South Africas Grindrod Bank has mandated Societe Generale Securities Services to provide custody and trustee services for its preference share ETF, PrefEx. The fund was launched in March 2012 and is the first preference share ETF to be listed on the Johannesburg Stock Exchange (JSE). The fund tracks the performance of the JSE preference share index of 17 stocks that pay dividends.
Established in 1994, Grindrod Bank counts private, corporate and institutional investors among its clients and specializes in property finance, corporate lending and investment management.