.
As well as global diversification, legacy planning is also very much in demand. Legal structures in Jersey mean that we have been able to help clients introduce new family members in an efficient way, while ensuring the founders’ assets are protected and will continue to flourish in the future.
Being a bank, with the kind of network Standard Chartered has, becomes very powerful in helping promote the benefits of Jersey across a network that is vast and diverse. Helping clients build connections to make the most of their wealth is what we do best at Standard Chartered and, with Africa’s growing ambitions, I expect Jersey to continue to play a key role in supporting those objectives.
Jersey’s role in supporting Africa can manifest itself in other ways too, including directly in the local community. This year, we announced a £5,000 sponsorship to help support young female students with entrepreneurial experience, with one of the workshops taking place in Rwanda, southeast Africa.
