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Gautam Duggal, Standard Chartered Bank’s Regional Head of Wealth Management for Africa, the Middle East and Europe, speaks to Forbes Africa on his experience advising people how to invest their money and why Africa is a good bet for returns.





‘HERE FOR GOOD, HERE FOR AFRICA’ | Download Forbes Africa’s Wealth Management supplement

Africa is home to some of the fastest growing economies in the world and the stats show how moneyed its populations are; high-net-worth individuals, according to the World Wealth Report, grew by 8.1% in Africa last year, with overall affluence increasing by 10.7% – faster than anywhere else in the world.

“We definitely see this trend continuing far beyond 2018. There is an entrepreneurial spirit sweeping the region. As we see technology permeate all areas of the economy, individuals are using this access to start new businesses and expand beyond city centers and geographies. It’s these entrepreneurs who are creating wealth for themselves and their families,” says Duggal.

The wealth needs of Africa’s diverse, growing middle class population, estimated at 300 million people, are intricate, with most countries being emerging economies and wealth being a relatively new notion for many. The African Lions report defines the continent’s middle class as “not in poverty” and having “disposable income and discretion”. The African middle class, says the report, also has a tertiary education that has been completed or is underway; they have money to fall back on in times of emergencies and access to a computer with email and internet.

“This particular growing middle class is looking for means to save for their first home, pay for their children’s education and set money aside for retirement. In many cases, they are the first ones in their families to attain surplus wealth, so often, there is a need to care for their aging parents or other relatives,” notes Duggal.

Saving early and doing so prudentially is key, however there is a need to dispel the sentiment that a considerable amount of cash is required to start investing. Many banks cater for basic savings plans that allow for a fixed amount to be put away each month. Standard Chartered, for example, offers a vehicle where money can be invested in a diversified portfolio of globally-recognised mutual funds. In South Africa, tax-free savings plans that are comprised of unit trusts and other investment vehicles intended to bolster savings are also gaining popularity, with the likes of Allan Gray and Old Mutual offering similarly structured products.


The best place for one to start creating wealth, Duggal tells us, is to become financially literate and to understand the options available as an investor. “Of course, every investor is unique and their investing is solely dependent on their individual client risk profile and personal preferences.”

On the trends in Africa, Standard Chartered sees real estate as a favored asset class for many with developers turning to mixed-use projects as a means to boost their bottom lines. There is also a marked increase in technology start-ups with the rise of mobile devises – an IDC report shows that the African smartphone market reached an estimated 95.37 million units in 2016; although feature phones still rank number one, homegrown manufacturers such as Mint Mobile in South Africa are coming to the fore with a ‘Made in Africa’ solution to meet local smartphone and tablet demand. And while asset classes invested in Africa’s natural resources and commodities are popular, a portion of their money can also be found in offshore investments.

From the bank’s perspective, diversification across both asset classes and geographies is vital to reducing overall risk, which is unique to the individual with investment power dependent on their existing risk profile as well as personal preference. But generating wealth substantial enough to be able to invest it is not without its challenges, which includes high inflation, illiquid markets, a lack of information and credible research data however, Duggal is confident the pros outweigh the cons.

“We are optimistic that many African economies will continue to grow in the long run amidst certain shocks here and there. There are challenges which need to be addressed but I would say there are far more opportunities than challenges,” he says.


There is a growing consensus that the millennial generation currently has the greatest buying power – projections put this number at between 80-90 million in America alone and thus, millennials are at the core of the majority of industries today. Wealth management is no exception.

The millennial generation, in particular, has been exposed to significant global, social and economic change in relation to previous generations. Millennials are distinguished by their impatient nature and have different attitudes towards how to manage their assets. It is for this reason that Duggal believes that it is crucial to have a conversation with the bank’s younger private banking and investment clients to explain their investment profiling and look at how they can invest their money, saying that “a millennial investor has no issue with understanding the math behind a solution, yet, we lose them over a traditional paper and pencil explanation. Millennials want to understand how the advisor thinks and analyses through a screen and a dynamic tech solution. It is important to get them to see how the right kind of advisory platform can help them make an informed decision in terms of their investment.”

A key driving factor amongst millennials in their decision making is their need to change the world. According to EY, a millennial is twice as likely to invest their money in a company that is focused on social or environmental issues. This bodes well for sustainable investments, which currently represent 18% of assets under management in wealth and asset management classes.

“They need to know where their money is put, and they want to make sure that this it serves their purposes. This would require vast research and a restructuring of product offerings,” explains Duggal.


So what qualifies Standard Chartered to advise its clients on where to put their money?

“We have strong advisory capabilities and a specialist model, which makes us unique in the market. We also leverage on our local market knowledge. We have had a presence for over 100 years in many of the countries we operate in… We are deeply rooted in Africa and can confidently say that we are ‘Here For Good, Here For Africa’. The bank also has a global footprint. It is because of this that we are able to combine global, regional and local knowledge to best serve our customers,” says Duggal.

From within, Duggal believes in the importance of nurturing the bank’s young talent. Standard Chartered has programmes to invest in its talent across all levels of seniority – a leadership programme aimed at its senior managers and heads of business helps them grow within the business. Similar programmes are in place for junior employees with the objective of upskilling them, where they can travel on short-term assignments for up to a year to more established markets to help them to gain a better understanding of how these markets work.

As business as a whole moves into a more global space, it is more important than ever to develop programmes that aim to bring about a diverse range of skills and experience and nurture talent by encouraging mentorship at all levels – the Boyden Talent Management Trends in the Banking Industry 2017-2018 report notes that “The best talent wants to work for innovative companies that offer learning opportunities and financial institutions must win the talent war in order to succeed in their efforts to recruit and retain individuals most suited for their organisation. This flexible and focused workforce will help build an organisation that is digitally savvy and flexible enough to adapt to current and future changes. To this end, having leaders and recruiters with experience in transformational change is essential.”

With the prospects in Africa riper than ever before, we can certainly look forward to seeing Standard Chartered putting their money on the continent, along with their clients.

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Brand Voice

New Landmark For Chart-Topping Discovery Sport




This content is brought to you by Land Rover

• Discovery Sport topped Land Rover sales chart in 2017, selling 126,078 units
• Record-breaking single-year sales for any Land Rover in the past 70 years
• Special edition celebrates success of Land Rover’s fastest-selling SUV

South Africa, 30 May 2018 – Land Rover has enhanced its record-breaking Discovery Sport range with a new special edition.

The new Landmark Edition salutes Discovery Sport’s success as the fastest-selling Land Rover of all time – coinciding with the brand’s year-long 70th anniversary celebrations. The Landmark comes in a unique colour and trim combination, and is available with the Td4 132kW diesel 2.0-litre Ingenium engine.



Finbar McFall, Global Product Marketing Director, said:
“The Discovery Sport is loved by customers because it demonstrates the breadth of Land Rover’s ability, offering unrivalled all-terrain capability with the versatility for up to seven people and a premium interior. We have sold more than 350,000 Discovery Sports globally since its introduction in 2014, with 126,078 models sold in 2017 – the best single-model annual sales in Land Rover’s 70-year history.”

The first model to be built on Land Rover’s 70th birthday on 30 April was a Discovery Sport, at Land Rover’s Halewood plant in Merseyside. This vehicle will be used to support a number of projects in 2018, starting with a community resilience project in Scotland which will be announced in June.

The Discovery Sport Landmark is available in three colours: Narvik Black, Corris Grey and Yulong White, all crowned with a Carpathian Grey contrast roof. It features a sporty and dynamic front bumper, with Graphite Atlas exterior accents and 19 inch Style 521 ‘Mantis’ wheels in Gloss Dark Grey. The interior features Ebony grained leather seats and an Ebony headliner, complemented by dark grey aluminium finishers around the centre stack.

The Land Rover Discovery Sport Landmark Edition will be available from September 2018.


About Land Rover

Since 1948 Land Rover has been manufacturing authentic 4x4s that represent true ‘breadth of capability’ across the model range. Defender, Discovery, Discovery Sport, Range Rover Sport, Range Rover, Range Rover Velar and Range Rover Evoque each define the world’s SUV sectors, with 80 per cent of this model range exported to over 100 countries.

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Brand Voice

The Jewel Of Africa

“Zimbabwe has lagged behind in many areas as a result of isolation for the past 16, 18 years. Now we are saying to the world: Zimbabwe is open for business.” Zimbabwean President Emmerson Mnangagwa




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‘The Jewel Of Africa’

“Zimbabwe has lagged behind in many areas as a result of isolation for the past 16, 18 years. Now we are saying to the world: Zimbabwe is open for business,” Zimbabwean President Emmerson Mnangagwa

In January 2018, at the World Economic Forum in Davos, President Mnangagwa announced that Zimbabwe was open for business again, abandoning all isolationist policies in order to revolutionise the nation’s economy and build up the country to its full potential. President Mnangagwa administration’s focus lies in providing a stable political environment, while improving ease of business and reinforcing agricultural, mining, ICT and tourism sectors. “We are re-engaging with the world, making friends and moving towards development,” emphasises Vice President General Constantino Chiwenga. In order to enhance ease of doing business, the government has implemented several legal, institutional and administrative reforms, such as the National Investment Policy while establishing the one-stop shop Investment Centre. Minister of Finance, Hon. Patrick Chinamasa elaborates, “under the new dispensation we are also reforming state enterprises, we believe that any growth must be private-sector-driven.”


Zimbabwe’s agricultural sector accounts for 50 % of employment in the country’s GDP as well as 25 % of total annual exports. The government aims to continue its food self-sufficiency by increasing utilisation of the land and productivity through mechanisation and modernisation of the sector.


Zimbabwe has the second largest platinum and chrome deposits, and an immense wealth with over 60 minerals and 800 mines with a capacity to earn US$18 billion per annum. The new dispensation is intent on ensuring investor friendly mining policies and consequently has been rapidly growing its economy with mining investors as major players. The recently signed US$ 4.2 billion platinum investment agreement by Karo Resources is the largest investment in Zimbabwe’s mining to date and will directly create 15,000 jobs.


The development of ICT infrastructure and harnessing of technology-driven innovation in all sectors of the economy has been key to the development of the economy. The National Backbone Optic Fibre Project led to the construction of The TelOne Data Centre, a powerful and reliable information nerve centre that ensures the efficiency and data security of enterprise operations. “We are building an infrastructure that we can then use for everything that requires technology. We think this is important, not only for providing communication platforms for the community, but more significantly for financial inclusion,” explains Minister of ICT Supa Mandiwanzira.


The Zimbabwean National Tourism Master Plan seeks to boost foreign and domestic tourism while leveraging private-sector led investment to maximise the country’s numerous tourist attractions and natural wonders. “Tourism accounts for about 11.9 percent of the national GDP but we think its contribution can grow up to 15 percent,” states Managing Director of Zimbabwe Tourism Authority Dr Karikoga Kaseke. The Ministry of Tourism has allocated a US$15 million Revolving fund to facilitate tourist activities.


Zimbabwe’s shift from a closed economy to an open, productive and peaceful one has rapidly had its effect on the country. President Mnangagwa’s vision is optimistic, convincing and transparent. “We have the qualities and the environment in which this country can be a jewel again. We must build the Zimbabwe that we want. Let us be united and peaceful, but let us be honest: hard work is the only key to achieve that vision.”

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Brand Voice

South African public invited to pledge and #strideforgood




Johnnie Walker

Johnnie Walker, in partnership with Million Men March, Tswharanang Legal Advocacy Centre and Lifeline, held an event on Saturday at the iconic Nelson Mandela Bridge in support of an abuse-free society by pledging to do what they can to eradicate the causes and effects of women and children abuse for not only 16 days, but for all 365 days of the year. The South African public is also invited to pledge their support to eradicate the causes and effects of abuse for all 365 days of the year by pledging their support on

Alcohol has long been associated in many parts of the world with enjoyment and celebration. At Johnnie Walker, our brands are made with pride, but are also made to be enjoyed – responsibly. Unfortunately, this is not always the case. Violence against women is often related to the irresponsible use of alcohol.

Representatives from Diageo, Million Men March, Tswharanang Legal Advocacy Centre and Lifeline, on Nelson Mandela Bridge. (Photo supplied)

Several studies from low- and middle-income countries show that men who misuse alcohol are 1.6 to 4.8 times more likely to perpetrate intimate partner violence than men who do not misuse alcohol. Fortunately, research also shows that violence against women is predictable and preventable. By identifying the social, cultural, legal and economic factors that influence such violence, it is possible to predict its occurrence and to understand how to prevent it.

The Striding Men event is just one of the many initiatives Johnnie Walker will champion to promote responsible drinking and combat alcohol misuse. Johnnie Walker is proud to invite South Africa to participate and contribute towards 365 days of Activism for No Violence against Women and Children by continuing to promote responsible drinking in South Africa.

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