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Cadiz Holdings – Business Model And Change In Directorate
21 February 2012
Press Release
Cadiz has begun implementing a more decentralised business
model, which will give greater autonomy and accountability to
business units.
The group will have a primary focus on wholesale and retail
asset management, ensuring that Cadiz Asset Management builds on
its commitment to sustainable investment excellence, long-term
client relationships and its strengths in responsible
investing.
Cadiz and BNP Paribas are committed to and focused on the
integration, launch and success of BNP Paribas Cadiz Securities, in
which Cadiz holds a 40% stake. The business will combine the
respective strengths of Cadiz and BNP Paribas to market and sell
South African equity products to institutional investors locally
and abroad.
Cadiz Corporate Solutions will continue its mergers and
acquisition activities where the focus on the resources sector is
paying dividends. It is well positioned to capitalise on the
growing interest from Chinese and Indian investors through its
strategic partnerships in these countries.
As a result of the new decentralised business model, the head
office infrastructure is being streamlined to reduce costs. The
group management will in future focus on group strategy, monitoring
business unit performance, managing group capital and providing
shared services to the decentralised business units. The group has
undertaken a prudent review of its capital requirements and as
previously reported will declare a special dividend in March
2012.
The benefits of the current restructuring are only expected to
be realised from the 2012 financial year onwards.
In line with this strategy and refocused business model, the
directors of Cadiz are pleased to announce the appointment of
Fraser Shaw as chief executive officer with effect from 21 February
2012. He is currently the chief operating officer and financial
director of Cadiz.
Fraser (52) succeeds Ram Barkai who has resigned as a director
of the group with immediate effect after electing to take early
retirement from October 2012 to enable him to pursue other
interests. Ram, who joined Cadiz in 1996 to set up the structured
product and asset management business, has been with Cadiz for 16
years and was appointed as chief executive in 2005. He has
contributed significantly to the growth and success of the group
which has recently undergone widespread changes to focus on asset
management. The directors of Cadiz thank him for his dedicated
service and wish him well in his future endeavours.
Cadiz Holdings chairman, Peter-Paul Ngwenya, commented: "We are
fortunate to be able to appoint an executive of Fraser's calibre as
our new chief executive. He has extensive experience in the
financial services industry and in financial management, and has
been with Cadiz for over 10 years. His appointment will ensure
continuity in the leadership of the group and he will continue to
serve as the financial director of Cadiz. The board joins me in
wishing Fraser every success in his new role."