Top South African wealth manager shooting the lights out

PSG Financial Services has reported a bumper performance for the first half of its 2026 financial year, with assets under management reaching over R500 billion.

The financial services firm is owned by the PSG Group, which was founded by billionaire Jannie Mouton and Chris Otto in 1995.

PSG Group has contributed to building major South African businesses like Capitec, PSG Financial Services, previously known as PSG Konsult, and Curro.

In 2022, PSG unbundled and separately listed PSG Financial Services, which has remained listed ever since. It operates through three divisions – PSG Wealth, PSG Asset Management and PSG Insure.

On Thursday, 16 October, PSG Financial Services released its results for the six months ended 31 August 2025.

These results revealed a strong performance, with 19% growth in assets under management (AUM) to R517.6 billion. The company’s total assets under administration rose by 21% to R721.3 billion.

This AUM comprised assets managed by PSG Wealth of R448.9 billion (18% increase) and PSG Asset Management of R68.7 billion (21% increase), while PSG Insure’s gross written premium amounted to R4.0 billion (6% increase).

Total income from all divisions reached R3.97 billion, up 20.56% compared to the first half of the 2025 financial year.

From a segmental perspective, all three divisions performed well over the period.

PSG Wealth saw its core income increase by 15% during the period, due to a continued increase in management and other recurring fees and transactional brokerage fees.

Client assets managed by PSG Wealth advisers increased to R448.9 billion, which included R11.7 billion of positive net inflows during the period.

PSG Asset Management also shot the lights out, bouyed by higher performance fees, as well as strong growth in management fees of 17.1%.

Client AUM amounted to R68.7 billion as at 31 August 2025, with net client inflows of R0.9 billion during the six-month period.

Assets administered by the division increased by 10% to R292.0 billion, supported by R6.9 billion of multi-managed net inflows.

PSG Insure, boosted by ongoing underwriting improvement initiatives, saw its recurring headline earnings increase by 26%. 

This division also benefited from a more favourable claims environment and an absence of catastrophic storms during the period.

It achieved gross written premium growth of 6% and a net underwriting margin of 15.2%, which is up significantly from 9.1% the prior period.

Overall, PSG Financial Services recorded a profit of R853.63 million, a 30.06% increase compared to the prior period. Basic attributable earnings per share rose by 28.99% to 62.3 cents per share.

The company explained that, while operating conditions remained challenging, more favourable securities market conditions had a positive impact on the group’s results.

“The firm remains confident about its long-term growth prospects, and we therefore continued to invest in both technology and people,” it said. 

“Compared to the prior comparable period, our technology and infrastructure spend increased by 15% (these costs continue to be fully expensed), while our fixed remuneration cost grew by 5%.”