Over the last decade Grindrod Asset Management has become a respected and established participant in the South African financial services sector operating as a specialist asset manager in the retail, private client and institutional markets.
In January this year, the Board of Directors of Grindrod Asset Management announced their decision to introduce Infinitus Holdings (Pty) Limited (Infinitus), an investment holding company focused on high growth businesses in the consumer, industrial and financial services sectors, as a new shareholder in the company.
The transaction sees Grindrod Limited, via its subsidiary GFS Holdings (Pty) Limited, exchange its entire Grindrod Asset Management shareholding for Infinitus shares, thereby increasing its already significant shareholding in Infinitus to 49%. Grindrod Limited is therefore not exiting the business, and retains a major indirect stake in Grindrod Asset Management. Post the transaction, Infinitus will hold 76% of Grindrod Asset Management equity, with staff retaining the remaining 24% interest. This 24% shareholding ensures that key employees’ interests are appropriately aligned with shareholders – a philosophy that Infinitus subscribes to in all its investments.
The transaction enables Grindrod Asset Management to pursue sensible growth strategies throughout South Africa, and provides the opportunity to develop a new identity and an appropriate financial services brand. Effective 17 January 2017, Grindrod Asset Management began trading as Bridge Fund Managers, and Grindrod Collective Investments as Bridge Collective Investments. The Wealth operating divisions in the business have been renamed Bridge Private Clients and Bridge Stockbrokers.
Bridges connect places, people and ideas, provide a secure and more direct route to a destination, and are custom designed for a particular purpose and terrain. But they also require regular maintenance, just like clients’ investment portfolios and plans, to ensure that they produce the desired outcomes. We believe the new name reflects our investment approach and philosophy.
“Whilst the shareholder and brand changes are important steps in the evolution of the business, our determination to continue to deliver exceptional client service and dependable investment outcomes will not change. We remain committed to our core values of integrity, trustworthiness, reliability and approachability,” said Mark Logan, Chief Executive of Bridge Fund Managers.