THE G SPOT
GIULIETTA TALEVI: Listed companies taking flight
Nothing is ever as bad as it seems [even if] it’s not as good as you hoped, says Peregrine’s Robert Katz
In light of a spike in JSE de-listings, the FM caught up with Robert Katz, CEO of Peregrine, one of the companies mulling an offer to delist. Peregrine also happens to be sharply exposed to the shrinking JSE through its advisory business, Java Capital. At least Peregrine’s wealth business, Citadel, is booming, helping it report a 15% increase in interim headline earnings recently. Which suggests that the fear stalking local markets isn’t all bad?
Hundred percent. Citadel is an advice-led asset manager, very different to a long-only asset manager. We are finding — in this weak economic environment where there’s a lot of fear — that Citadel is proving to be somewhat countercyclical. We [have] record inflows and retention levels are better than ever before, and because of that clients are flocking to a safe-haven, wealth-led asset manager because they need advice on what to do...
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