The stake includes seven wealth management/financial advisory businesses which are independently owned by senior professional advisors based in Johannesburg, Cape Town, Pretoria, Durban and Richards Bay.
Formed in 2004, Cape Town-headquartered Firstglobal AM is a part of the Firstglobal Group. The firm currently manages six South African and two offshore funds estimated to be worth $478m (£363m, €433m).
Carl Roothman, the chief executive of Sanlam Investments Retail, described the acquisition as part of the company’s retail strategy “to take select stakes in independent financial advisory firms and multi-manager companies of high reputation”.
“This will further leverage the group’s ability to provide quality advice while driving investment performance for clients in the most appropriate structures,” he added.
Meanwhile, Graviton was established by Sanlam Investment Holdings in 2012 as a separate entity to independently manage and house such acquisitions.
John Swart, chief executive of Firstglobal Asset Management, said: “We look forward to growing this business together by harnessing the resources of Sanlam without giving up our independence. Firstglobal is a firm believer in independent professional advice and will continue to offer the best advice and service available to its clients.”
– See more at: http://www.international-adviser.com/news/1030468/south-africa-insurer-sanlam-buys-49-stakes-firstglobal#sthash.nDqHxUNQ.dpuf
