As we celebrate our 20-year anniversary, we are pleased to announce that Kagiso Asset Management (KAM) is changing its name to Camissa Asset Management as part of an exciting corporate restructuring.
Roland Greaver, CEO and co-founder of KAM says: “This transaction is a positive development at a time when our business is on a strong growth trajectory – on the back of excellent long-term investment performance. Majority staff ownership and greater independence further strengthens the business foundations for the next phase of delivering for our valued clients.”
The restructuring transaction sees founding shareholder Kagiso Tiso Holdings (KTH) sell its 50.1% share in the business to a combination of KAM management and staff, and Sinayo Capital. Paballo Makosholo, CEO of KTH states: “Our 20-year association with KAM has been very rewarding and the sale of KAM is part of KTH’s evolution with a greater focus on fewer large investments.”
KAM’s management and staff have taken control of the business, with a 74% joint shareholding, and Sinayo Capital now owns a substantial minority stake of 26%.
Gavin Wood, CIO and co-founder of KAM says: “Our clients will benefit from the greater alignment of interest with our key professionals that stems from the 24% increase in staff shareholding. Staff ownership promotes a long-term orientation and vision, which aligns well with our high conviction, active investment approach. It has also assisted our team to be remarkably stable over the last two decades. This transaction will bolster our ability to continue to retain the best professionals in the market.”
KAM’s existing Level 1 BB-BEE credentials are further boosted by the increased direct black female ownership. The business is now 30%-owned by black women, via Sinayo Capital and the Martha Molobi Women’s Trust. This trust owns 4% of KAM and has beneficiaries who comprise black female KAM management. Babalwa Ngonyama, CEO of Sinayo Capital, comments: “We are delighted to partner with a management team that have garnered much respect in this fiercely competitive industry. We are passionate about increasing the involvement of women in financial services and this transaction is welcomed as deeply transformative in an industry where female participation still has a long way to go.”
Greaver concludes: “We are looking forward to the new opportunities arising from our partnership with Sinayo Capital, while maintaining our focus on delivering outstanding performance for our clients and providing them with excellent service.”
Kagiso Asset Management
Founded in 2001, KAM is a specialist investment firm that manages funds across the risk spectrum for sophisticated institutional and private investors. Primarily Cape Town-based, we are entrusted with managing just under R50 billion in assets for our clients. Our high conviction, active investment approach is strongly valuation-driven, with somewhat of a contrarian orientation. We manage segregated funds for institutions (such as retirement funds), unit trust funds (within our collective investment management schemes company) and global UCITS funds that are domiciled in Ireland.
Sinayo Capital is the strategic investment arm of the Sinayo Group and is a leading South African women’s investment group, with multiple interests across the financial services industry. Founders, Babalwa Ngonyama and Khumo Shongwe, bring to the business their extensive commercial skills – having served in senior corporate executive roles and on several listed and unlisted company boards for many years.
Martha Molobi Women’s Trust
This trust is named after the wife of the late Eric Molobi – the founding chairman of KAM. Its beneficiaries will exclusively be black female KAM management and staff.
The origin of the new name
Camissa is an ancient Khoi name for Cape Town, where KAM’s head office is located. Camissa means “place of sweet waters”, in reference to the streams that flow down from Table Mountain.