INVESTMENT MANAGEMENT
Bidvest extends financial services reach with acquisition of Cannon
Bidvest Bank will own 100% of Cannon, while Cannon will retain mandates for Citadel funds it now manages
Bidvest Bank can offer clients investment management services with Bidvest Financial Services’s acquisition of Adrian Saville’s Cannon Asset Managers for an undisclosed sum. “Our acquisition of Cannon is a key building block in the expansion of our financial services business,” Bidvest Financial Services and Bidvest Bank MD Japie van Niekerk said on Thursday. Bidvest will now own 100% of Cannon as a result of buying just shy of 70% of Cannon from Peregrine Holdings-owned Citadel, a wealth management business. Cannon would retain mandates for Citadel funds it now managed. The companies said founder and CEO Adrian Saville would continue to serve, as an independent strategist for Citadel Investment Services. “When we had a conversation with Bidvest Financial Services, it became quickly apparent that it was a much more obvious home for an investment firm,” said Saville. Cannon would operate as a separate business within Bidvest, working closely with the banking and insurance units. Ther...
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