Liberty Group, Standard Bank Investment Corporation and Investment Solutions are to form a multi-man...
Liberty Group, Standard Bank Investment Corporation and Investment Solutions are to form a multi-manager asset management company in South Africa.
Liberty Group and Standard Bank will initially own the company. However, Investment Solutions will take a 40% stake on 31 March 31 2005. They also have the option to acquire up to 10% of the company by March 2001.
Rael Gordon, managing director of Investment Solutions, said: "We estimate that the retirement funds market is currently around R600bn and the savings market (for instance unit trusts and life assurers) to be worth a further R1 trillion. That is an exciting market to tap into and we believe that there are plenty of opportunities for the new company to develop.î
The transaction is subject to the necessary regulatory approvals and that of Investment Solutions' shareholders.
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