Johannesburg – Sasfin Wealth has appointed a new CEO to take over the reins from Michael Sassoon.
According to a statement released by the wealth management company on Tuesday, Erol Zeki founder of SIPP Investments has been appointed as chief executive. Zeki has 17 years of experience in the industry and has been chief executive of FNB Securities and BJM Private Client Services.
Sassoon will continue to serve as an executive director of Sasfin Holdings and board member of Sasfin Wealth.
“Since Erol has direct portfolio management experience, has run a large private client business in FNB Securities and has established a successful technology-based financial services business, we are confident that this combination of experience is unusual in the market and places Erol in a strong position to lead our business in its next stage of growth,” said Sassoon.
Sasfin has also entered into an agreement to acquire SIPP Investments -this is independent of Zeki’s appointment, the company said. This agreement is still subject to approval by the Reserve Bank, said Bryan Silke, communications manager.
SIPP Investments, which has built strong technology and financial services capabilities, would complement Sasfin’s offering to deliver “seamless solutions”. Sasfin plans to integrate SIPP Investments products and solutions in the coming months.
In September Sasfin announced that after 18 years it would no longer have KPMG as its JSE sponsor and auditor over the company’s implication in the Gupta saga.
The share closed 1.48% higher at R48.76 on the JSE.
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