Carmel Wealth, a leading South African wealth management firm, has recently received strategic investments from two global investment companies: Correlation Holdings (Correlation) and ThirdStream Partners (ThirdStream). 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, a US-based private investment entity, has 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, now significantly enhanced by Correlation’s and ThirdStream’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 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 ThirdStream 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 ageing 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:
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.
Carmel Wealth is actively investing in the businesses of like-minded independent financial advisors and top wealth management entrepreneurs as part of its determined growth strategy. The first such acquisition was that of Wealth Associates in 2023.
Benefits for independent advisors joining the Carmel Wealth Group:
- Structural independence, allowing advisors to prioritise client needs without being compelled to support specific product providers.
- A unique ownership model where advisors become ordinary shareholders in the Carmel Group.\A well-capitalised group enabling growth, scalability and efficiency.
- A flexible partnership model, offering various collaboration and succession options, supported by a highly experienced board and management team.
- Extensive global networks and partnering capability underpinning innovative solution structuring opportunities.
| About Carmel Wealth Carmel Wealth understands that each independent wealth management practice is unique, with varying needs in terms of growth aspirations, succession planning and unlocking enterprise value. As a long-term investment partner with a flexible approach, Carmel Wealth is both a house of top IFA brands, where advisors retain management autonomy and brand identity, and a home for independent advisors who prefer to integrate into a wealth business with a robust support infrastructure, allowing them to focus on their clients. This infrastructure includes risk and compliance services, technological enablement, investment solutions, growth support and financial planning proposition enhancement |
Interested independent financial advisors can contact Hans de Nysschen or Kathryn van Dongen for more information:
hans@carmelwealth.co.za
kathryn@carmelwealth.co.za
