Maitland buys remaining Coronation stake in fund services business

Maitland’s fund services business has purchased the remaining 15% interest held by Coronation Fund Managers in FinSource Group Holdings (Pty) Limited, a Maitland company.

Dale Lippstreu, head of Maitland’s fund services business, said: “The link with Coronation is historical, as FinSource grew out of that business some ten years ago. As a fund-administration company, Maitland Fund Services needs to ensure its independence from any one asset manager client. “

“The Coronation stake was significantly reduced when Maitland purchased a majority stake in FinSource in July 2005, and the latest share buyout represents the final stage in that process.”

In August 2007 Maitland announced an empowerment transaction with Ditikeni Trust in terms of which Ditikeni acquired 10% of the issued share capital of FinSource Group Holdings. With effect from 10 January 2008 Dr Sybil Seoka has been appointed as Ditikeni’s representative and non-executive director on the FinSource board.

The shareholding of FinSource Group Holdings is thus currently as follows:

Maitland 66%; Ditikeni 10%; management and staff 24%

Maitland currently has in excess of R300 billion in assets under administration.