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The First South Financial Services Group, a subsidiary of J&J Financial Services, was founded by Dr Duarte da Silva in 2003. The Group is 80 per cent black empowered.
Dr Duarte da Silva was previously the Chief Executive Officer and Deputy Chairperson of Taita and McCarthy Bank, as well as a Director and top-rated analyst with Merrill Lynch for a number of years. Dr da Silva is currently the Executive Chairperson of Macquarie First South Securities and Chief Executive Officer of First South Financial Services and J&J Financial Services.
The J&J Group, the parent company of J&J Financial Services, was founded in 2000 and is a broad-based, black empowered investment company. The J&J Group has developed several companies from start up phase and currently has strategic investments in a select group of companies. The broad-based shareholding extends to well over 200,000 members and their families.
The company holds investments in companies operating in the financial services, healthcare, information technology and industrial sectors.
The J&J Group founders
Jay Naidoo is a former cabinet minister and served between 1994 and 1999 in the first democratically elected Parliament. He was a former General Secretary of COSATU, the largest labour federation in South Africa. He is currently Chairperson of the Development Bank of Southern Africa and sits on a number of international public policy advisory bodies.
Jayendra Naidoo, also a former high-profile trade unionist, led the combined ANC, COSATU and Communist Party delegation in the multiparty talks leading to the National Peace Accord in 1991. He was also the first Executive Director of NEDLAC (National Economic, Development and Labour Council), the statutory socio-economic council set up in 1994 to seek consensus between government, business and labour on social, labour and economic legislation and policy.
Restructure
The J&J Group was recently restructured. Jay Naidoo stepped down as Chairman of the Group to become Chairman of the J&J Development Trust, but will remain an Executive Director. Jayendra Naidoo has subsequently been appointed Executive Chairman of the J&J Group and Dr Chris Jardine, the Group’s Chief Operating Officer, the CEO.
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