Investec buys up in Australia & South Africa
Investec has made a further push into southern hemisphere financial services with the acquisition of a business in Australia and planned acquisition of a firm in South Africa.
Investec recently bought corporate advisory firm Wentworth Associates, a boutique firm specialising in mergers and acquisitions. Group managing director Bernard Kantor says the acquisition is aimed at enhancing the group's global activities in the areas of investment banking and corporate advice.
Within days of that acquisition, Investec is now poised to buy the financial planning and insurance businesses of South African group Fedsure, pending regulatory and shareholder approval.
Investec chief executive Stephen Koseff says this will take Investec Asset Management's total South African funds under management to R115 billion ($A29.5 billion).
Koff says the group expects to outsource the traditional individual life assurance operations and the risk component of the employee benefit business, and is in advanced negotiations with South African life insurance group Capital Alliance.
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