| Mon 14 Jun 2010, 14:50 | | PSG - PSG Group - Voluntary Announcement: PSG Group to streamline its asset |
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PSG
PSG
PSG - PSG Group - Voluntary Announcement: PSG Group to streamline its asset
management business
PSG GROUP LIMITED
Incorporated in the Republic of South Africa
Registration number 1970/008484/06
JSE share code: PSG & ISIN: ZAE000013017
("PSG Group")
VOLUNTARY ANNOUNCEMENT: PSG GROUP TO STREAMLINE ITS ASSET MANAGEMENT BUSINESS
The PSG Group has embarked on a restructuring process to streamline the holding
company of its various asset management businesses, PSG Fund Management. The aim
is to provide for a focused and simplified asset management business to pave the
way for future growth opportunities.
PSG Fund Management to date followed a strategy of growing various asset
management boutique teams, independently from one another. This structure is now
to be abridged for more focus.
The key executives that will drive the process are Ross Breedt who will head the
marketing and sales, Adrian Clayton the equity centric asset management, JP
Matthews the fixed interest and hedge fund asset management, Rene Miles the
retail investment platform with Mike Smith as chief operating officer of the
whole combined business.
Making the announcement, Jaap du Toit, PSG Fund Management chairman and co-
founder of PSG Group, said PSG Fund Management has now reached critical mass
with assets of more than R24 billion under administration and close to R12
billion under management.
"To realise opportunities for future growth, we now need a more focused approach
to benefit from synergies that have developed from these successful boutique
businesses. This will entail a simplified product range with a specifically
branded PSG range of funds, clearly differentiated business units and combined
research capabilities.
"The restructure of PSG Fund Management is in line with PSG Group`s strategy for
growth and is a concerted effort to create a significant player in the domestic
asset management industry", Du Toit said.
Breedt said investors want and need simplicity, not unwieldy products. The key
is a simple and easily understandable range of products. Complexity and brand
confusion weaken the impact for investors.
PSG Fund Management distributes its products to various independent financial
advisors including that of PSG Group`s own independent financial advisor force.
Through this, PSG Group has acquired an enviable asset base of approximately R96
billion in retail assets, which is managed largely by various external asset
managers.
Testimony to the good equity fund management capability within PSG Fund
Management is the performances of the PSG Tanzanite Flexible Fund and PSG Alphen
Growth Fund. According to 31 May 2010 Morningstar Rankings, PSG Tanzanite
Flexible Fund was ranked top decile over 1, 3 and 5 years and ranked first in
its sector over 2 and 3 years. The PSG Alphen Growth Fund have attained Standard
& Poors awards in 2004 and 2006 and further won a raging Bull Award in 2005 and
was the top performing equity fund in the general equity sector in 2009.
A refocused asset management strategy means that PSG Fund Management will be
ideally positioned to capitalise on its existing asset management expertise,
thereby growing its market share within the bigger PSG Group as well as in the
wider investment market.
Issued by MediaVision on behalf of PSG Fund Management
Media enquiries
Ross Breedt
Tel: 021 799 8000
Cell: 083 627 5955
E-mail: rossb@psgis.co.za
Gerhard Cloete
MediaVision
Cell: 083 300 6850
E-mail: gerhard@mediavision.co.za
Stellenbosch
14 June 2010
Sponsor to PSG Group
PSG Capital (Pty) Limited
Date: 14/06/2010 14:50:01 Produced by the JSE SENS Department.
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