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Expat Investor : October 2007
understanding the unique circumstances of our clients upon which a discretionary portfolio management solution can be based. For that reason, we believe in creating an environment where the client sees us as operating a partnership approach to finding the most suitable bespoke solution." Mr Gorman stresses that it is essential for expatriates to recognise that they have potentially complex requirements. To illustrate this, any complications stemming from residence and tax positions, as well as the uncertainty over an eventual contract period, make an 'off-the- shelf ' investment solution "improbable" in his opinion. "Add in the time-consuming nature of making investment judgements and it becomes quite clear that most expatriates need professional and caring help." The total funds under this Bank's management comfortably exceed $1bn, with a team of "highly skilled and experienced wealth management professionals responsible for optimising and fully satisfying their clients' aims." Using what the Bank describes as sophisticated modelling systems, it offers "dynamic asset allocation judgements between equities, bonds, hedge, commodities, property and structured vehicles." Standard Bank Offshore says it incorporates the expertise of others by adopting and using a 'best-of- breed' approach for its key equity and hedge fund allocations. "Through our quantitative and qualitative research we ascertain those fund managers that have a consistent knack of being able to outperform their peer groups in particular sectors of the financial market. This has historically produced above-average performance in these asset classes and provided a sound platform for us to deliver excess returns." The first question Butterfield Bank (Guernsey) asks a new client aims to find out precisely what they are seeking from their banker. Managing Director Bob Moore explains, "From this approach, we aim to tailor our services to meet their expectations. As a guide, Butterfield Bank (Guernsey) would normally request a minimum of £50,000, or currency equivalent, for a deposit account, while in the case of our discretionary portfolio management service, the minimum requirement, to make the service cost-justified from our client's perspective, would normally be US$1 million, or currency equivalent." This Bank believes a high level of personal service is key to the development of relationships. "Every client has a dedicated relationship manager who will take a proactive approach to each relationship and seek to identify and meet the client's ever changing financial requirements, drawing on our teams of technical specialists as appropriate. Part of this level of service is to ensure we meet clients on a regular basis, whether in Guernsey or elsewhere. To complement high-level personal service the addition of a 24-hour Explaining further, Mr Stearn goes on, "The integrated Focus service includes standard banking services, such as an interest bearing current account, a versatile Gold Visa card, structured deposits and lending, but can also embrace many optional investment facilities, such as execution only services right through to fully bespoke discretionary services. It is specifically designed to incorporate an entire portfolio. All elements of the banking and investment service are reported, together within an easy-to-follow summary statement. Alternatively, a more regular, multi-currency bank account is also available with £5,000, or currency equivalent." Guernsey-based Investec Bank (CI) offers a bespoke investment service with a minimum entry level of £3 million. The Bank says it recognises the importance of having funds available to its clients in a variety of currencies, and its offshore location affords a tax- efficient environment for expatriate investors in particular. One of the elements that the Bank says sets it apart is its own treasury function. This operation affords Investec Bank (CI) full autonomy to manage its asset and liability book alongside its clients' foreign exchange requirements. Entrepreneurs and overseas investors relocating to the UK as resident non-domiciles, as well as expats, form a large part of Investec's client base. "Such investors tend to be short on time, with highly complex financial portfolios. As a result, they are often seeking a family office style of service which will not only facilitate the management of their high deposit balances but offer creative lending, look after their existing INVESTMENT BANKING October 2007 EXPAT INVESTOR 7 internet facility to view transactions and balances and initiate instructions in the client's own time zone has become an everyday necessity," says Mr Moore. As part of the Bank's investment strategy. managers ensure they maintain regular dialogue with clients to enable them to actively monitor agreed investment objectives and recommend appropriate changes where necessary. "Wealth generation has changed over recent years as entrepreneurs have flourished, and private banking has evolved to meet these changing clients and their requirements. The result is made up of several different market segments with an extended product/service/advice mix which banks make available to each of these segments," Mr Moore points out. To which end, one of the Bank's recent developments is the emergence of the Family Office. "Providing services to, and working in partnership with Family Offices is an area in which Butterfield Bank has specific experience and is seeking to expand this year," adds Mr Moore. Fairbairn Private Bank's Head is David Stearn, and he tells Expat Investor that this Bank is renowned for its client services. It offers an integrated banking and investment service (Focus) that is available in either the Isle of Man or Jersey."The unique Focus platform enables clients with at least £50,000, or currency equivalent, in deposits and investments, to tailor a multi- currency account to meet their own specific requirements. As their financial needs change, so can the structure of the account, without the need to complete any further documentation." Enjoy the world of international private banking. Open an account with RBC and you will enjoy the benefits of a dedicated Private Banker to understand and manage your financial requirements and aspirations. Ideal for people who live or work overseas, or those who have investments, personal or business interests in more than one country. Choose from a range of currency options and online access offers you flexibility and control, while a VisaTM Gold debit card provides worldwide access to your funds. As a client of RBC you gain access to the RBC Financial Group network of offices and services including international banking solutions, credit solutions, a wide range of investment solutions and integrated wealth management solutions. The Executive Plus Account is a complete international banking solution. It's an account that will take you wherever you want to go. To fi n d out more, please contact Emma Adam or Scott Grant on: +44 (0)1534 283838 email email@example.com or log on to www.rbcprivatebanking.com/private-banking.html BANKING • CREDIT • INVESTMENTS • TRUST • TAX CONSULTANCY FOR THOSE WITH WIDER HORIZONS. BANKING SOLUTIONS THAT TRAVEL WITH YOU. Understanding life, understanding you. INTERNATIONAL BANKING FOR GLOBAL LIFESTYLES. This advertisement is issued by Royal Bank of Canada (Channel Islands) Limited ("RBC"). RBC is incorporated in Guernsey and is regulated by the Guernsey Financial Services Commission in Guernsey and by the Jersey Financial Services Commission in Jersey. RBC is registered under the Banking Business (Jersey) Law 1991, and the Banking Supervision (Bailiwick of Guernsey) Law 1994, to conduct deposit taking business and regulated under the Financial Services (Jersey) Law 1998 and the Protection of Investors (Bailiwick of Guernsey) Law 1987, to carry on investment business in Guernsey and Jersey. A copy of RBC's General Terms and Conditions are available upon request. As at 31 October 2006, RBC paid up capital and reserves were £269,582,000 and deposits are accepted in all major currencies. Deposits made with the offices of RBC in Guernsey and Jersey are not covered by the UK Financial Services Compensation Scheme. Copies of the latest audited accounts are available upon request from either the registeredoffice: PO Box 48, Canada Court, St Peter Port, Guernsey, GY1 3BQ or the Jersey Branch: PO Box 194, 19/21 Broad St, St. Helier, Jersey JE4 8RR. ® Registered trademark of Royal Bank of Canada. Used under licence. VisaTM Registered trademark of Visa International Service Association, used under licence. You should note that depending on your citizenship, residency and financial status, some services may not be available to you and are only provided by certain sister companies of RBC. JSY/BKI/07/243 Continued on page 8 Fast Facts 88005