Asset Management
South African Billionaire Forms Asset Manager Looking for Bargains - Report
Johann Rupert, the South African billionaire is looking to set up
an asset management business to advise his new $2.5 billion
Reinet Investments vehicle, according to the Wall Street
Journal.
Mr Rupert wants “to establish a team of experienced investment
managers with strong records focusing on long-term capital
growth,” according to the WSJ.
Mr Rupert, the owner of the Richemont luxury goods company plans
to list Reinet, which will then take advantage of cheap deals
offered in the current credit crisis.
He told the WSJ: “Everyone is trying to sell assets. They have
excess debt and we have excess cash.”
Reinert’s supervisory board will comprise Yves-André Istel,
senior advisor to Rothschild; Ruggero Magnoni, Lehman Brothers
vice-chairman; Alan Quasha, chairman of Quadrant Management, and
Jürgen Schrempp, former chairman of DaimlerChrysler.
