Fleming Offshore Banking has been rebranded Gerrard Private Bank as part of a restructuring programm...
Fleming Offshore Banking has been rebranded Gerrard Private Bank as part of a restructuring programme to focus on client service.
The bank has adopted a holistic approach to its banking, asset management and trust operations to give customers a single point of entry for all enquiries.
Managing director, Greg Horton, said the bank is creating an environment where its experts are multi-skilled and multi-trained.
'Clients can still drill down into particular areas of expertise, but we are removing the silos and producing tiers to sit across the top so the left hand knows what the right hand is doing,' said Horton.
He added that the products are all integrated so that a client's financial information is detailed on one statement.
Gerrard Private Bank has offices in Jersey and the Isle of Man and Horton confirmed a new office is to open in South Africa before the end of the year.
Horton added: 'The group we belong to has interests around the world already. We'll look at opportunities to roll out the Gerrard Private Bank template, but the Far East and Europe are likely to be our targets during the next six to 12 months.'
Clients can view their banking details via the internet and phase two, expected to launch during the next six months, is expected to enable them to trade across all areas of the business online.
A development to an existing asset management product is to be launched towards the end of Q1 next year, which Horton said will give customers a clearer definition on risk and return, linked to absolute return on cash.
Gerrard Private Bank forms part of a new joint venture between Nedcor and its parent company Old Mutual, which earlier this year acquired the Fleming Offshore Banking business. Fairbairn Trust Co, a Guernsey-based trust arm previously owned by Old Mutual, also forms part of the venture.
Horton said: 'Gerrard Private Bank will be the main vehicle of expansion for the wealth management services of the Nedcor/ Old Mutual partnership.'
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An added tier of asset management can of course deliver additional benefits for certain investors, writes Graham Bentley - just be sure you can justify it to the regulator and, especially, the client