We are proud to announce that we have acquired Point 3, an independent Pretoria-based financial services firm. The transaction was completed on 22 July 2020.
We are excited about the opportunities that this acquisition unlocks for the Point 3 client base.
DETAILS OF THE TRANSACTION
Over the years we have successfully acquired several companies in the wealth management space. Acquisitions are the cornerstone of our growth strategy. We are open to deals that truly add value, that allow the Citadel Group to unlock synergies and gear off the benefits of an already fully vertically integrated business.
Citadel is well-positioned to offer the Point 3 client base a wider range of local and offshore investment solutions.
Critically, the synergy between the two organisations in terms of approach to financial planning, investment management, transparency and reasonable fees points to a clear cultural fit. Both organisations share a deep commitment to ensuring personalised service and offering bespoke solutions.
The Point 3 team, including Point 3 Directors Mark Botes and Heinrich Swanepoel, have joined Citadel and will initially focus on ensuring a smooth transition for Point 3 clients as they are welcomed into the Citadel family.
Citadel, a specialist wealth management company that blends financial advisory and investment excellence with a highly client-centric service offering, was founded in 1993. The company is renowned for its fiercely guarded independence, its exemplary client service, deep and abiding family relationships and its wide range of solutions and services.
Today, Citadel employs 458 people and services 8 900 clients out of offices located in the Western Cape, Gauteng, Eastern Cape, KwaZulu-Natal, Mpumalanga and Guernsey, in the Channel Islands. The company has R60 billion in assets under management and an industry leading client retention rate of 99%.
ABOUT POINT 3
Point 3 launched in 2001 in response to a very specific need to provide financial services and advice to the clients of Moores Rowland, a tax consultancy. As time passed the personal client relationships which Mark and Heinrich were able to build, would create the foundation for the company’s future success. In 2011, HSS Financial Services merged into Point 3.
We look forward to this new chapter, together.