GGBwealthcare (GGBW) and CREDO GROUP HOLDINGS LTD (Credo) are pleased to announce that they have signed a Letter of Intent under which Credo will acquire 30% of GGBW’s issued shares and will provide GGBW with a working capital facility, as well as various client reporting, client support and general administrative services, subject to the fulfilment of certain conditions by 31 October 2009.
GGBW is a Sydney-based, globally focused multi-family office business established by Alan Greenstein, Steven Gross and Keith Betty which was recently issued with its Australian Financial Services Licence. Until their immigration to Sydney in January 2009, Greenstein and Betty were formerly respectively Group MD of Sasfin Holdings Limited and CEO of Peregrine Holdings Ltd, both highly regarded, listed South African financial services groups. Gross was, until December 2008, the Head of Research and senior Investment Manager for LFG Holdings, the Lowy family’s private investment company. All three have extensive experience in the wealth management and financial services sectors.
Credo, with its head office in Bermuda, is a well-established independent financial services group, operating principally out of London and Switzerland, with offices in South Africa, BVI and Luxembourg. It offers a comprehensive range of stock-broking, discretionary asset management, property investment and trust and fiduciary services. It has developed leading edge client relationship management and global reporting tools on its state-of-the-art ‘MyCredo‘ platform. Although not currently represented in Australia, Credo has a JV in New Zealand called, Ocean Credo Limited and has an existing client base in Australia.
“Both parties are excited by the prospects for this new venture, which will leverage off our extensive networks and relationships, experience and infrastructure to deliver a bespoke service to ultra high net worth families and individuals” says Roy Ettlinger, CEO of Credo Group (U.K.) Limited.
For further information, please contact:
GGBwealthcare: Alan Greenstein +61 (0) 405 316 167
Credo: Alan Noik +44 (0) 20 7968 8300
