Strategic Wealth acquires Prescient Manco
The sale and purchase of Prescient Manco is expected to be completed by May 2021, subject to regulatory approval in Botswana.
Prescient Holdings (Botswana) (Pty) Ltd has entered into a sale of shares agreement with Strategic Wealth (Pty) Ltd regarding Prescient Management Company (Botswana) (Pty) Ltd (Prescient Manco).
Strategic Wealth, a local citizen owned firm has purchased 100 percent of the shareholding in Prescient Manco from Prescient. Both parties say they are positive about the transaction and believe that it will enable Strategic Wealth, through the Prescient Manco, to offer competitive investment solutions to its institutional clients and the investor market in Botswana.
Strategic Wealth says it intends to use the Prescient Manco to make multi manager unit trusts available to its institutional clients and to continue to grow the existing client book, which consists of the excellent unit trust portfolios managed by Kgori Capital, which unit trust portfolios will continue unchanged. According to Strategic Wealth, the aim is to continue to build a sustainable local unit trust business that will benefit from economies of scale. Prescient and Strategic Wealth will continue with their strategic business relationship and are confident that this transaction will be successful for both firms.
The sale and purchase of Prescient Manco is expected to be completed by May 2021, subject to regulatory approval in Botswana. Upon receipt of regulatory approvals, the name of the Prescient Manco will be changing to First Light Multi Manager Management Company (Pty) Ltd (First Light MM). Strategic Wealth says investors can be assured that their investments and investor rights remain unaffected and fully protected. “This acquisition is an important strategic development for Strategic Wealth, providing it with a sound and well-regulated investment platform to be able to deliver cost effective and aligned investment solutions to its institutional clients,” the firm says adding that this transaction also supports Strategic Wealth’s strategy to continue to build its presence and sound reputation in Botswana. “First Light MM will be the first committed multi manager Collective Investment Undertaking (CIU) in Botswana. All administration services for First Light MM will continue to be provided by Prescient South Africa for at least the next five years and the existing excellent service standards and quality will remain unchanged.”