Gensec Bank has announced the sale of the independent investment bank Fieldstone to an international group of its senior management.

The divestment follows banking giant Sanlam’s decision to restructure Gensec, which had acquired Fieldstone in 2001 as part of its programme of internationalisation.

Fieldstone, a leading investment bank in the energy and infrastructure sector since its founding in 1990, has offices in New York, London, Johannesburg and Berlin.

Executive director of Gensec Steve Muller, said Gensec's main objective with this transaction was to ensure that Fieldstone can continue to serve its clients and to prosper as a business.

“The transaction achieves this and we wish the staff and management of Fieldstone all the best for the future”.

Executive chairperson Manfred Ernst who played a central role in the development of Fieldstone as a leader in the global energy and infrastructure advisory business leads the management buy-out.

The Fieldstone board will include long-time Fieldstone professionals from each key region, which comprises Clive Ferreira (Johannesburg); Michael Sutcliffe (London); Alan Muir (London); Andrew Smith-Maxwell (London); and Jason Harlan (New York).

“This deal and this team will enable Fieldstone to continue to do what it does best: provide expert financial advice and transactional services”, said Ernst.

“In the post-Enron world, clients in the Energy and Infrastructure industries see independence and industry-specific competence as essential in selecting an advisor. We look forward to enhancing our global platform and building on our reputation for excellence established over the last decade and a half”.