Nedcor Acquires Franklin Templeton Share Of FTNIBI
Nedcor Acquires Franklin Templeton Share Of FTNIBI SA
Nedcor Limited
Share Code: NED
ISIN: ZAE00000487
Media releases
28 October 2002
Cape Town. Nedcor has acquired offshore asset manager, Franklin Templeton`s 50%
stake in Franklin Templeton NIB Asset Management Company (Pty) Ltd.
The transaction will result in the Nedcor Group becoming the sole shareholder in
Franklin Templeton NIB Asset Management (Pty) Ltd and is subject to the
appropriate regulatory approvals.
Franklin Templeton provides global and domestic investment management services
through its Franklin Templeton Mutual Series and Fiduciary Trust subsidiaries.
It will continue to service the South African market independently of the Nedcor
and Old Mutual group companies.
Says Carla Previtera, FTNIBI`s chief executive officer: "The FTNIBI brand will
remain in place until all regulatory approvals have been obtained. Only at this
stage will the various pockets of the FTNIBI business and its staff, be
integrated into the new BoE Wealth Management structure and elsewhere in the
greater Nedcor and Old Mutual group.
"The aim is to improve the synergies between a host of related wealth creation
and private wealth brands to provide comprehensive financial solutions to all
our clients.
"For the moment, it is business as usual for all our clients and they will
continue to deal with their normal client service person."
Ends
Contact: Carla Previtera
CEO
(021) 488-2115
Date: 28/10/2002 12:18:00 PM Produced by the JSE SENS Department
Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information.
