Maitland, a global advisory and administration firm, has has formed Maitland Family Office, a multi-family office to service high net worth families, individuals and entrepreneurs in South Africa. 

The new entity will be one of the largest full-service independent multi-family offices in South Africa.

To gain further scale and strengthen its offering, it has also acquired 100% of Johannesburg-based Talaria, a fiduciary business owned by tax, accounting and fiduciary specialist Cheryl Howard, for an undisclosed sum. 

Talaria will be fully integrated into the newly rebranded Maitland Family Office.

Maitland Family Office will be led by an executive committee comprising Cheryl Howard, Herman Troskie, Rupert Worsdale, Paula Bagraim, Hanna Marais and James Newell. 

Howard will lead the fiduciary team, Worsdale the legal team, and Newell the investment team. 

Maitland was founded in Luxembourg 42 years ago and counts some of the world’s wealthiest families among its clients.

Family offices offer a total outsourced solution to managing the financial, tax, legal and investment affairs of an affluent individual or family. 

The local market is ripe for such services. 

A recent report by academics Ihsaan Bassier and Ingrid Woolard suggests that based on tax data, the country has an estimated 182,000 dollar millionaires. 

Furthermore, according to the AfrAsia Bank Africa Wealth Report 2018, total individual wealth in Africa is expected to rise by 34% over the next 10 years, reaching $3.1trn by 2027.

Herman Troskie, MD of Private Clients at Maitland, said that the wealthy are rapidly becoming “global citizens” and require a truly international service, delivered seamlessly across borders.

Troskie said: “The geopolitical environment in South Africa, coupled with the macro-economy is forcing many families to get serious about the way they manage their wealth and preserve a legacy for future generations.”

“International services are needed and Maitland is one of the few that can offer a seamless multi-disciplinary service through a worldwide network.” 

Maitland Family Office has an operational presence in Cape Town, Johannesburg and Durban. 

The Maitland group has 17 offices worldwide with private clients serviced predominantly from Guernsey, Isle of Man, London, Luxembourg, Malta, Mauritius and Monaco.
“We are also noting an increased need for philanthropy services with more and more South Africans wanting to give back to society,” said Troskie.