Hollard's Sithega buys controlling stake in Prescient Holdings
JOHANNESBURG - South African insurer Hollard Group on Tuesday announced the acquisition of a controlling equity stake in financial services group, Prescient Holdings, by investment management company, Sithega.
Prescient Holdings has businesses in fund administration, securities trading, wealth management and retail products, with an objective to build a global financial services group.
The stake was acquired through Sithega's newly-formed financial services fund, to which Hollard and its majority shareholder, Yellowwoods, have committed R250 million, and in which they are anchor investors.
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.
"We are excited both by the team and its vision that managing director, Thabo Dloti, has assembled. The investment in Prescient signals the start of a journey that will see Sithega drive the development of simple, holistic solutions that leverage technology to improve the accessibility of non-banking financial services for all South Africans."
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.
"We are proud of the role have played in enabling Sithega’s truly transformational journey to reach its next stage, as we know this journey will contribute significantly to enabling more people to create and secure a better future."
- , Editing by Chantall Presence