FirstRand International Wealth Management's recently launched Private Wealth Management arm has re-launched and re-branded the division's Guernsey-based fiduciary business.
The Guernsey firm, formerly known as RMB International (Channel Islands), has been renamed FirstRand Trustees.
The business will focus on international clients in the UK, Middle East and Africa and its plans include enhancing the product range.
Previously, the group predominantly provided trust services to its client base in South Africa and it will continue to offer traditional discretionary trust and offshore company services for private clients.
However, FirstRand Trustees has launched a range of corporate structures to serve the growing market for pensions and savings schemes, employee benefit trusts and employee share option plans in all its target markets, particularly the Middle East.
The firm has also established its own Qualifying Recognised Overseas Pension Scheme (QROPS) offering retired overseas UK nationals a more flexible and tax efficient way of administering their pension funds.
Its QROPs has found a ready market in FirstRand Trustees' target jurisdictions as well as in Cyprus, where many UK nationals have retired.
As part of the firm's expansion into the Middle East, it has also launched a Shari'ah Trust to meet demands from the large Muslim population in South Africa.
"Our new outward looking strategy and product range position us well to expand into these exciting international markets and serve the new generation of wealthy individuals," says Geoff Gavey, managing director of FirstRand Trustees.
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