Johannesburg - Afena Capital, a South African money manager with R3.4 billion ($249 million) in assets, said seven senior staff members bought the Cape Town-based company for an undisclosed amount from the firm’s largest shareholder, Brimstone Investment Corporation, and its founders.
Members of the consortium are Mila Mafanya, Zahira Osman, Shoaib Vayej, Christopher Twycross, Bongani Ngwanya, Zain Parker and Grant Cloete, Afena Capital said in an emailed statement.
Cloete will be Afena’s chief executive officer starting on November 1, while Mafanya and Parker will retain their existing roles as head of equities and head of operations respectively.
“No external fund-raising was required,” Cloete said in an emailed response to questions, declining to disclose the value of the transaction. “The seven partners funded the deal from personal finances.”
BLOOMBERG