The founder of the South African financial services firm Cadiz Group, Frank Cadiz, has resigned as head of the firm’s asset management unit.

Cadiz, who became chief executive officer of the asset management business in 2004, will be leaving at the end of March, Bloomberg reported.

He will be replaced by Blackstar Group SE’s Brian Wootton, according to Fraser Shaw, CEO of the parent company.

“Frank’s been a loyal part of the business, we just need someone new to look at it differently and Blackstar will provide that,” Shaw said.

Blackstar, a South African investment company, started buying shares in Cape Town-based Cadiz last year and now holds more than 12% of the company, according to data compiled by Bloomberg.

A company source said the firm was undergoing a restructuring that included staff cuts.

In November, Cadiz appointed three Blackstar executives to its board, while two directors resigned.

“The changes in November were a result of the board chatting to shareholders about the performance of the asset management business,” Shaw said.

“We undertook a review and thought it needed new management. We need to look at outsourcing some functions and have cut costs where we could, so 11 permanent staff are leaving. The investment philosophy stays the same.”

Cadiz remains a shareholder in the business, Shaw said.