Sparkling opening to new year for Fairbairn Private Bank
16 April 2012
Fairbairn Private Bank today announced its strongest opening
quarter for new business since the financial crisis commenced in
2008.
Led by several new multi-million pound client mandates and
widened access to the business's discretionary investment
management services, through the inclusion of a new range of
collective investment funds, Greg Horton, managing director of
Fairbairn Private Bank, said: "New business levels are certainly
growing at a pace. While one must always be careful about reading
too much into short-term indicators, it is reassuring to see such
vibrant new business levels continuing following the very strong
growth in our headline earnings in 2011. Further evidence of this
growth lies in an ongoing year-on-year comparison around the level
of assets on our award-winning integrated banking and investment
platform, Focus. These had showed an impressive year-on-year
increase in the opening quarter of 2011, but they are up again by
over 17% year-on-year in the opening quarter of 2012." Total assets
held on Focus, according to Horton, have grown by over a third
since the financial crisis commenced and now approach £1.75bn.
In addition to the consistent drive towards richer functionality
and greater flexibility within Fairbairn Private Bank's
comprehensive wealth management solutions, Horton also credits the
business's strong performance to his team. Horton says: "Throughout
these difficult times the team have maintained their integrity and
passion and never wavered from their commitment to do what is right
for the client. As wealth managers our clients require us to
deliver attractive risk-adjusted returns over the long term and our
highly experienced private banking team work closely with our
clients and professional intermediaries to deliver just that. As
bankers our clients require us to provide a secure home in which
they can place their wealth - with no toxic assets or sovereign
debt issues on our balance sheet, and a very strong parent company
who can also boast the same, we can also deliver that
requirement."
It is certainly proving a winning formula as Horton confirms
that so far this year 87% of new accounts opened resulted from
client referrals. He explained: "Being represented in five
different geographic locations certainly presents its challenges in
demanding times, but equally it provides a robust and stable
platform for our clients and offers the business greater
diversification of earnings. For example in 2010 our UK operation
posted the strongest total business growth rates, whereas in 2011
Jersey and Isle of Man took their place at the head of the
field. It is particularly pleasing to see that while all
these locations feature strongly in the opening quarter of 2012,
that in line with this diversification, it is now the contribution
from our South African colleagues that shows the most significant
increase in this year's opening quarter. With our latest office in
the Middle East having just opened in Dubai, we are looking forward
to its growing contribution as the year unfolds and in support of
the new Basel III regulations, we will be looking to deliver
greater capital efficiencies later this year. This, together with
the recent launch of our exciting range of wealth management
solutions, will see us even more strongly positioned for growth as
we enter 2013."
While Horton is not marking the end of the current long, drawn
out financial crisis across the developed world, from the evidence
of Fairbairn Private Bank's own operations he is clearly feeling
confident, and comments that he, together with his outstanding
team, can look forward to an exciting future. He reiterates that it
is the passion, commitment and, most of all, the integrity of his
team that will continue to define their business operations.
This announcement from Fairbairn Private Bank follows a number
of awards that the business has already achieved this year,
including a top ranking within the UK's Best Companies
Accreditation and for the eighth consecutive year, a placing within
the top 100 ranking of The Sunday Times Best Small Companies to
Work For.
Ends
Notes to editor:
About Fairbairn Private Bank
Fairbairn Private Bank operates a comprehensive private and
personal banking operation on behalf of a wide range of clients.
These include private individuals, non-trading companies, trusts,
governments and institutional investors. The gateways to its
banking, investment, trust and corporate services are through
offices in the Isle of Man, Jersey, UK, Dubai and South Africa. Its
specialist team of staff provide objective guidance and product and
service excellence from international finance centres around the
globe.
Fairbairn Private Bank is a member of the Old Mutual Group.
When referring to Fairbairn Private Bank - please ensure that
the company name is printed in full and not abbreviated.
For further information:
Press office, Fairbairn Private
Bank
Tel: +44 (0)1624 645000
Issued by:
Kate McDowell, Isle of Man Advertising & PR
Ltd
Tel: +44 (0)1624 620440