BoE Private Clients, owned by Old Mutual and South Africa’s largest and oldest private bank, saw assets under management rise by 13 per cent...

BoE Private Clients, owned by Old Mutual and South Africa’s largest and oldest private bank, saw assets under management rise by 13 per cent year-on-year in the first six months of 2005 and assets under administration rise by 72 per cent, according to reports in the South African press. “We now have over R20 billion ($3.1 billion) under management and about R2 billion of this flowed in the last 18 months,” said managing director of BoE Private Clients Vince Boulle, in an interview for Moneyweb. He added: “Our banking advances have grown by 46 per cent in the past year and we have had 40 per cent earnings growth over the past two years.” The recent Merrill Lynch/CapGemini World Wealth Report showed South Africa in second place behind Singapore as the country growing millionaires at the fastest rate, an increase of 22 per cent in 2004, according to the survey. “There is also a growing global trend for high net worth individuals to prefer bespoke investment advice and management as well as having access to an entire team of tax experts, fiduciary specialists, trust advisors and financial planners on top of expert asset management - all in one place,” Mr Boulle said in the interview with MoneyWeb.