Wingate in JV
Wingate Group has formed a joint venture with South African investment company Safika Holdings, appointing Safika chief executive Moss Ngoasheng to Wingate’s board of directors. Safika has also taken a stake in Wingate through an issue of new shares as part of the deal.
The joint venture will be called Winsaf and will undertake principal investments in Australia, Asia, and Africa, focusing on financial services, transport and logistics as well as the industry, mining and resources sectors.
Safika head of investment Marc Ber will take on the additional role of chief executive of Winsaf.
Wingate head of private equity Steve Lipchin and the managing director of Wingate’s Capital Solutions, Richard Blumberg, will be responsible for developing Winsaf.
Managing director Farrel Meltzer said the joint venture would provide assistance for Australian businesses looking to expand into Africa.
“Winsaf will open up opportunities in the African continent, which is experiencing high growth, for Australian investors, and through the very useful connections of Safika provide assistance to Australian businesses that are seeking to expand into Africa,” Meltzer said.
“It will also bring new opportunities for Wingate clients to co-invest in companies that Winsaf indentifies having substantial upside,” he added.
Wingate and Safika have complementary expertise and approaches in principal investment, Meltzer said.
Recommended for you
The FSCP has announced its latest verdict, suspending an adviser’s registration for failing to comply with his obligations when providing advice to three clients.
Having sold Madison to Infocus earlier this year, Clime has now set up a new financial advice licensee with eight advisers.
With licensees such as Insignia looking to AI for advice efficiencies, they are being urged to write clear AI policies as soon as possible to prevent a “Wild West” of providers being used by their practices.
Iress has revealed the number of clients per adviser that top advice firms serve, as well as how many client meetings they conduct each week.
