Former Liberty CEO Thabo Dloti, who left after clashing with the board about the insurer’s strategic direction, has made a comeback, with a plan to shake up the asset-management industry in which black participation is still minimal. Investment management company Sithega Holdings, co-founded by Dloti, formally launched its partnership with fund manager and stockbroker Prescient, which delisted from the JSE in 2017, on Monday. The deal will see Prescient become a majority black-owned asset-management company. Sithega and Prescient first announced a possible empowerment deal in April 2018, but it took another year to implement the transaction. Prescient had to obtain regulatory approvals in the jurisdictions where it operates, which include China, Ireland, Namibia and Botswana. With all approvals now in place, Prescient founder and executive chairman Herman Steyn said that the company was ready to grow into a mid-sized independent asset-management company. "It’s a very important time ...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, Morningstar financial data, and digital access to the Sunday Times and Times Select.

Already subscribed? Simply sign in below.



Questions or problems? Email helpdesk@businesslive.co.za or call 0860 52 52 00.