Nedcor Wealth Management sells Isle of Man fund bu
Nedcor Limited - Nedcor Wealth Management sells Isle of Man fund business
NEDCOR LIMITED
(Incorporated in the Republic of South Africa)
Registration number: 1966/010630/06
JSE share code: NED
ISIN code: ZAE000004875
(`Nedcor`)
NEDCOR WEALTH MANAGEMENT SELLS ISLE OF MAN FUND BUSINESS
As part of its strategy of reviewing all non-core businesses within the group,
Nedcor has sold its offshore fund administration and management business in the
Isle of Man to Bank of Bermuda (Isle of Man) Limited, which is owned by HSBC,
with effect from 14 September 2004.
In terms of the sale agreement, Nedcor will receive GBP2,55 million for the sale
of the entire share capital of BoE International Fund Services Limited and BoE
International Fund Managers Limited, in addition to a pre-sale dividend of
GBP1,375 million. This results in a net capital profit on sale of approximately
GBP1 million after costs.
The business administers 50 funds with approximately GBP1,2 billion of assets
under administration and employs 17 staff.
Commenting on the sale, Andrew Lodge, Managing Director of Nedcor`s asset
management business in the Isle of Man said: `To be successful in the fund
services business requires a global presence and state-of-the-art technology.
Following Nedcor`s acquisition of BoE, it was clear that BoE Fund Services was
not a core offering of our International Wealth Management Division and a sale
would be the preferred option to provide clients and staff with access to a
growth business.
`Nedcor continues to have a strong presence in the Isle of Man spanning fund
management through NIB International Asset Management Limited, an offshore fund
supermarket, Nedcor International Fund Xchange, and private banking through
Gerrard Private Bank. We will continue to be a major client of the BoE Fund
Services business.`
Sandton
17 September 2004
For further information kindly contact:
Tier 1 Investor Relations
Tel: +27 (0)21 702-3102
Date: 20/09/2004 01:15:04 PM Produced by the JSE SENS Department
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