Bidvest Financial Services acquires Citadel’s stake in Cannon Asset Managers

Dr Adrian Saville

Cannon Asset Managers was established in 1998 by Dr Adrian Saville and in January 2015, Citadel Investment Services (Pty) Ltd acquired a controlling stake in the business. The Citadel Group has benefitted greatly from Cannon’s insights and experience. However, both entities agree that the time has come for each of them to concentrate more effectively on their respective areas of focus.

Bidvest Financial Services – which comprises Bidvest Bank, the Bidvest Insurance Group and Master Currency Foreign Exchange – has acquired Citadel’s stake in Cannon Asset Managers in order to continue its efforts to expand its financial service offering. Cannon will operate as a separate business in the Bidvest Financial Services division, and work closely with Bidvest Bank and the Bidvest Insurance Group.

For Bidvest Financial Services, this acquisition further diversifies its customer value proposition from Bidvest Bank’s traditional fleet and forex operations and expands its financial services offering to include investment management.

For Cannon Asset Managers clients, there will be no change in terms of day-to-day operations: the same team – comprising Dr Adrian Saville: Chief Executive, Samantha Steyn: Chief Investment Officer, Tlotliso Phakisi: Investment Analyst, Doug Turvey: Private Client Portfolio Manager and Silindile Ngubo: Institutional Client Accounting Officer – continues to manage the portfolios applying Cannon Asset Managers’ well-developed investment philosophy and disciplined process.

“Over time, the team’s focus on delivering value has facilitated the building of a solid track record – ranging from wealth that needs to be prudently managed to generate a monthly income through to patient capital that has a longer-term growth objective,” Cannon Asset managers said in a statement.

“This track record in asset management will allow Cannon to fully harness the investment capabilities offered by Bidvest Bank and the Bidvest Insurance Group.”


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