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Boosting Coronation's BBBEE competitiveness
Discover the impact of Coronation’s BBBEE deal on Black ownership and economic growth for long-term success
Since 2021 Coronation Fund Managers Limited has maintained Level 1 contributor status, with verified 31% effective Black ownership and R278 billion (42% of total assets under management) managed by black employees. Its South African-based employees are 64% black, of which 57% are black women.
As a natural progression in its transformational journey, Coronation embarked on a Black ownership transaction to enhance its effective Black ownership to at least 51%.
Nedbank Corporate Finance was appointed as Coronation’s corporate adviser and transaction sponsor in respect of the transaction.
Understanding the Imbewu Trust and Ho Jala Community Trust
The transaction was structured as an issue of Coronation shares to 2 newly established trusts:
- Imbewu Trust:
This trust will enable qualifying Coronation black staff to participate in an employee share ownership plan, facilitating ownership and aligning employees’ interests with those of shareholders.
- Ho Jala Community Trust:
This trust will support qualifying public benefit organisations (PBOs) for the benefit of black people, ensuring that the transaction's benefits extend to the broader community.
Nedbank Corporate Finance’s role in the transaction
Nedbank Corporate Finance played a crucial role in the transaction by providing strategic corporate advice and transaction sponsor services to satisfy a range of clients, BBBEE, financial and regulatory objectives and requirements.
The transaction will assist Coronation in maintaining its position as a leading fund management firm, while simultaneously promoting the objectives of BBBEE.
How the BBBEE transaction benefits Coronation
This broad-based transaction contributes meaningfully to the objectives of BBBEE while simultaneously enhancing Coronation’s competitiveness and sustainability in the asset management sector. Key benefits include the following:
- Long-term growth:
The transaction provides Coronation with a robust platform to defend and expand its client base and revenue streams, whilst also providing potential upside through access to opportunities which would otherwise not be available, thereby reinforcing its position in the asset management sector.
- Attracting talent:
By aligning the interests of black staff with those of shareholders, Coronation can attract and retain top talent, fostering a diverse and inclusive workplace that reflects its commitment to corporate social responsibility.
- Mutual benefits:
Enhancing Coronation’s competitiveness and sustainability while simultaneously seeking to benefit and uplift a broad-base of beneficiaries and, therefore, meaningfully contributing to the objectives of BBBEE.
Economic growth and innovation in South Africa
As a leading manager of institutional and retail assets in southern Africa, Coronation significantly influences economic growth in South Africa.
While the transaction is not the first of its kind, it is structured to provide substantial benefits to many participants, including Coronation employees, shareholders, and various potential PBOs.
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Successful conclusion of a sustainability R2-billion Tier II bond
Nedbank Corporate and Investment Banking (NCIB) is pleased to announce the successful conclusion of a R2 billion sustainability tier II bond listed on the sustainability segment of the JSE on 7 November 2024.
Published 10 Dec 2024 in nedbank:cib/deals
