Sajeel Maharaj says Citadel aims to be a place where exceptional people undertake the best work of their careers.
New Citadel chief executive Sajeel Maharaj’s leadership philosophy is based on stewardship, a word that also describes the intimate relationships that Citadel develops with its clients.
He took the reins from the start of July after working for nearly seven years as the chief operating officer.
The entity he took over is significant: Citadel has R432bn in combined assets under management, advice and administration, as well as 9,880 clients and 453 employees.
That scale makes cohesion across the business important. It is vital for the full Citadel team – consisting of 25 separate business units – to work in harmony, Maharaj says.
‘Internally, I want us to be known as the place where exceptional people can come and do the best work of their careers, where people feel empowered, developed and trusted,’ he said.
‘If in my time, the business can become stronger, more resilient and more trusted and we remain true to our values while adapting to a changing world, that would probably be the most meaningful measure of success for me.’
Vertically integrated
Maharaj described Citadel as a vertically integrated wealth ecosystem, built over 33 years. The central proposition is that clients have one point of contact – their adviser – for their entire wealth ecosystem rather than having to deal with multiple external providers. This is a key differentiator from competitors.
This integrated approach extends to Citadel’s ownership structure. About 75% of Citadel employees are direct or indirect shareholders, which creates alignment and an ownership mentality, Maharaj says.
His own passion for investing predates his career in financial services, going all the way back to high school. Eventually, a book by Lisa Endlich, Goldman Sachs: The Culture of Success, opened his eyes to the world of investment banking.
‘That one book did probably change my career trajectory. It made me quite interested in the broader world of finance.’
He went on to study actuarial science at UCT, followed by economics, before moving into investment banking.
Later, he spent 10 years in London working for investment banks Merrill Lynch and Hawkpoint. The move to London forced him to build a career in an unfamiliar environment and exposed him to both the intensity of investment banking and the dynamic world of global finance.
He returned to South Africa in 2014, where he worked for Standard Bank and Deutsche Bank before moving on to Peregrine before finally joining Citadel in October 2019.
His varied career has reinforced his belief in the importance of continuous learning and curiosity. He believes that people in financial services must continually challenge themselves to improve and simplify their work, while remaining relentlessly focused on delivering value to clients.
Importance of culture
Another major lesson has been the importance of culture. He contrasts Citadel with the huge investment banks he worked for, where employees could feel like small components of enormous corporate machines.
He described culture as an organisation’s ‘operating system’, determining how priorities are executed.
He also stressed focus. Citadel intends to grow its core advice business organically while selectively pursuing partnerships rather than chasing every opportunity.
Maharaj sees technology and AI as major forces reshaping wealth management, but not as replacements for human advisers. Citadel is already using AI in several areas: developers use it for coding, asset managers use it for investment research, advisers use chatbots linked to Citadel’s internal reporting and practice management systems, and the business at large using it to improve administrative processes.
The objective is to allow advisers to service clients more efficiently and effectively. Maharaj says AI should augment the trusted human relationship between adviser and client rather than replace it.
Published by: Citywire written by Justin Brown