Source: Carmel Wealth
Carmel Wealth (Pty) Ltd has acquired a 100% stake in Wealth Associates South Africa (Pty) Ltd, a well-established and independent advisory and wealth management firm in existence for over 17 years. The client-facing brand will remain that of Wealth Associates. All the Wealth Associates advisors and the management team have taken up shares in Carmel Wealth and remain part of the overall Group.
“We believe that investors and their financial advisors will be well served by a completely independent wealth and asset management firm with a unique value proposition and an extensive network of wealth and asset management capabilities, both locally and abroad”, according to Dr Nico Marais, Chairman and co-founder of Carmel Wealth.
According to Hans de Nysschen, Chief Executive of Carmel Wealth, the vision is to create a diverse, differentiated, and completely independent and solutions driven wealth and asset management firm. “Independence remains a critical differentiating factor in an era where clients demand a wider range of choice and objective advice,” says de Nysschen. No Life Company or asset manager holds any shareholding in the firm. Another key differentiating factor is that all wealth managers, advisors and portfolio managers, currently and in the future will have ownership (ordinary shareholding) in Carmel Wealth, ensuring that the interests of advisers are always aligned to that of clients and other stakeholders.
“We are delighted with the acquisition as it provides us with a significant opportunity to scale our successful business with the integration of more advisers and wealth managers, while staying true to our core value of being a truly independent financial advisory business without the existence of a corporate shareholder, comments Marc du Plooy, Group MD of Wealth Associates and Board Member of Carmel Wealth.
More about Wealth Associates South Africa (Pty) Ltd
The Wealth Associates South Africa Group is a well-established wealth and asset management business that has been in existence for 17 years and in addition to wealth management they also have strong capabilities in holistic financial planning and fiduciary solutions as well as short-term insurance. Wealth Associates holds all the requisite licensing agreements and is accredited with 72 of South Africa’s leading product providers including life companies, asset management companies, short-term insurance providers and legal and accounting businesses. Wealth Associates has a staff compliment of 40 financial advisers and 50 administrative support staff.
More about Carmel Wealth (Pty) Ltd
Carmel Wealth is the new investment holding company of Wealth Associates South Africa (Pty) Ltd. Carmel Wealth (Pty) Ltd is not itself a financial services provider but will be utilising the licenses of acquired entities. Carmel Wealth will provide strategic direction on the acquisition and integration of additional wealth management businesses into the group, as well as the enhancement and expansion of the local and global investment capabilities of the group, amongst other things.
