StanChart unveils investment option for the rich

Head of Affluent and Wealth Solutions, Standard Chartered EMEA and UAE, Ayesha Abbas, with Head of Wealth and Retail Banking, Kenya and East Africa, Standard Chartered during the launch of Standard Chartered Funds VCC Signature in Nairobi. [Wilberforce Okwiri, Standard]

Standard Chartered has unveiled a new investment strategy for its affluent clientele, designed to be more responsive to the fast-changing global economic environment.

The platform, which has already attracted in excess of Sh2.5 billion in assets under management, is intended to offer clients greater flexibility in their investment choices.

Dubbed Standard Chartered Funds Variable Capital Company (VCC) - Signature Select, the product is the result of the bank’s global partner fund houses and its over 100 years of client relations.

Managing Director and Head of Affluent Banking Paul Njoki said the product is the result of client needs, including good health and education for their children abroad, expanding their businesses across Kenyan borders, and the preservation and diversification of their wealth.

Njoki said clients seek to diversify their portfolios to weather the different storms in the global economy.

“VCC is not just a single product; it is a platform, a runway, well-orchestrated to bring curated investment solutions to our clients, responding to the changing global dynamics,” he said.

The launch is set against the backdrop of the bank’s strategy to be the leading wealth manager globally.

Njoki said given the bank’s global footprint, high-net-worth individuals in the country have access to investment strategies available in markets such as Singapore and the United Arab Emirates (UAE).

This new product, which offers sophisticated solutions, received a nod from the Capital Markets Authority (CMA) four months ago.

“For the last four months, we have already built assets under management north of Sh2.6 billion (USD 20 million),” he said.

The launch plugs into the global economic dynamics whose indicators have been jittery since the Covid-19 pandemic, characterised by geopolitical tension, fluctuating interest rates starting at the Federal Reserve level in the United States, and oil prices.

The tailwinds for this product are the projections that across Africa, the millionaire population will grow by 65 per cent over the next decade, creating a larger pool of investors seeking access to global markets and alternative investment opportunities.

Head, Wealth and Retail Banking, Kenya and East Africa, Edith Chumba, said the Standard Chartered Funds VCC – Signature Select represents a more sophisticated model of investment access for Kenya. She added that it combines the expertise of industry-leading global fund managers with our worldwide asset-class specialists to create differentiated, custom-curated strategies.