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 also 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.
Marlborough is working in partnership with a growing number of advice firms in the UK and in July 2023 announced an investment in UK national IFA firm Truly Independent. However, the investment in Carrick Wealth represents its first investment in Africa.
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-assets portfolios with the Financial Sector Conduct Authority in South Africa and as part of the partnership the portfolios will now be included in Carrick Wealth’s range of investment options for clients.
“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.”
Craig Featherby, CEO of Carrick Wealth
“Furthermore, the partnership allows Carrick to pursue its expansion plans across Africa, most notably in Botswana, Kenya and Nigeria.”
“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.”
Richard Goodall, CEO of Marlborough
“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.”
While the partnership with Marlborough will provide valuable growth capital, Carrick Wealth remains an independent financial advisory firm committed to selecting the best products, providers and solutions to suit each client’s needs.
The investment will further unlock Carrick Wealth’s potential to be Africa’s leading independent multi-solution financial advisory firm, drawing on the expertise and experience of its cross-continent network of advisers.
