Anchor Capital creates R225 billion asset management giant

Anchor Capital has merged with UK-based wealth manager Credo, creating a wealth and asset management business with R225 billion in assets under management.

Credo is a privately owned wealth and asset management business that was founded in the United Kingdom 25 years ago.

Credo provides wealth management services to predominantly high-net-worth clients and operates a global investment platform.

The business has 100 staff members and 7,500 clients. Credo has £4.6 billion (R105 billion) in assets under management.

This, together with Anchor’s R120 billion of assets, will create a global investment and wealth powerhouse.

Anchor Capital Peter Armitage said the new global holding company will own 100% of both Anchor and Credo.

Anchor already has offices and investment licences globally, and this transaction expands our global presence and reach.

“The combined group will have around two-thirds of its assets in global markets,” Armitage said in a statement.

“The resultant R230 billion group will make us one of the biggest wealth and asset managers in South Africa.”

He added that the combination of the two businesses broadens their investment product range.

Credo has a value-biased approach to equity markets in contrast to Anchor’s growth and quality bias.