BLACK EMPOWERMENT
Peregrine, SA's biggest stockbroker, could soon be black-owned
SA’s largest stockbroker Peregrine could soon be majority black-owned, and if approved, the nearly R1bn deal would be a big step forward for transformation in financial services. On Wednesday Legae Securities and Peregrine Securities announced the formation of a black economic empowerment consortium, which had offered R910m in cash for a 65% stake in Peregrine Securities, currently held by Peregrine Holdings. Management at Peregrine Securities would retain its 35% stake in the business. The deal would be a considerable win for transformation in stockbroking, and by implication asset management, in the country, particularly given the considerable size of Peregrine Securities. Its equities division was ranked the biggest trading service provider by volume and value on the JSE’s equities market for the five months to May, executing trades in excess of R552bn, JSE figures show. This puts it ahead of rivals Citigroup, JP Morgan Equities SA, RMB Morgan Stanley, Investec Securities and SBG...
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