Standard Bank, Africa’s largest bank by assets, has been awarded the domestic custody and derivatives clearing business of South Africa’s Legae Peresec.
The firm is described as South Africa’s leading equities broker based on volume and value of trades executed in the SA market.
It provides brokerage services to South African institutional and private client asset managers, insurance and savings funds, hedge funds, investment banks, corporates, broker dealers, liquidity providers and a select group of high net worth clients.
Legae Peresec was created in January this year when South Africa’s Competition Tribunal approved the acquisition of a 65% stake in Peregrine Securities made by Nkholi Consolidated Investments, a black economic empowerment consortium formed by the management of Legae Securities together with the management of Peregrine Securities and others.
The two businesses merged into a transformed entity renamed Legae Peresec, becoming the largest black-owned, managed and controlled independent financial securities company in South Africa with 51% black ownership of whom more than 30% are black women.
Standard Bank said that key to its appointment was the depth and tenor of its relationship with Legae Peresec, along with its leadership and expertise in the custody and clearing business. “We have a long-standing relationship with Standard Bank and given their leadership in the custody and clearing market we saw them as a natural partner to support our market leading brokerage business,” said Lester Bailey, director: prime services and settlements for Legae Peresec.
“We are absolutely delighted to be appointed as the custodian and clearing provider for Legae Peresec,” said Rajesh Ramsundhar, head of investor Services South Africa for Standard Bank. “This appointment extends our relationship with Legae Peresec and gives us an opportunity to add further value to their business, through our market-leading custody and clearing capability.”
In a press release announcing the deal, Standard Bank said that it is the leading provider of investor services across the African continent, with capability in 15 African markets and a product suite including custody, derivatives clearing, securities lending, trustee services and investment administration.
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