Afena Capital Sold to Seven Staff Members in Management Buyout

(Bloomberg) -- Afena Capital Ltd., a South African money manager with 3.4 billion rand ($249 million) in assets, said seven senior staff members bought the Cape Town-based company for an undisclosed amount from the firm’s largest shareholder, Brimstone Investment Corp., and its founders.

Members of the consortium are Mila Mafanya, Zahira Osman, Shoaib Vayej, Christopher Twycross, Bongani Ngwanya, Zain Parker and Grant Cloete, Afena Capital said in an e-mailed statement.

Cloete will be Afena’s chief executive officer starting Nov. 1, while Mafanya and Parker will retain their existing roles as head of equities and head of operations respectively.

“No external fund raising was required,” Cloete said in an e-mailed response to questions, declining to disclose the value of the transaction. “The seven partners funded the deal from personal finances.”

To contact the reporter on this story: Renee Bonorchis in Johannesburg at rbonorchis@bloomberg.net. To contact the editors responsible for this story: Dale Crofts at dcrofts@bloomberg.net, Vernon Wessels, John Bowker

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