“The new entity will be one of the largest full-service independent multi-family offices in South Africa,” Maitland said in a press release on 17 October.

The company’s announcement cited research by Ihsaan Bassier at the University of Cape Town and Ingrid Woolard at Stellenbosch University that found South Africa had up to 182,000 dollar millionaires, four times more than previously thought.

Herman Troskie, Maitland’s managing director of private clients, stated in the media release:

“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 is a family office, fiduciary and fund administration services provider founded in 1976. The firm said it had 17 offices in 12 jurisdictions, with 1,100 employees and $250bn in assets under administration.

The firm did not disclose the value of the transaction.