EMPOWERMENT DEAL
Former Liberty chief Dloti set to shake up asset management
Sithega has finalised its R360m purchase for a 75% controlling stake in Prescient Empowerment Trust to form a majority black-owned asset management company
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 ...
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