Stonehage Fleming snaps up South African investment firm
Company will continue to make ‘select acquisitions’ to supplement its organic growth
Company will continue to make ‘select acquisitions’ to supplement its organic growth
Acquired company offers wealth management and retirement fund administration services
Most of which sits in retirement funds in part because of inadequate record keeping by intermediaries
With a focus on South Africa, Nigeria and Kenya
‘We believe there’s an opportunity with the one-man bands’
Deal will create a ‘full-service specialist’ with over ZAR31bn in AuA
It is a ‘strategically important growth market’ for the firm
As Treasury cancels plans to introduce exit tax on retirement interest
Firm opens office in Eastern Cape region, which is ‘often overlooked as a commercial hub’
It will result in a business with ZAR 1trn in assets under management, administration and advice
Changes likely to ‘provide more opportunities for mismanagement and corruption to the detriment of the nation’
As regulator is forced to step in