Top South African wealth manager now has R594.1 billion in assets under management

PSG Financial Services continues to go from strength to strength, with the first half of its 2027 financial year showing a 15% increase in assets under management.

The financial services firm now manages R594.1 billion in assets, driven by an outperformance in its Wealth segment.

PSG released its results for the six months through August 2026 on Thursday, 15 October, which showed a strong performance.

The group’s core income grew by 5% to R4.16 billion, while recurring headline earnings per share also rose 5% to 60.9 cents.

PSG explained that this was despite a challenging operating backdrop, with two of its three units reporting declines in recurring headline earnings.

PSG Asset Management and PSG Insure saw their headline earnings decline by 5% and 16%, respectively.

However, this was offset by a 14% increase in its biggest segment, PSG Wealth’s, headline earnings to R464.13 million.

PSG Asset Management came under pressure from lower performance fees, despite its management fees increasing by 20%.

Performance fees contributed only 1.9% of this segment’s headline earnings, as opposed to 7.3% in the year prior.

However, this division still saw R5.5 billion in net client inflows, which raised its client assets under management to R89.2 billion.

PSG Insure came under significant pressure because it had to absorb the impact of Western Cape catastrophe storm events in May 2026.

Its reinsurance programme allowed it to maintain a net underwriting margin of 14.5%, while increasing gross written premiums by 5% to R4.2 billion. 

All of these pressures were offset by an outperformance from the PSG Wealth segment, which saw its core income increase by 13%.

This increase can be attributed to a continued rise in management fees and other recurring fees, along with transactional brokerage fees.

The client assets under management in this segment rose to R504.9 billion in the period, which included R12.8 billion of net inflows.

This segment also saw its financial adviser network expand to 663 wealth advisers as of 31 August 2026.

On the back of these results, PSG declared a dividend of 22 cents per share, up from 20 cents in the first half of its 2026 financial year.