We are excited to share the news that Anchor Capital is embarking on a new chapter as we merge with UK-based wealth manager Credo. This strategic merger marks a significant step in our ongoing commitment to provide clients with the best possible investment opportunities and services. The new global holding company will own 100% of both Anchor and Credo.
We view our clients as global investment citizens and this strengthens our ability to service clients. Anchor already has offices and investment licences globally and this transaction expands our global presence and reach. The combined group will have around two-thirds of its assets in global markets.
Critical mass is also increasingly important in our industry and the resultant R230 billion group will make us one of the biggest wealth and asset managers in South Africa. We began our dream 12 years ago and are very proud to have reached this milestone. This enables us to invest further in technology, global investment resources and meet the increasingly stringent demands of the regulators.
We pride ourselves on having maintained the boutique and personal feel, as we have grown into a mid-sized business (R120bn) over the last decade. We will try even harder as we take this next step in our evolution and Credo has a very similar culture and level of personal service.
The combination of the two businesses broadens our investment product range. Credo has a value-biased approach to equity markets in contrast to the growth and quality bias of Anchor. These complement each other and in the recent South African Raging Bull Awards, Anchor won the award for the best three year return in global markets, while Credo was the best performer over one year. In the recent 2023 Citywire Wealth Manager Investment Performance Awards, Credo won the Best Small Firm award in the United Kingdom for investment performance.
Credo is a privately owned Wealth Management and Asset Management business that was founded in the United Kingdom over 25 years ago. Credo provides wealth management services to predominantly high net worth clients, as well as operating a global investment platform. The business has over 100 staff and 7500 clients. Credo has some £4.6bn (>R100bn) assets under custody. This, together with Anchor’s R120bn of assets will almost double the size of the business.
We are really excited about the possibilities that this merger brings and are confident that it will result in even more benefits for our valued clients.
Chief Executive Officer