Isle of Man-headquartered Fairbairn Private Bank, which is ultimately owned by South Africa’s Old Mutual Group through Nedbank Group, has been rebranded as Nedbank Private Wealth, confirming media speculation which emerged earlier this month.

Under the rebrand, Jersey-based Fairbairn Trust Limited and Guernsey-based Fairbairn Trust Company, both subsidiary companies, will now be known as Nedgroup Trust. These three, along with South Africa-based Board of Executors Private Clients, will form Nedbank Private Wealth.

Reports of the rebranding exercise emerged at the start of October, at which time Fairbairn Private Bank confirmed to WealthBriefing that there would be a rebrand of the business, without confirming that the new name would be Nedbank Private Bank.

Together, the four Nedbank Private Wealth businesses have £7.5 billion ($12.1 billion) of assets under management and administration, as at end-September. They operate in the UK, South Africa, the Isle of Man, Jersey, Guernsey and the United Arab Emirates, and employ 650 staff.