| PSG Asset Management - renamed Alphen Asset Management |
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December 2004
When PSG acquired the Appleton Group and merged the businesses in April 2003, they created, as one of the underlying divisions, a small retail asset manager known as PSG Asset Management. This entity existed within the fold of the larger PSG Fund Management and started its existence with assets under management of approximately R330m, excluding the PSG Money Market Fund which is no longer managed by the team.
A key feature of our success is that the business is now owned by management to the tune of 50%. PSG Fund Management remains our parent and holds the balance of the equity. As part of the change, management has renamed the business Alphen Asset Management. Alphen is a fully registered FSB approved asset manager with strong management, a large parent and is well capitalised. Alphen is contracted by PSG Unit Trusts to manage the following funds:
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