Citadel acquires Consolidated Financial Planning

Online since 13.01.2016 • Filed under Industry news
Citadel acquires Consolidated Financial Planning

Citadel Investment Services Proprietary Limited, a leading private client wealth management company with assets under management in excess of R38 billion, is delighted to announce that its holding company, Citadel Holdings Proprietary Limited (“Citadel”), has acquired 100% of Consolidated Financial Planning Proprietary Limited (“Consolidated”), a financial planning and advisory business.

The Citadel group offers a completely bespoke financial roadmap for clients and their families offering services which cover all aspects of financial management from investing and asset allocation to risk management, tax and fiduciary services. By acquiring Consolidated, which provides professional, independent financial advice to individuals, trustees and companies, the Citadel group’s total staff complement will rise to over 470 nationally, including 107 financial advisors, and assets under management and advice will rise to over  R42 billion.

The Citadel group has acquired 100% of the Consolidated shareholding from current shareholders Betty & Dickson Holdings Proprietary Limited, PPS and management, with effect from 1 January 2016.

The deal brings complementary services and scarce resources together: three Consolidated advisors have won the coveted “Financial Planner of the Year” Award and several have been finalists and runners up. The transaction will also see Citadel grow its share of the institutional market where Consolidated has a significant exposure through employee benefits consulting and corporate solutions.

Commenting on the investment, Andrew Möller, CEO of Citadel said: “We are delighted with this acquisition. It will allow Citadel to reach a new target market and will provide us with significant growth opportunities. This will also afford us an enhanced geographic footprint and additional services to offer clients. We believe that there are important synergies to be realised from this transaction, to the benefit of our clients. We are combining the best experts in the industry.”

Mike LLedo, CEO of Consolidated, noted that “We are excited about this deal. It will provide clients with global reach via the Stenham Group based in the UK and Guernsey and it underscores the value of the Consolidated offering. As part of Citadel, we will continue our philosophy of providing bespoke advice to clients. We have found a partner which extols the same philosophy and values as we do.”

 

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