Citadel, a US-based wealth manager, has acquired 100% stake in The Wealth Corporation.
The acquisition was initially announced 18 months ago with 50% stake in The Wealth Corporation.
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As part of the acquisition, the current COO of Citadel, Andries du Toit will be named as The Wealth Corporation’s CEO and Andrew Finlayson, marketing director of Citadel will be named as a director in The Wealth Corporation.
However, Du Toit and Finlayson will retain their current roles in Citadel.
Andrew Moller, CEO of Citadel, said: "Wealth Corporation has great relationships with its clients and we have been able to add to this through our investment solution, systems and administration platforms. The tie up with Citadel has enabled Wealth Corporation advisors to influence the investment solution in order for its clients to receive something unique in the industry.
We are in the process of looking for opportunities to purchase or align with other IFA practices in the same way that we have with The Wealth Corporation," added Moller.
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