Specialist wealth management company, Citadel has acquired a 100% stake in Precept Wealth Solutions (PWS), effective 1 August 2021.
Acquisitions that add value to the company and its clients is an integral part of Citadel’s growth strategy. Citadel CEO, Andrew Möller, says, “This strategy has resulted in Citadel becoming one of the most influential leaders in the South African wealth management space.”
In recent years, Citadel has acquired the Wealth Corporation, Consolidated Financial Planning, Purpose Wealth and Point 3. These transactions, coupled with organic growth, have seen Citadel’s assets under management grow to more than R70 billion, as at end July 2021, and has created a vertically integrated company that is able to offer a holistic wealth management solution.
PWS is a boutique financial services provider, with 450 clients in Gauteng, the Western Cape, and KwaZulu-Natal, and R2.15 billion in assets under management. “Citadel and PWS share a similar company culture and philosophies, which makes this a good fit. We welcome PWS founder Mandy Stratfold and her team to Citadel and believe PWS clients will greatly benefit from our specialist services,” says Möller.
Citadel was founded in 1993. Over the last 28 years, the company has expanded to offer advisory services, financial planning, fiduciary services, foreign exchange, risk cover and philanthropy for high-net-worth individuals. Citadel has 10 offices across South Africa, as well as an office in Guernsey, in the Channel Islands.
Citadel’s acquisition strategy has also benefitted the business from the wealth of talent that has been integrated into its staff complement. “We have built up a team of highly skilled professionals. People who align with Citadel’s ethos of quality service to our clients,” notes Möller. This ethos has resulted in Citadel maintaining an above 99% client retention rate. “This is an important metric for the company,” says Möller, who believes that one of the success factors for Citadel is its client-centric approach to investing. “We have 451 employees who, each and every day, have one job, which is to design and maintain bespoke client wealth management solutions. We’ve managed to maintain our single-minded focus on that task, and we will continue with our focused approach.”