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New player

06 November 2004 Angelo Coppola

Sanlam Life and Citadel Holdings formed a joint venture to provide a comprehensive client solution offering to new and existing high net worth clients of Sanlam.

The new joint venture, which is subject to the necessary approvals, will be a stand alone business with its own brand, endorsed and supported by Sanlam and Citadel.

It will operate in Johannesburg and Cape Town from mid January next year, later extending to other areas.

The joint venture will use the Citadel client service and investment models to implement integrated and personalised advice to high net worth clients with minimum portfolio investments of R 2 million.

The Citadel team will work closely with Sanlam’s network of advisers and intermediaries to ensure the most relevant solutions for their client needs.

The joint venture will have its own board of directors with representatives from both Sanlam and Citadel.

Quick Polls

QUESTION

As National Treasury mulls a two-bucket retirement system, mandatory contributions and preservation, regulation 28 is being amended to allow up to 40% of retirement fund assets to be invested in SA-based infrastructure… Which of the following retirement fund ‘tweaks’ would you consider most beneficial to your clients?

ANSWER

Give fund members emergency access to retirement savings
Let fund members invest 40% in infrastructure
Let fund members invest 40% offshore
Mandatory preservation when resigning from a fund
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