Carmel Wealth PTY Ltd, a leading South African wealth management firm is proud to announce a strategic investment from Correlation Holdings, Limited (Correlation) and an increased equity stake from ThirdStream Partners LLC. These investments underscore Carmel Wealth’s commitment to driving future growth and delivering superior outcomes for independent financial advisors (IFAs).
Strategic Partnerships
Correlation, a UK-based privately held investment company, specialises in long-term strategic partnerships with premier financial services companies. Their backing of Carmel Wealth aligns with their mission to support highly experienced entrepreneurial businesses. ThirdStream Partners LLC, a US-based private investment entity, has also increased its equity stake in Carmel Wealth. ThirdStream is known for investing in venture and strategic opportunities in leading financial technologies (FinTech) and financial services.
Supporting Future Growth
Since its inception in January 2023, Carmel Wealth has experienced solid growth. The firm focuses on providing IFAs with strategic growth opportunities and flexible retirement and succession solutions. By assisting with long-term capital, technology enablement, compliance and risk services, investment solutions, and proposition enhancements, advisors can deliver superior outcomes to their clients and unlock enterprise value.
Strengthening Independence
The closing of these investments is a testament to Carmel Wealth’s unique growth strategy, which will now be significantly enhanced by Correlation’s and Thirdsteam’s extensive knowledge, experience, permanent private capital, and patient long-term approach. Independence remains core to Carmel Wealth’s value proposition. The resources and long-term investments from Correlation and Thirdstream Partners will ensure that Carmel Wealth’s management team and growing complement of independent financial advisors continue to direct the business in all respects.
Statements from Leadership
Nico Marais, Chair of Carmel Wealth
“We are excited by this vote of confidence in Carmel Wealth. We are committed to offering South African advisors a home where they can truly focus on their clients, access capital, and enjoy attractive retirement and succession options while providing best-in-class solutions at competitive fees.”
Hans De Nysschen, CEO of Carmel Wealth
“As a leadership team, we have invested considerable effort in planning our growth strategy and seeking patient, long-term capital that understands this strategy. Both Correlation and Third Stream have stood out as being like-minded partners who fully grasp the unique opportunity to provide Independent Financial Advisors with a superior platform for growth and capital value unlocking.”
Jaco Marx, Partner at Correlation
“Carmel Wealth has developed a unique proposition to offer growth capital to IFAs, alongside flexible succession and retirement solutions for an aging IFA community. There are few independent Wealth Management firms in South Africa where advisors are equity partners and actively participate in running the firm rather than being treated as asset gatherers. This model highly correlates with Correlation’s proven partnership model.”
Blake Grossman, Partner at Thirdstream Partners
“We believe that investors should have access to the best global investment, tax, and structuring
solutions, and are confident that Carmel Wealth is uniquely positioned to deliver these solutions
in the South African marketplace.”
Contact Hans de Nysschen (CEO) or Kathryn van Dongen (COO) for more information:
Contact details:
hans@carmelwealth.co.za
kathryn@carmelwealth.co.za
About Carmel Wealth
Carmel Wealth, a privately owned investment holding company launched recently after extensive research into the local and offshore wealth- and asset management industries. The firm strongly subscribes to the principle of structural independence, ultimately benefitting advisors and clients alike, and supported by the notion that independent and objective advice with no compulsion to support a particular product provider, invariably leads to more positive investment outcomes. The holding company was established in 2022 and is actively acquiring established wealth management businesses and recruiting quality independent advisors. Wealth Associates – a well-established independent, and reputable advisory firm with an 18-year-old track record, was the first such acquisition concluded in April 2023, as the start of its determined growth and acquisition strategy. Dr Nico Marais, Chairman and co-founder has held executive positions in some of the world’s largest wealth management firms including Barclays Global Investors, Blackrock, and more recently was the CEO of Wells Fargo Asset Management and Senior Adviser to Alllspring Global Investments. At the helm is CEO Hans de Nysschen, ex-PSG and an industry stalwart with over 25 years of management experience spanning financial services disciplines such as mergers and acquisitions, insurance, investments, wealth management, private equity, and venture capital.
