It is the end of another financial year where Citadel Investment Services experienced a very solid performance. The company finished off the year with inflows of R3.7bn, bringing total assets under management to R34.1bn. In addition, its client retention rate remains one of the best in the industry, at 98%.
There have also been some exciting developments within the business, says Andrew Möller, CEO of Citadel.
“Following the acquisition of Cannon Asset Managers last year, the equity teams of Cannon and Citadel Asset Management have merged. This has created a consolidated unit of great experience that will add value to our clients’ portfolio.”
Citadel also became one of the first companies to launch a tax-free investment plan in March 2015 when legislation allowed for it. Möller explains, “Although the investment limits are relatively low, we view it as a necessary part of our expanded product offering.”
In addition, the company has seen a number of initiatives that were undertaken over the past year starting to bear fruit. “Citadel’s relationship with Mercantile Bank is gaining traction and we are enjoying more opportunities to meet with Mercantile clients,” says Möller.
Finally, Citadel received several accolades at the Moneyweb-Intellidex Top Private Banks and Wealth Managers in South Africa awards held on 27 May. Citadel scooped joint first place in the Successful Entrepreneur category and second place in the Wealthy Executive category.