SERITI Capital Partners has announced the purchase of 100 percent of the shares of Cannon Asset Managers from Bidvest Financial Services. File photo.
SERITI Capital Partners has announced the purchase of 100 percent of the shares of Cannon Asset Managers from Bidvest Financial Services, with effect from September 1, to create one of the few black-owned asset management companies with a fully fledged global offering.
The value of the deal was not disclosed.
“The day-to-day operations of the business will continue as before, under a new executive team who bring a wealth of experience and insights to the business, and will add to Cannon’s already robust investment process. The incoming chief executive is Simpiwe Mayekiso. Tshepo Modiba takes over as chief investment officer, while Deshan Naidoo will assume the role of chairman,” Cannon said in a statement.
Cannon said Mayekiso was an experienced asset management and private equity professional, with more than 20 years of experience in a variety of sectors, managing multibillion-rand portfolios and funds.
Seriti Capital Partners was founded this year by Modiba and Naidoo, both of whom were former employees of Cannon Asset Managers. Bidvest Financial Services acquired Cannon in 2018 from Citadel Wealth Management with the aim of adding to its banking and insurance operations.
BUSINESS REPORT ONLINE
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