End of an era for historic 136-year-old financial giant in South Africa
Sasfin Wealth has rebranded to Otto1890, marking yet another shift for Sasfin after it quit its banking business and the JSE.
The new name of the business honours its founder, Otto Pollak, and the year he forged ties with the Johannesburg Stock Exchange.
Pollak was a member of the JSE and later founded the business. Since its founding 136 years ago, the company has undergone several mergers and acquisitions.
The business was acquired by Sasfin in 1999 and integrated into the company’s banking divisions. The firm quickly transitioned from a brokerage to a diversified investment management company with over R100 billion in assets under management.
However, the broader Sasfin Group has recently faced a series of challenges, including allegations of money laundering and illicit financial flows at its banking business.
In 2024, the banking business was also hit with a R210 million fine from the Prudential Authority for historic non-compliance within Sasfin Bank’s discontinued foreign exchange business.
Sasfin is also embroiled in a legal battle with the South African Revenue Service (SARS) for around R5 billion, with the taxman claiming that Sasfin owes money for Sasfin’s customers who evaded tax.
Amid these issues, Sasfin has been undergoing a large strategic reset, which includes the rebranding of Sasfin Wealth to Otto1890.
“This is an important moment for us as we set ourselves up for continued growth,” Sasfin Wealth CEO Erol Zeki previously said.
“Over a number of years, we have operated with a high degree of independence, with our own board, management team, and support services.”
Zeki added that wealth is no longer what defines the business; it is now a global investment specialist that helps clients achieve their goals.
Sasfin said that Otto1890 has over R100 billion in assets, healthy income and earnings streams, strong growth prospects, and is poised to deliver sustainable value to clients and stakeholders.
“While our name is changing, our commitment to our stakeholders remains steadfast. Over 20% of our team have been with us for more than 15 years,” said Zeki.
“They’ve guided clients through every market cycle, challenge, and evolution, and have been integral in shaping what comes next. For all of us, investing is personal.”
Bye Bye Banking
The rebranding of Sasfin Wealth joins a host of other changes at the broader group, which is stepping away from its banking divisions.
In 2024, the group announced it would exit its banking business and focus on its asset management and rental finance operations.
Customers had until 2 March 2026 to withdraw all funds from their accounts. If the funds were not moved, Sasfin nominated another bank to transfer them.
The group had already sold its Capital Equipment Finance and Commercial Property Finance loan books to African Bank in a deal worth over R3 billion a year prior.
Sasfin is now in the process of relinquishing its banking licence as it transitions into an investment-holding company.
The group said that this has empowered the Wealth business to “define its future with greater clarity and focus as a standalone investment specialist.”
On top of its exit from banking, Sasfin also delisted from the JSE at the end of 2024, aiming to reduce regulatory costs and focus on its core businesses.
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