Sanlam Private Wealth (SPW), CEO Daniel Kriel, has announced the acquisition of Brackenham Investments by SPW with effect from 1 September 2016 – a move that makes SPW the leading wealth management business in KwaZulu-Natal.
Brackenham Investments is a Durban-based wealth management business founded 16 years ago by three managing partners – Dave Boonzaier, Andrew Haynes and Maurice Koenig. The three built up the business through an unwavering commitment to their clients, focusing on protecting and growing their wealth. This approach saw them build a very attractive business with a client base of just over 400 HNW individuals and an asset base of just over R4bn.
“This decision is in line with our strategic objective of expanding SPW both locally and internationally. The transaction between SPW and Brackenhamis the natural outcome of a partnership based on solid relationships that we have been built over time. We’ve worked together for a number of years and the firm has used our stockbroking expertise, ably provided by Tim Firth and the Durban team, for some time now. We are nevertheless still extremely honoured that our business was their preferred choice when the time came for them to broaden their scope,” says Kriel.
Asked about the decision to join SPW, Boonzaier, founding member of Brackenham Investments, said: “Given the increasing complexity of the regulatory and compliance environment as well as the demand for a broader range of products and services for clients, the need to move into a bigger organisation was imperative in order to offer our clients the best service and value. SPW, having won Top SA wealth manager three years in a row, was the best fit for us both culturally and in terms of investment capability. We look forward to this new chapter.”
The Brackenham Investments’ team and their clients will be integrated with the Durban office over the next six-months. For Brackenham Investment and SPW clients, the acquisition means that they will have access to an even bigger team of exceptional administrators, portfolio and wealth managers as well as an expanded product offering.