View Full Version : Sasfin Securities

04-02-2012, 01:59 PM
Sasfin Securities is a financial management institution.

From their site:

Sasfin was founded in Johannesburg in 1951 by Sydney Sassoon as the South African offshoot of a family textile business that dates back to the Ottoman Empire.

After operating successfully for more than a decade, the business ground to a halt in the mid 1960s, in the wake of Government-imposed textile import protection. This prompted the Sasson family to pursue the trade financing opportunities they had identified as importers.

It was a logical move, because they had built up extensive first-hand knowledge of the import/export challenges and problems that entrepreneurs faced at the time and, equally important, had become aware of the opportunities trade finance offered.

As the Sasfin business developed and bank facilities dried up, more capital was needed to fund growth to the next level – on a scale that not only overstepped the highly risk-averse lending criteria of conventional banks, but was also unaffordable at the rates the banks would have charged.

Sasfin, then led by Roland Sassoon, realised that the only lasting solution to the problem lay in self-generation of capital - and identified equity investment as the first step in this direction.

With the help of well-known entrepreneur Martin Glatt, who was subsequently appointed chairman, the company was listed on the then DCM (Development Capital Market) of the JSE in 1987 – and secured a main board listing a year later.

In 1991, the robust growth of Sasfin’s equipment finance unit triggered the need for more capital funding. This time, the entrepreneurially-minded group took the innovative step of raising (asset-backed) capital by way of securitising its equipment rental agreements.

This pioneering move not only put more differentiation and distance between Sasfin and the traditional banking community, but also formed the base on which its Treasury unit was subsequently built.

Having self-funded by way of equity and securitisation, Sasfin was later able to add client deposits to its capital-generation capabilities when it secured a banking licence in 1999.

This major milestone opened the way for the acquisition, in 2000, of Frankel Pollak Securities, a top-ranked historical stockbroking house with roots in the JSE that reach back to 1890 and, of course, a direct source (for Sasfin) of deposits from the wide base of high net worth private clients that came with it.

Source (https://www.sasfinsecurities.co.za/)