Johannesburg - South African insurer Hollard Group on Tuesday, welcomed the acquisition of a controlling equity stake in global financial services group, Prescient Holdings, by the investment management company, Sithega.
Hollard and its majority shareholder, Yellowwoods, have committed R250 million into Sithega’s newly-formed financial services fund.
The fund is aimed to realise the vision of creating a significant black-owned and black-run, non-banking financial services investment company focusing on life and short-term insurance, and asset management.
Prescient Holdings has businesses in fund administration, securities trading, wealth management and retail products, with an objective to build a global financial services group.
Saks Ntombela said their involvement with Sithega forms part of both Hollard and Yellowwood's strategies to empower black entrepreneurs in the financial services sector.
"We are excited about this transaction as it represents an important step in realizing Sithega's vision of creating a significant black-owned and black-run, non-banking financial services investment company focusing on life and short-term insurance, as well as asset management," Ntombela said.
Dloti said Sithega has chosen to invest in and partner with Prescient because it fully subscribes to Prescient's investment philosophy, which is anchored on consistency and predictability of returns for investors.
"We believe that our shared industry knowledge and experience will support Prescient’s growth and unlock value while the business strengthens its capabilities and continues to focus on client delivery," Dloti said.
African News Agency (ANA)