Momentum Group Limited (Momentum) will acquire 100% of The Bidvest Group Limited (Bidvest) share in FinGlobal Migration Proprietary Limited (FinGlobal).
Johann le Roux, CEO of Momentum Retail, says the acquisition supports their stated strategic intent to invest in financial advice to drive growth.
“FinGlobal’s financial emigration capabilities will not only strengthen Momentum’s existing holistic financial planning, advice and fiduciary capabilities, but also support other industry players’ service offerings,” says le Roux.
Global mobility and emigration to continue
Le Roux says that global mobility and emigration amongst affluent and high-net-worth clients will continue in future.
“Advice plays a critical role in managing the financial realities of global mobility responsibly. The combination of Momentum’s advice capabilities and FinGlobal’s expertise will be of great benefit to clients,” le Roux explains.
A cultural fit
Ryno Viljoen, CEO of FinGlobal says they are delighted to join Momentum.
“We believe it will not only be a great strategic fit but also a cultural one.
“Our shared values and goals, combined with our expertise in South African expat financial affairs developed over the last 15 years, position us well to broaden our collective value propositions to clients”.
All FinGlobal employees will be retained as part of the transaction. The transaction is subject to customary terms and conditions, including approval by the competition authorities.
