Saville joins Genera Capital
• Cannon Asset Managers founder leaves for multifamily, multigenerational investment office
Adrian Saville, who founded Cannon Asset Managers in 1994, has left his position as CEO of the investment firm to join Genera Capital, an independent, multifamily investment office. Saville will be based at Genera Capital’s Johannesburg office in the role of investment specialist.
Adrian Saville, who founded Cannon Asset Managers in 1994, has left his position as CEO of the investment firm to join Genera Capital, an independent, multifamily investment office.
Saville, who sold his remaining stake in Cannon Asset Managers when Bidvest Financial Services acquired the company in January 2018, will be based at Genera Capital’s Johannesburg office in the role of investment specialist. He left his position as CEO of Cannon Asset Managers at the end of March and his appointment at Genera Capital is with immediate effect.
Samantha Steyn, chief investment officer at Cannon Asset Managers, was appointed as the firm’s new CEO.
“I had a number of obligations to fulfil in terms of that transaction to look after the migration of systems and processes at Cannon but those obligations were taken care of some time back,” Saville said.
“My exit from Cannon was in discussion with both the shareholder and the board for some time and involved me working through a routine notice period — there was nothing sudden.
“I was presented with an opportunity to join Genera Capital and it is one I am delighted to take,” he added.
Saville has a PhD in economics for which he was awarded the Economics Society of SA’s Founders Medal. He holds a professorship in economics, finance and strategy at the Gordon Institute of Business Science (Gibs).
Genera Capital was established in 2016 and now partners with more than 30 predominantly ultrahigh-net-worth families, which it defines as having the equivalent of about $10m in investable assets. About twothirds of its investee families are from SA while the majority of the capital it manages is invested globally, according to the company’s founder and CEO, Raymond Goss. Genera Capital does not focus on merely accumulating assets and does not disclose its assets under management, Goss said.
Goss founded the firm after almost 20 years at Investec, the last six of which he spent as head of wealth management for the bank’s SA clients. Genera Capital’s goal is to provide “holistic wealth management” to its investee families who typically look to deploy “patient capital” and have multigenerational investment horizons, he said.
“Our investors are looking for steady compounding of their capital across both listed and private markets and value our focus on preserving and growing intergenerational wealth over time,” Goss said. “This requires a much more patient and holistic approach to investment management that is also mindful of the ever-present risks in the investment landscape. The approach is sensitive to family dynamics and the need to transfer both wealth and wealth management skills across multiple generations.”
Genera Capital will look to grow by partnering with more like-minded families over time, Goss said, which is partly why Saville was added to its team.
“People like Adrian are very hard to find,” he said. “He not only brings a wealth of experience and knowledge to the business but also an entrepreneurial nous given his background as a business founder and investment manager in his own right.”
While Saville has not acquired equity in Genera Capital, which has offices in Johannesburg and London, he said he retains an “owner-manager mindset”. Asked why he chose to join a multifamily office rather than a major institutional investment firm, Saville said he was attracted by Genera Capital’s culture.
“You can find good culture in many places but it’s hard to find great culture,” Saville said. “I’ve known Raymond [Goss] for many years and we have a great cultural fit.”
Genera Capital’s focus on providing a holistic wealth management service to its investee families with a focus on capital protection and long-term intergenerational wealth transfer
rather than “chasing growth” was a major drawcard.
“Having built and run a business ... the owner-manager mindset is very much part of my DNA, so joining a business like
Genera Capital with its familyoriented approach resonated strongly with me,” he said. “It’ sa lot harder to find that sort of cultural fit in a large institution.”