Asset manager Sygnia has signed an agreement to purchase the db X-tracker range of exchange traded funds (ETFs) from Deutsche Group Holdings SA, the company says.
The sale, for R325 million, is subject to obtaining the necessary regulatory approvals. Subject to approval by the Financial Services Board (FSB), the firm and the ETFs will be rebranded. The db X-trackers track the Euro Stoxx 50, FTSE 100, MSCI Japan, MSCI USA and MSCI World indices. Assets under management in the five ETFs at the end of February were R11.3 billion.
“The DBX ETFs are unique in that they offer investors access to international investments through a South African-regulated structure in a cost-effective manner,” says Magda Wierzycka, CEO of Sygnia.