R38 Billion merger for GTC
The merger of Brockhouse Cooper SA and Bolus & Bolus into GTC will see the business’ assets under management increase to R38bn, staff increase to over 100 with offices in three major cities in South Africa.
This merger further enhances capability, gives clients access to a broader range of financial services.
Client complement increases to over 2 500 private clients; and some 100 000 retirement fund members.
GTC, one of the country’s leading financial advisory businesses for more than 23 years, has purchased a majority shareholding in each of Brockhouse Cooper SA and Bolus & Bolus.
Brockhouse Cooper SA will be renamed as GTC Securities whilst Bolus & Bolus will become GTC Derivatives creating key stock broking specialisations within the GTC Group. Senior management will remain the same in both businesses going forward.
Prior to joining GTC, Brockhouse Cooper and Bolus & Bolus provided equities and derivatives trading services for the past 18 years to institutional and private clients on the JSE Securities Exchange and on the Namibian Stock Exchange.
The merger will see GTC’s assets under management increase to R38 billion, with more than 120 staff operating from national offices based in Johannesburg, Cape Town and Durban. Within its capabilities, the diversified financial services business provides employee benefit consulting and administration; private client wealth management; healthcare consulting; short-term risk solutions; unit trust management; asset management and fiduciary services.
GTC currently provides services to more than 2500 private clients; and some 100 000 retirement fund members, managed through a range of 350 company retirement funds.
“We’re delighted to have Brockhouse Cooper and Bolus & Bolus join our organisation,” says Gary Mockler, GTC’s Group CEO. “The stock broking and derivatives trading businesses form an integral part of the group’s growth and expansion plans. The international reputation of Brockhouse Cooper and the credentials of the company’s MD, Mike Bolus add significant depth and reputational credibility to GTC’s own. We can now add single asset management solutions to our time-tested multi-management capabilities for the benefit of our clients.”
Recently, Brockhouse Cooper in Montreal, Canada, now Pavilion Global Markets, made a strategic decision to focus on North American interests, resulting in their decision to exit South Africa. It was this initiative that provided both Brockhouse Cooper and GTC with the opportunity to create a strategic partnership with a strong South African presence coupled with international recognition.
“Our integration with GTC responds exactly to our strategic goals and offers many additional dynamic synergies for us,” says Mike Bolus, Managing Director of GTC Securities and GTC Derivatives. “We look forward to working with the GTC team. Our specific expertise will contribute to GTC’s broad range of specialisations. ”
GTC’s continued drive to grow through organic and acquisitive growth saw the group acquire well-known retirement fund administrator First Light Administration Services during October 2011, thereby bringing greater employee benefit and financial advisory capabilities to the organisation.
Concludes Gary Mockler: “We will continue to build our business through considered vertical integration. Consistent with our 23 year history, GTC’s acquisitive stance plays an integral role in our ongoing business development.”
