UK resident non-domiciled (UK RND) individuals will be able to maintain their non-UK portfolios using a technology-based service provided by Standard Chartered Private Bank.
Stan Chart UK RND service uses technology-based safeguards to automatically segregate assets and associated cashflows.
The technology simplifies the investment process and reduces the likelihood of manual errors, while significantly decreasing the administrative burden for clients and their tax advisers, promises Stan Chart.
UK RND clients will have access to global equities, funds and discretionary investment mandates.
Banking and investment services are booked in Jersey, while London-based UK RND-focused relationship managers provide a traditional face-to-face service, working alongside the client’s advisers.
“We understand the challenges of establishing a new banking relationship in a foreign country and can work with clients throughout their entire move to the UK,” said Julian Davies, head of Private Banking, UK and Jersey, Standard Chartered Bank.
“With the recent changes in UK legislation and the natural complement for our client base and footprint, the timing is right for us to launch this service.
“Pulling together automation, our global knowledge and wealth advisory capabilities, and the high-quality service of our relationship managers, we have launched a proposition that is fit for today’s market, meets the needs of our UK RND clients and supports our growth strategy in the region.”