Taquanta financial services goes it alone

Nedbank's three empowered financial solutions offerings established in partnership with the broad-based empowerment consortium, Taquanta, are going it alone under the umbrella of a new black-owned entity, Taquanta Investment Holdings (TIH).
 
This follows the purchase by TIH of Nedbanks majority shareholding in Taquanta Asset Management, Taquanta Treasury Solutions and Taquanta Securities, for an undisclosed amount.  

The deal, which was effective from 1 July 2007, results in the three operations becoming wholly-owned subsidiaries of TIH. The shareholders of TIH are SARHWU Investment Holdings Ltd, Disability Empowerment Concerns Investment Holdings and Dr Vincent Maphai (collectively holding 60%); and current and future management (40%).

The transaction will be partially financed by Nedbank through the issuing of preference shares.

TIH Chairman, Dr Vincent Maphai, describes the deal as a win-win situation for all concerned Taquanta management and staff, Taquanta clients, the Taquanta Consortium and Nedbank.

"The timing of the arrangement was perfect for Nedbank and Taquanta.  We wanted to grow Taquanta because we believed it was a solid operation with a proven track record with the potential to be built into the pre-eminent black-owned financial services company in South Africa," he says. 

Brian Kennedy, MD of Nedbank Capital, says that the entire transaction re-affirms Nedbanks commitment to enterprise development. Nedbank has not only funded the transaction, but remains one of Taquantas largest clients.

Justin Kretzschmar, who has been acting Taquanta CEO since March 2007, will be resigning from Nedbank to head the new company. He takes up the position in August 2007.

Taquanta Asset Managers will continue to be headed by joint-MDs Steve Rogers and Steve Roberts; Peer Iuel remains at the helm of Taquanta Securities as does Neal Anderson at Taquanta Treasury Solutions.

"Apart from moving to new premises, it's business as usual at Taquanta.  We have the same systems in place and importantly, the same team.  TIH, effectively, is a new company with a solid track record consisting of three cash generative divisions with strong balance sheets. 

"The team that heads Taquanta Asset Managers which currently has R24-billion assets under management, is the same team that has seen the company albeit in various guises consistently named as the top performer in cash asset management in leading industry surveys over the past 10 years.  We have the people, the systems and the support of our shareholders to retain that position and build on it," Kretzschmar says.