March 15, 2023

Purple Group adds Cloud Atlas to the Easy stable

Our friends at EasyEquities are very excited to announce the latest addition to the Purple Group Limited cluster of businesses: Cloud Atlas (RF) (Pty) Ltd, a management company of collective investment schemes. 

The management company currently has two exchange traded funds (ETFs), the Cloud Atlas AMI Big50 (ex-SA) ETF, a pan-African equity fund offering exposure to 50 stocks across 15 African exchanges, and the Cloud Atlas S&P African Bond ETF Cloud, a pan-African hard currency sovereign bond fund. 

“Cloud Atlas is now a wholly owned subsidiary of EasyEquities, joining the fast growing ‘Easy Group’ family,” says Charles Savage, chief executive officer of Purple Group (pictured above). “We have set our sights on launching actively managed ETFs and are currently working hard on regulatory applications to make this a reality before the end of 2023.”

To align the business with the Easy brand, the team is in the process of applying for a name change to EasyETFs, which will take effect as soon as they obtain regulatory approval. 

“As part of the business integration activities, Cloud Atlas will form part of our cluster of managed investments businesses, along with RISE and Emperor Asset Management, both will also be renamed to EasyRetire and Easy Asset Management. Well-known industry stalwart Deresh Lawangee has been appointed as CEO of this business,” says Charles.

In the meantime, Purple Group is busy with handover and a number of regulatory business take on activities to ensure Cloud Atlas business operations are not disrupted.

“We are currently also engaging with all Cloud Atlas stakeholders on the ownership and management changes” says Nicola Comninos, chief risk officer at Purple Group.

“EasyETFs will leverage extensively off our retail distribution and fits perfectly alongside our actively managed services in the group, affording us the opportunity to be a significant player in the active ETF space, which we are confident will disrupt the retail fund management industry through greater transparency, liquidity and lower costs” says Charles.

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