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PRIVATE BANKING & WEALTH MANAGEMENT FORUM NAIROBI, 2017

 

Private Banking and Wealth Management, in its breadth and depth, has 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.
South Africa has the highest number of High Net Worth Individuals (HNWI) followed by Egypt, Nigeria and Kenya.

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SPEAKERS

Mr. Ochieng Oloo

Founder & CEO, Think Business Ltd.

Mr. Charles Omanga

‎Managing Principal at Horizon Africa Capital Limited

Mr. Sandeep Raichura

CEO, Alexander Forbes Kenya.

Mr. Edwin H. Dande, MBA.

Managing Partner, C.E.O Cytonn Investments Management Ltd

MONA K. DOSHI

PARTNER, ANJARWALLA & KHANNA

Mr. Geoffrey Odundo

CEO, Nairobi Securities Exchange Limited

Michael Mburugu

Tax Partner – PKF Kenya Tax Director – PKF Taxation Services Limited

James R. Dry

Managing Director, Dry Associates Ltd

Anjali Harkoo

Head Wealth and Investment Stanbic Bank

OUR PARTNERS

SPONSORSHIP OPPORTUNITIES

PLATINUM SPONSOR US$40,000

GOLD SPONSOR US$20,000

Silver Sponsor US$10,000

BRONZE SPONSOR US$5,000

INTRODUCTION

Private Banking and Wealth Management, in its breadth and depth, has 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.

 

South Africa has the highest number of High Net Worth Individuals (HNWI) followed by Egypt, Nigeria and Kenya. According to a study by New World Wealth, a South African consulting firm, other top performing HNWI markets in Africa are Ivory Coast, Ethiopia, Mauritius and Tanzania.

 

The Africa 2016 Wealth Report estimates that there are about 165,000 HNWI living in Africa with a total portfolio of US$125 billion. About 75% of this is held through wealth management companies.

 

HNWI are often sophisticated when it comes to their financial needs. They value the growth of their investments, trust and security. New regulation globally regarding the movement and monitoring of financial assets have made these even more paramount.

 

The report says African HNWIs (outside South Africa) have tended to keep their funds in traditional holding centers such as the UK, the Channel Islands and Switzerland. Dubai has also emerged as a popular destination, especially for North African HNWIs. But HNWI have become more mobile than ever and investment flows are targeting new markets like Africa, where returns are higher, emphasizing the need for players in the arena to operate from the continent.

 

It is estimated the African private banking market will grow by 7% per annum over the next 10 years.
- The most promising emerging African markets for private banking are Ghana and Kenya.

 

According to Knight Frank in their report Wealth Report 2016, Kenya is the 4th richest country in Africa (in terms of individual wealth held) after South Africa, Nigeria and Egypt. Kenya’s HNWI volumes increased by 60% from approximately 5,300 HNWIs in 2007 to 8,500 HNWIs in 2015, making Kenya one of the top performing countries in Africa during this period.

 

Kenyan HNWIs is expected to grow by 80%, hitting 15,300 by 2025. This will make it one of the top 20 performing countries in the world over this period.

 

Strong growth in other East African Economies such as Tanzania, Uganda, Rwanda has help to catapult Kenya’s dominance in the region.

Pension funds in Africa are estimated to have hit US$400 billion in assets under management in 2016. The IMF estimates it was over US$ 334 billion in 2014. Although more than 85% of this is based in South Africa, the growth in the rest of sub-Saharan Africa has been tremendous. It is estimated that currently, only between 5% to 10% of sub-Saharan population is covered, but recent reforms in the sector, obligating pension contributions and introducing new regulations on payments and administration have led to a surge. Some countries like are witnessing annual growth of almost 20%.

 

Kenya, in 2015 had more than US$ 7 billion in pension funds under management. While the growth has been tremendous, it has also led to a proliferation of fund managers.
Conservative estimates have it that sub-Saharan Africa pension funds will be more than US$ 700 million by 2020 and more than US$7 trillion by 2050.

 

These funds can become the source of much need capital to spur development in sub-Saharan Africa. The question is: How do we nurture and deploy this huge pool of resources in the most productive way? We must adopt best practice from the more developed markets and search for more innovative and quality investments.

 

African capital markets, entrepreneurs, investment banks, corporate financier, private equity funds, investment banks and fund managers have to gear up and find a home for the rising capital.

 

As a result of all these goings-on, more banks especially the Pan-African and international ones are actively jostling for a piece of the cake in wealth management. Fund managers are increasingly active, as are specialist wealth managers and Asset Managers who have recognized that it is no longer sufficient to service Africa’s HNWI from western countries such as Geneva, London, New York. They need more localized providers who understand them and their needs.

 

We therefore believe that this forum is timely and we envision an inaugural private banking and wealth management forum with unique insights, that will provide a great platform to share professional thoughts in finding appropriate and innovative ways to address the challenges present in the current model and create a more prosperous future for the sub-Saharan Africa’s private banking and wealth management landscape.

 

The event is an opportunity to share ideas, discover trends and network with peers across the wealth industry.

MAP TO EVENT LOCATION

RADISSON BLU HOTEL NAIROBI

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