ISSUE 17 - 2022
FEATURED IN THIS ISSUE… PRIVATE EQUITY
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RETIREMENT
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TRUSTS
DON’T GET FOOLED AGAIN As part of our ongoing series to build awareness of fraud and how you can avoid becoming a victim, we take a look at a scam that is becoming increasingly prevalent.
Authorised push payment (APP) fraud is a bank transfer scam where victims are tricked into transferring money from their account into that of a criminal, who is posing as a genuine payee. It is particularly insidious as the victim can often feel it is their fault because they authorised the transaction. In fact, you should not feel embarrassed as scammers are using increasingly sophisticated and convincing methods, and people of all ages and backgrounds can be taken in. APP scams fall into two broad types. The first is a malicious payee who tricks someone into paying for something that does not exist. One specific area of concern is investment scams, where people are tempted by remarkably high returns to invest in fictitious investment schemes. The second type is malicious redirection whereby a criminal impersonates someone official, such as a member of your bank’s fraud team, and advises you to transfer funds out of your account and into a ‘safe’ account that they control. While cases of investment scams rose 84% to 6,864 in the first half of 2021, it was impersonation scams (where criminals pose as bank employees or the police) which really soared, rising 129% to 18,816 reported cases. The situation during the pandemic was a breeding ground for impersonation scams, as opportunist criminals posed as bank employees, government bodies and even health officials to trick people out of their money. Reports from UK Finance (a trade association for the UK banking and financial services sector) showed that during the first half of 2021, losses from APP fraud totalled £355.3 million, up 71% compared to the same period in 2020. The number of reported cases was up 60% to 106,614. For the first time since UK
Finance started collating data in 2017, reported losses from APP fraud exceeded the amount of money stolen through unauthorised card fraud (where the transaction is carried out by a third party). Criminals are masters of disguise and put in a lot of effort to ensure they appear plausible and convincing. Alongside traditional approaches such as unsolicited phone calls, text messages and emails, criminals have now moved online. They employ fake advertising through search engines and social media, and false websites in their efforts to fool people into sharing their personal details or parting with their money. The more information they have on people, the easier it is to persuade them to authorise payments. UK Finance analysis, during the first half of 2021, found that 70% of APP scams originated on an online platform. To avoid getting fooled by scammers, follow the advice of the Take Five to Stop Fraud campaign:
Stop: Pausing to stop and think before parting with your money or personal details could keep you safe.
Challenge: It pays to question. Could it be suspicious? It’s always fine to reject or ignore any requests or offers. Only those with fraudulent intent will try to pressure you.
Protect: Contact your bank immediately if you think you may have fallen for a scam and report it to the UK police’s Action Fraud.
If you have any concerns about security or fraud, please contact your private banker, or our client services team on +44 (0)1624 645000.
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INTRODUCTION As we welcome in 2022, it’s the usual time to reflect on the year gone by and look forward, with optimism and best intentions, to the new year ahead.
Even though we continue to face challenges and disruption from COVID-19, we are in a much stronger position than we were at the start of last year. The vaccination programme is demonstrating its effectiveness by limiting the symptoms most of us experience, even as case numbers continue to rise, and we are all more adaptable than ever before. As I write, I am overcoming relatively mild symptoms following a positive test at the end of the year. I hope you and your families remain well and you have been able to enjoy family time together over the holiday period. In this issue of Opportunity, Tom Caddick provides his perspective on private equity and the role it can play as part of a wellbalanced investment portfolio. We also take a fresh look at retirement planning and how building a healthy retirement fund is not the end of the story. Simon Prescott emphasises the importance of having a wealth plan in place to smooth the transition from building up your wealth to managing those acquired assets to fund your retirement, a stage known as decumulation. Putting our financial affairs in order is often at the top of our New Year’s resolutions. For some people, there is a real enjoyment to be had in
managing their finances, but for others, the good intentions tend to slip off their list as the year progresses. In the same vein as a doctor recommends a health check, reminding us to eat better and exercise more, many of us need a prompt to take action on our finances, even when we know deep down it will be good for us. Being that conscience, that prompt, is what we do for our clients. We try to make it painless, we even try to make it … enjoyable, if that’s at all possible. Every year we hold a Diamond Awards ceremony, which is an event to recognise the achievements of the teams and individuals within our organisation. Nominations are made by our staff and I am always amazed at the great examples of collaboration, innovation, care and sheer hard work that are evidenced in these awards. While I am passionate about our continued investment in technology and digital client services, what makes us really stand out is our people. You can pick up your phone and reach a named individual that wants to help you. This enduring belief in client service and personal contact may seem old fashioned in today’s digital world, but it’s why we continue to grow – directly as a result of referrals from you, our clients. As always, I would like to thank you for your continued support and wish you all the best for a healthy and fun 2022.
Stuart Cummins, Chief Executive.
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A GROWTH STORY: THE CASE FOR PRIVATE EQUITY With Tom Caddick, Chief Investment Officer
We have recently introduced two investment trusts specialising in private equity to our multi-asset strategies. Because we have previously chosen not to invest in this asset class, Tom Caddick puts the case for private equity and answers some of our questions below.
What is private equity?
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Income generation in certain cases.
Private equity refers to money invested into companies that are not publicly traded on a stock exchange. It typically includes shares in mature, long-standing companies, but can also include investment in new start-up businesses. The aim is to increase the underlying business value over time and eventually sell them for a profit.
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Exposure to a new part of the market for portfolios that is less dependent on beta (i.e. price movements relative to the market), with a greater emphasis on alpha (i.e. achieving above market returns).
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A strong relative valuation argument versus traditional asset class valuations, which are quite stretched, given equities are at all-time highs and bond yields are at all-time lows.
Why is it classed as an alternative? Alongside ‘real assets’ such as commodities, real estate, collectibles and infrastructure, private equity is a sub asset class within our alternative strategies. This is because it falls outside the more mainstream asset classes traditionally accessed by investors, such as equities and bonds.
Why invest in private equity? Private equity offers some compelling opportunities for: •
Supporting diversification within portfolios, as the asset class has tended to perform differently to existing types of investment that provide capital growth.
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Attractive returns, predominantly in the form of capital appreciation.
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Why now? As global economies reopen following the pandemic, we see private equity as a particularly interesting area over the medium to long-term, offering attractive upside potential for capital growth. This, coupled with the delayed nature of valuation reporting, makes now an appropriate time to build exposure. Returns have remained consistent, increasing steadily over the past five years, and the economic backdrop is supportive of future performance. It also allows us to tap into an expanding investment universe at a time of growing media interest.
How do we choose to invest in private equity? As with other investments in alternative strategies, we have chosen to invest through a closed-ended investment trust, as these provide liquidity and diversification that is not typically available with direct private equity investments. In addition, direct investment would often involve lock-in periods and a series of cash calls over time, so we are forgoing some of the return in favour of improved liquidity. The net asset value (NAV) of the trust will adjust with the periodic revaluation of the underlying private equity positions, along with any other direct positions (e.g. equity or debt) that the trust may have exposure to. The price of the trust will, in turn, vary according to investor sentiment in the form of discount or premium to NAV.
Are we using up part of our allocation to cash to fund this investment? No. Private equity falls under our alternative strategies and we do not wish to increase our overall exposure to investment trusts. We have, therefore, made way for a position in private equity by trimming other positions rather than adding to our overall exposure by investing cash. This is part of a wider goal of controlling liquidity through a broader range of investment trust positions within portfolios – moderating position sizes where necessary.
So how does it work? Our initial private equity investment trust invests in vehicles comprising high-quality, privately listed companies across Western Europe, with a little exposure to the US. The management team specialises in three
EDUCATION
sectors – technology, consumer and education – with a focus on digital business models that have recurring (subscriptionbased) revenue streams. The team’s aim is to encourage and fund entrepreneurship. They attract like-minded businesses and build strong partnerships with their management teams, investing their time and experience – as well as capital – to help them grow and succeed. Their focus is on mid-market companies with an enterprise value up to €400 million. The objective is ultimately to either sell these companies to a larger private equity manager or take them to an initial public offering. The investment trust offers an attractive risk return profile for medium to higher risk portfolios. The underlying managers have a well-established track record for early stage investment, with reasonable diversification across their three key sectors. Private equity markets are often well placed to benefit from an expansionary economic environment and when combined with the lag effect of NAV pricing, the strength of management and the current discount to NAV, we consider this makes for an attractive investment opportunity. Our second investment trust continues the European theme but with a greater focus on mid-market to slightly later stage and more established companies – an approach we see as complementary to the initial investment. If you are interested in knowing more about our discretionary investment management service, please get in touch with your private banker or our client services team on +44 (0)1624 645000.
CONSUMER
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PLANNING FOR SUCCESS IN RETIREMENT By Simon Prescott, Senior Wealth Planner
For many people, a major goal in life is a long and successful retirement. They believe if they put the effort into saving, investing, building their pensions and growing their retirement fund, the living will be easy. But in these days of complex pension rules and a potentially lower return environment, building up a retirement sum of money is not the end of the story. Simon Prescott explains how managing your money through retirement can bring a whole new set of challenges and risks.
The key challenge is how to convert your accumulated – but potentially finite – investments, pensions and savings into an income that will sustain you throughout your retirement, particularly when you have no idea how long you will live. This decumulation stage is often likened to mountain climbing, as the most difficult part of a climb isn’t always the ascent to the summit – more accidents actually happen on the way down. And it’s the same with your finances. Becoming increasingly reliant on your assets presents additional risks which need to be managed to ensure your retirement is a success.
What are the risks in decumulation? 1. Inflation risk Compounded over a long time, inflation can have a significant impact on the real value of your money. An inflation rate of 3% per annum over 25 years, for example, actually means the value of money is eroded by more than a half. In the UK, inflation has been relatively benign since the mid-90s, but the landscape could be changing. The financial news is full of reports on whether recent rising prices are ‘transitory’ or more entrenched. 6 | OPPORTUNITY ISSUE 17 - 2022
2. Longevity risk Medical advances and better health mean we are typically living longer than ever before, but these benefits come with the risk you could outlast your wealth. In the UK, a couple in their early 60s today has a 25% chance that at least one of them may join the exclusive centenarian club. Many people underestimate their longevity, but it’s a possibility you should take into account to ensure your financial future stands the test of time. 3. Sequence risk If investment returns are weak in the earlier years of retirement and coupled with potentially high withdrawals, the two can dramatically impact the long-term value of the portfolio, irrespective of whether you see higher investment returns later on in your retirement. While sequence risk is often a matter of luck, there are steps you can take to mitigate its impact.
Planning for decumulation With so many considerations to be balanced, it is vital to seek a wealth manager that can provide the specialist wealth planning and investment advice required for the decumulation phase. Throughout the accumulation stage, you may have taken advantage of the tax allowances available to you. In retirement, it is just as important to use these effectively, but a decumulating investment strategy also requires an understanding of which assets to sell in order to fund retirement expenses and which assets to buy to ensure the portfolio does not erode in value – all without taking on too much risk and volatility. It is very important to consider your overall goals when determining which investment to draw on first. For example, it is often prudent to start drawing down from the least tax-efficient investments first. This allows the more taxefficient investments to grow and reduces the impact of tax charges on your investment returns. However, if you are planning for the next generation in the UK, you may prefer to leave your pension untouched given it is currently outside of your estate for inheritance tax purposes.
Keeping active Alongside the wealth planning support, you should make sure your investment portfolios are being actively managed. Not only will active asset allocation help mitigate the effects of inflation risk, but it will also help you benefit from the various underlying characteristics of individual asset classes.
In this scenario, a cautious risk portfolio has the objective of lower volatility and steady returns to meet your withdrawal profile, while a higher risk portfolio aims to provide longerterm growth over your retirement period. The more cautious portfolio also serves to protect more of your capital from large market movements, and helps to mitigate sequence risk. The higher-risk portfolio, meanwhile, is usually invested in riskier assets, such as equities and property, which help you to manage both inflation and longevity risks. Active rebalancing from the higher risk portfolio to the more cautious risk portfolio needs to be undertaken when the time is appropriate, to ensure that the level of investment risk across both portfolios is in line with your overall risk profile and tolerance. Combining the dual portfolio approach, active investment management and timely rebalancing can help overcome the competing risks of longevity and sequence. Ultimately, however, your choice of a wealth manager is not just down to technical expertise, but also whether they really understand your needs. You should be confident that the same due care and attention paid to you today will be sustained in the decades to come – to help you achieve financial success in retirement.
Taking a balanced approach In addition to the use of active asset allocation in generating returns, an important aspect of meeting retirement withdrawals is rebalancing. While this approach is not appropriate for every client, many would benefit from a dual portfolio approach, where their portfolio is split and managed across two levels of risk.
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ARE TRUSTS STILL WORTH SETTING UP? By Mary Humphreys, Senior Trust Manager at Nedgroup Trust
The trust industry dates back to the early 19th century and requires a professional and thoughtful approach for these complex vehicles to be valid and useful. But have the original intentions of trusts become lost in the mists of time? Are they still fit for purpose in the modern day? Mary Humphreys discusses the relevance of trusts for families in today’s world and how they can help protect and preserve wealth for future generations. Why use a trust? Over the last 25 years, trusts were mostly about confidentiality and taxation, and while there is still confidentiality and there are tax planning opportunities, it is now the more traditional reasons for forming a trust that are coming back to the fore. Trusts can offer benefits for international families and when used for wealth protection or succession planning. At the moment, we are seeing a significant transfer of intergenerational wealth as the baby boomers, those born between 1944 and 1964, reach the stage in life when they wish to pass on their assets to the next generation. Known as the great global wealth transfer, it is estimated that between US$30 trillion to US$70 trillion of wealth, in the US alone, is due to change hands over the next 15 to 20 years. In the UK, according to the Office for National Statistics, over 80% of household income is held by the over-45s and, over the next 30 years, this is set to be transferred between generations as inheritance or gifts. The big question is how these assets, whether financial, property or businesses, can be passed on effectively. Globally, we are also seeing a more internationally mobile population who are moving to live or work abroad, for business,
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lifestyle or retirement reasons. When people move home or set up a business in another jurisdiction, with different tax and succession planning legislation, this adds another layer of complexity and is an area where trusts can come into their own. We’re also seeing more young entrepreneurs with successful businesses in their own jurisdiction, who want to replicate that success overseas. This opens an opportunity to put planning in place for accumulating wealth and there can often be tax benefits in doing that.
How does a trust work? Basically, a trust is a legal arrangement where property or assets are transferred from the original owner, known as the settlor, to a trust to be looked after by a trustee, who holds and manages the assets for the benefit of a specified list of people known as beneficiaries. Unlike corporate structures, trusts are extremely flexible. A trust instrument is created at the outset and sets out the specifics of the trust. It should include the names of the trustees and beneficiaries, a list of the assets to be held, and the terms and conditions for how the trust should be run, such as what is expected of the trustee(s) and the rights of the beneficiaries.
A trust may have one or more trustees and their responsibilities are governed by the trust instrument and current legislation in the jurisdiction where it is held. The trustees become the legal owner of the assets held in the trust and manage them on a day-to-day basis. Their duty is to the beneficiaries (not the settlor) and they must administer the trust to act in the best interests of all the beneficiaries. The beneficiaries of the trust can be any age and may include unborn or future generations. They can be individually named or grouped as part of a class (e.g. issue, remoter issue). They can have fixed rights (e.g. to income or capital) or be objects of discretionary powers. They can also be corporates or charities. For the settlor, transferring the legal ownership of their assets to the trust can often be a hurdle, as it may feel like you are ‘giving away’ your assets to a stranger. But this doesn’t mean that you cannot benefit from them and be a beneficiary yourself. Trusts where the settlor is also a beneficiary are referred to as ‘settlor interested’ trusts. It is important for the settlor to trust that their professional trustee has the interests of all the beneficiaries in mind and can help protect and transfer their wealth to the next generations efficiently, while also providing a degree of privacy. To provide additional comfort, both during and after their lifetime, the settlor may also appoint someone to oversee the activity of the trustees as they administer the trust. Known as a protector, this role is not mandatory and can vary from trust to trust, it is often given to a trusted adviser such as a lawyer or an accountant. The protector is granted certain powers or rights with respect to the trust
administration, which may include power to remove or appoint trustees and power of consent/veto over distributions, investment decisions and changes to the beneficiaries. Another option for a settlor to consider is a letter of wishes. While this is not a legally binding document, it can provide additional guidance to the trustees (and the protector) on their wishes surrounding the administration of the trust on a short and long-term basis. As it is a confidential document between the settlor, the trustees and the protector (if there is one), it is particularly valuable for dealing with more personal family issues.
What assets can a trust hold? This is wider than you might ordinarily think and has a variety of interesting implications. Unlike many of our offshore competitors, particularly in the bank-owned trust company space, we do not just insist on investible assets. A broad range of assets across multiple jurisdictions can be held in trust, as long as the powers granted to the trustee are correctly drafted at the outset.
It starts with a conversation Creating a trust is a very personal step so it is important to choose a service provider that you can trust and work with. We encourage clients and their advisers to talk to us so we can understand the client’s family circumstances and their needs and aspirations for the future. Similarly, they get the opportunity to understand exactly what they’re getting into with a trust – how the dynamic changes, who the parties are and what we can bring as part of their overall financial planning. Building an enduring relationship with the family across the generations ensures the trust can evolve to meet their changing needs.
Please note: Nedbank Private Wealth and Nedgroup Trust do not provide tax advice. We always recommend that you seek specialist tax advice to suit your individual circumstances.
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By Rebecca Cretney, Investment Counsellor
DO YOU KNOW WHY YOU DON’T WANT TO UNDERSTAND YOUR FINANCES? I love my job. Statistics differ, but surprisingly around two thirds of people in the UK and US say they like their job. However, I argue that mine is one of the best possible jobs in the world: I get to talk to fascinating clients, from all walks of life, around the world; I get to participate in webinars (shameless plug); and I get to spend time researching, drafting and reviewing articles on various aspects of financial markets. 10 | OPPORTUNITY ISSUE 17 - 2022
Financial education is a part of my job I really like, so I assume that everyone must like it too (in the same way I assume everyone must like olives stuffed with anchovies). After all, finance is a significant factor in all of our lives. Global financial markets underpin most of our retirement pots, have an impact on our job security and even influence global stability. So why do most people feel as excited about a financial article or their own financial affairs as they do about a visit to the dentist? Why don’t we all devour financial content? (And especially the content produced by us – another shameless plug, this time for our subscription centre!) Perhaps, the answer boils down to our biases as humans. A longer explanation was excellently articulated in research recently published by University College London, which outlines three main factors: •
Affect: how you think the information will make you feel
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Action: how useful you perceive it to be and whether it has a direct application to you (especially when it relates to gaining rewards or avoiding harm)
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Cognition: whether it relates to things you regularly think about.
And this thought process doesn’t just apply to your finances. It also impacts the way you seek (or avoid) information about all aspects of your life, such as your health or personality traits. The findings came from five experiments, conducted across 543 research participants, to gauge the factors that influenced their information gathering process. There were health questions, behavioural/relational questions and financial questions. Topics explored ranged from the propensity to develop Alzheimer’s disease, through how family and friends rate them, to what income percentile they ranked in. But at the heart of the study was how people decide what information they wish to obtain. Only afterwards were the individuals asked how useful they thought the information might be, how they had expected the answers would make them feel, and how often they thought about each subject matter in question. This
three-factor model of affect, action and cognition best explained the decisions to find, or sidestep, information versus the alternative models tested. The experiments were repeated months later with the same participants. These showed most people continue to prioritise one of the three motives, and also that their own tendency remained relatively stable across time and topics, suggesting that their approach to information could be called a ‘trait’. And although the scientists behind the research have lofty ambitions for the use of their findings across society, I was intrigued at how my colleagues and I could apply them to provide you with useful information – in the right way – to appeal to your individual trait. And to ensure you – as one of our valued clients – receive the information as it is intended. There is of course another factor to consider – time, or timing. When we send you an email asking you to sign up to something, you might see it after a long day staring at a screen and the last thing you want to do is read an article or watch a webinar – even if the information could be valuable to you. So, in order to better understand which information you would find useful and relevant, perhaps you could find five minutes to pull up a browser, type in the URL ‘bit.ly/NPWupdates’ and subscribe to some of our newsletters. It may even help you understand the information trait you tend to adopt, which could be almost as useful in life as finding out more about your finances and what you could achieve.
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COMPANY NEWS NEW NON-EXECUTIVE DIRECTOR JOINS BOARD
Neil Duggan
Neil Duggan is the latest non-executive director to be appointed to the Nedbank Private Wealth board. Neil has had a long and successful career as a qualified chartered accountant, having previously worked for KPMG in the Isle of Man for 27 years. His extensive global experience includes head of audit in the Isle of Man and Gibraltar, and also head of transaction services covering over 15 international financial centres around the world.
BEST BOUTIQUE PRIVATE BANK FOR A THIRD YEAR RUNNING IN MIDDLE EAST HONOURS
Since retiring from KPMG in 2012, after more than 15 years as a partner, Neil has acted as a non-executive director for a number of international companies, including a global life insurance company, an international gold mining group and a food distributor. We are delighted to welcome Neil as his wide-ranging financial experience will add valuable expertise to the board. We would also like to thank Gordon Hamilton, who retired in November, for his valuable contribution and the important role he played during his membership of the board.
From left to right: Laurence Black, Regional Director, Client Solutions, MENA, Asiaciti Trust Group; Greg Smith and Chris Jones from Nedbank Private Wealth; Stephen Harris, Chief Executive of ClearView Financial Media.
In 2021, we picked up not one but two accolades at the WealthBriefing MENA Awards for Excellence. We retained our title of Best Boutique Private Bank for a third consecutive year and were also named Best Private Bank – Overall Client Service. This is the sixth year running that we have been recognised in these awards, which celebrate the best wealth management operators in the Middle East and North Africa region. The 2021 winners were announced at a gala evening dinner at Dubai’s Sofitel Dubai Downtown on Friday 10 November. Private bankers Chris Jones and Greg Smith attended and picked up the awards on behalf of the team.
The WealthBriefing MENA Awards for Excellence are decided by a panel of senior private banking and wealth management professionals, with the editorial team at WealthBriefing selecting the final winners from each shortlist.
This publication does not constitute an invitation or inducement to buy or sell any investments, nor does it constitute any advice or personal recommendation. The value of investments and the income from them can fall, as well as rise and you might not get back the original amount invested. Exchange rates may affect the value of investments. Past performance is not necessarily a guide to future performance. Nedbank Private Wealth and Nedgroup Trust do not provide tax advice. We always recommend that you seek specialist tax advice to suit your individual circumstances. The opinions in Opportunity are those held by the authors at the time of printing. All data herein is sourced from local exchanges via Reuters, Bloomberg and other vendors. The information herein has been obtained from public sources believed to be reliable. Nedbank Private Wealth makes no representation as to the accuracy or completeness of such information. If you no longer wish to receive this publication or any information about Nedbank Private Wealth’s products and services, please advise us in writing. Nedbank Private Wealth is a registered trade name of Nedbank Private Wealth Limited. The parent of Nedbank Private Wealth Limited is Nedbank Group Limited, which is incorporated in South Africa and is regulated by the South African Reserve Bank. The latest audited report and accounts, and details of the credit rating are available at www.nedbankprivatewealth.com. Nedbank Private Wealth Limited is licensed by the Isle of Man Financial Services Authority and is a participant in the Isle of Man Depositors’ Compensation Scheme as set out in the Compensation of Depositors Regulations 2010. For full details, please see www.iomfsa.im. Registered office: St Mary’s Court 20 Hill Street Douglas Isle of Man. The Jersey branch is regulated by the Jersey Financial Services Commission and is a participant in the Jersey Banking Depositor Compensation Scheme. See www.gov.je/dcs for full details of the Scheme and banking groups covered. Our London office is a branch of our Isle of Man office and is authorised by the Prudential Regulation Authority and subject to regulation by the Financial Conduct Authority, and limited regulation by the Prudential Regulation Authority in the United Kingdom. Details about the extent of our regulation by the Prudential Regulation Authority are available from us by request. Nedbank Private Wealth is entered on the Financial Services Register with firm reference number 313189. Your eligible deposits with Nedbank Private Wealth Limited, London branch, are protected up to a total of £85,000 by the Financial Services Compensation Scheme, the UK’s deposit guarantee scheme. Any deposits you hold above the £85,000 limit are unlikely to be covered. Please ask for further information or visit www.fscs.org.uk. UAE representative office in Dubai licensed by Central Bank of UAE. Representation in South Africa is through Nedbank Limited. Registered in South Africa with Registration No 1951/000009/06, an authorised financial services and registered credit provider (NCRCP16). Nedbank Private Wealth Limited is licensed by the Financial Conduct Authority to provide regulated mortgages in the UK.