Seriti Capital Partners buys Cannon Asset Managers
Seriti Capital Partners (“Seriti”) is delighted to announce the purchase of 100% of the shares of Cannon Asset Managers (“Cannon”) from Bidvest Financial Services, with effect from 1 September 2021.
The day-to-day operations of the business will continue as before, under a new executive team who bring a wealth of experience and insights to the business, and will add to Cannon’s already robust investment process. The incoming CEO is Simpiwe Mayekiso, Tshepo Modiba takes over as Chief Investment Officer while Deshan Naidoo will assume the role of Chairman.
Of significance, this acquisition will create one of the very few black-owned asset management companies which will have a fully fledged global offering.
Simpiwe Mayekiso is an experienced asset management and private equity professional, with over 20 years’ of experience. His experience spans a variety of sectors, managing multi-billion rand portfolios and funds. He has extensive capability across listed and unlisted equity investments, and has represented private equity funds on various boards, to drive strategy of investee companies. His experience also includes entrepreneurial ventures in his personal capacity, in the mining and manufacturing sectors.
Prior to joining Cannon his career included stints at Kenana Fund I Partnership (CEO and Principal), Eskom Pension and Provident Fund (Portfolio Manager), Pan African Private Equity Funds (Chief Investment Officer) and Kagiso Ventures Limited (Investment Manager).
Tshepo Modiba has over 13 years’ experience as an investment professional, three of them at Cannon where he was a Senior Investment Manager responsible for the Cannon Global Equity, Global Best Ideas, Global Diversified, Global High Yield and Global Opportunities funds as well as heading up Portfolio Construction. Tshepo co-founded Seriti in 2013 where he was a director, CIO, portfolio manager of the Seriti Global Equity Portfolio and custodian of the investment process. More recently, Tshepo co-founded Seriti Advisory, a strategic advisory and capital structuring company. Tshepo has a BSc (Hons) in Mathematical Statistics and is currently completing his MSc in Mathematical Statistics.
Deshan Naidoo has nine years’ senior management experience in manufacturing and finance. He is the managing director of Aventure Capital, a boutique management consultancy and investment holding company, which he founded in 2014. Deshan also knows Cannon well, having been an Associate Investment Manager with the company in 2012-2013. He holds a BCom in Economics and Finance and is currently completing a Masters in Management, specialising in Digital Business.
“There is a natural fit between the business and the team, at Cannon our motto is Rigour, Resilience and Results. We question absolutely everything. Cannon will continue to focus on managing its clients’ assets according to their manadates, be it wealth that needs to be prudently managed to generate a monthly income, through to patient capital that has a longer-term growth objective,” states Tshepo Modiba of Cannon Asset Managers.