Wealth management business Credo Wealth announced this week that it had appointed Charles van der Merwe as its new CEO. Van der Merwe has been MD of Credo’s Wealth Solutions business since 2013.
Citywire A-rated Roy Ettlinger (pictured), who co-founded the firm in 1998 and has been CEO since 2005, will step into the role of chairman.
‘After almost 16 years as the CEO of Credo, it is now an appropriate time for me to step down and to hand over to Charles van der Merwe as my successor,’ said Ettlinger in a statement. ‘This has been part of Credo’s long term planning, which should ensure that the succession will be seamless.
‘I will be taking on the role as chairman and will continue working for the group. My new position will allow me to have an even greater focus on the Credo Growth fund, which I have managed since inception in July 2017, as well managing clients, which I have always enjoyed doing.’
Credo has offices in both the UK and South Africa, with assets under administration of about R80bn.
The firm also manages the Credo Global Equity fund, available in South Africa as the BCI Credo Global Equity feeder fund. Over the past three years it has returned 63.1% in rand terms against a category average for the global equity sector of 55.2%.