Personal trust mergers with sterling private wealth

Personal Trust International (“Personal Trust”), the independent Trust and Investment Management Company, today announced that it has merged with Sterling Private Wealth (“Sterling”), the Johannesburg-based independent wealth management and consulting business.

As a result of the merger, effective 1 January 2010, Personal Trust now extends it geographic footprint into the economic heartland of South Africa, and establishes a base from which to promote its products and services more effectively to this area of the country. This will of course serve to enhance the level of service to its existing Gauteng clients.

The range of services that Sterling Private Wealth is able to offer its clients has expanded to include Trustee Services, Tax advice, Money Market, Estate Planning and Administration as well as being able to offer clients a discretionary mandate where applicable. The combined entity has approximately R8 billion worth of assets under advice.

Sterling Private Wealth becomes a wholly owned subsidiary of Personal Trust International but will continue to operate as Sterling Private Wealth. The three key individuals at Sterling Private Wealth – Graydon Morris, Lesley Hohne and Joubert Strydom have joined the Personal Trust Board of Directors. Philip Kilroe and Andrew Calmeyer have joined the Sterling Board of Directors.

Commenting on the merger, Managing Director of Personal Trust, Philip Kilroe, said: “Sterling Private Wealth is recognised as a leading wealth management company in Gauteng. Personal Trust has had a long association with Sterling and we are therefore pleased to have created a combined entity. We remain committed to servicing our clients as we always have done and are dedicated to retaining what we believe defines our company, the personal touch.”

Graydon Morris, director of Sterling Private Wealth added: “We have over the past few years, continually assessed ways in which we can broaden our service offering. As such we are pleased to have aligned ourselves with a well-known and respected trust and investment management company. As a result of the merger, Sterling clients can now benefit from a wider product offering and one that we believe will deliver real benefits to our clients. Furthermore, we believe that the businesses are strengthened by the range of skills that the senior members of both companies bring to the Board.