UK investment group Marlborough has made a “significant” investment in independent financial adviser firm Carrick Wealth, which has its headquarters in South Africa and has advisers in five other countries across Africa.
The minority stake represents Marlborough’s first investment in South Africa and the broader African advice market.
Marlborough is one of the UK’s leading independently owned investment managers and provides fund governance services and an investment platform for advisers and their clients. The group manages assets in excess of £10 billion for 230 000 private, corporate, and institutional clients.
In July last year, Marlborough announced an investment in UK IFA firm Truly Independent.
Carrick Wealth was recently awarded Best Adviser Firm in South Africa in the International Adviser Best Practice Adviser Awards 2023, which were run in partnership with the Morningstar Wealth Platform. The firm was also Regional Winner for Africa for Excellence in Advisory Best Practice in the International Investment Awards 2023.
The Africa-focused advisory firm, headquartered in Cape Town, has an advisory presence across South Africa, Mauritius, Zimbabwe, Zambia, Namibia, and Malawi.
Marlborough has registered its Ireland-domiciled UCITS multi-asset portfolios with the FSCA and, as part of the partnership, the portfolios will now be included in Carrick Wealth’s range of investment options for clients.
Carrick Wealth’s chief executive, Craig Featherby (pictured), said: “Together, our two award-winning firms will focus on opportunities for growth, enhancing support and technologies to wealth managers and achieving superior investment outcomes for Carrick clients.
“Furthermore, the partnership allows Carrick to pursue its expansion plans across Africa, most notably in Botswana, Kenya, and Nigeria.”
Richard Goodall, the chief executive of Marlborough, said: “We’ve known Carrick for a long time and always been greatly impressed by the quality of the team. Like us, they have a strong entrepreneurial spirit, a commitment to delivering first-class outcomes for clients, and that all important ‘can-do’ attitude.
“They have ambitious plans to expand the business across Africa, and we’re strong believers in their ability to deliver, so we’re investing to support them. We won’t be trying to change anything. We’re investing to share in the success of what we believe is an exceptional business.
“We’re working with a growing number of adviser firms in the UK and internationally, and we’re always looking for opportunities to partner with high-calibre businesses like Carrick Wealth.”
