[PODCAST] ‘Keeping costs trending down at a per-customer level is something we are proud about, because it gives us significant advantage over businesses that compete with us’: CEO Charles Savage on MoneywebNow with SimonPB. Download the podcast below.
SIMON BROWN: I‘m chatting now with Charles Savage, CEO of the Purple Group. Disclaimer upfront – I hold shares in Purple.
CHARLES SAVAGE: No. The withdrawal rate is lower than it was this time last year relative to assets. So people are proving that they’re protecting the assets that they have on platform and they’re being resilient and robust around their kind of long-term investment goals. So maybe South Africans are being optimistic about the exchange rate, and also investing in what they know and understand. The South African universe is small and much easier to come to grips with. The US universe is massive and it’s a very complex environment.
Stockbrokers talk about having 10 000 active customers and the big ones talk about having 70 000 active customers. On the low end we add 12 000 active customers a month, so we create a new stockbroker every single month and it takes us at this current run rate about five to six months to replicate the second-biggest stockbroker in South Africa.
SIMON BROWN: Again, for context, when I was at a stockbroker, we had 100. Let’s touch on some of the partners. In the Philippines I know you’d hoped to get it out sooner; regulations are seldom as easy as one likes, but that is going to sort of go live mid-year with the trading game, and then, what, kick in sort of late Q3, early Qq4?
SIMON BROWN: I take the point on that. Your partners [are] Capitec, Discovery, Telkom. Certainly, Capitec is ticking on nicely, Discovery with smaller numbers, but higher net value, and Discovery Bank just smaller. Are you happy with how the partnerships are faring? SIMON BROWN: GT247, your derivative arm – I have to say I thought those numbers held up surprisingly well considering the tough environment, considering markets [where] well, we’ve seen some movement over the period, but holding nicely from something that has become at points very volatile. Is there a chance that maybe the volatility subsides there, or is that a long wish?
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