Apr 16, 2019

Hollard welcomes Sithega Investment in Prescient Holdings

Article by Hollard

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The Hollard Insurance Group, South Africa’s largest independent insurer, welcomed today’s announcement of the acquisition of a controlling equity stake in award-winning global financial services group, Prescient Holdings, by investment management company, Sithega. The stake was acquired through Sithega’s newly-formed financial services fund, to which Hollard and its majority shareholder, Yellowwoods, have committed R250 million, and in which they are anchor investors.

Speaking from Hollard in Parktown, Johannesburg, Hollard CEO Saks Ntombela said, “We are excited about this transaction as it represents an important step in realising Sithega’s vision of creating a significant black-owned and black-run, non-banking financial services investment company focusing on life and short-term insurance, as well as asset management.

Hollard and Yellowwoods’ involvement with Sithega forms part of both groups’ strategies to empower black entrepreneurs in the financial services sector. We are excited both by the team and its vision that managing director, Thabo Dloti, has assembled. The investment in Prescient signals the start of a journey that will see Sithega drive the development of simple, holistic solutions that leverage technology to improve the accessibility of non-banking financial services for all South Africans.”

Reflecting on the significance of this transaction for Sithega, Dloti said “We are pleased to partner with Hollard and Yellowwoods and value their support of our vision to create the magic of financial freedom and make it accessible to all. Sithega has chosen to invest in and partner with Prescient because we fully subscribe to Prescient’s investment philosophy, which is anchored on consistency and predictability of returns for investors. We believe that our shared industry knowledge and experience will support Prescient’s growth and unlock value while the business strengthens its capabilities and continues to focus on client delivery.”

“We are proud of the role  have played in enabling Sithega’s truly transformational journey to reach its next stage, as we know this journey will contribute significantly to enabling more people to create and secure a better future,” concludes Ntombela.

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