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Newly formed Khumo Securities does not want to be perceived as an empowerment company, saying it is their own doing that black professionals do not participate meaningfully in the financial services value chain. “We come from a school of thought that believes in merit. I have personally paid my school fees in terms of getting the experience and establishing the relationships needed to succeed in this industry. But what’s often underscored is that it is not easy for black professionals; [but] it’s not easy for anyone with big ideas in this industry,” said the CEO of the newly formed stockbroking firm, Mzwakhe Nhlanhla. Khumo Securities is a new sell-side stockbroker, formed after three black professionals acquired a majority shareholding in Genesis Securities for an undisclosed sum. The three — a securities stock broker, a chartered accountant and another partner who has been involved in consulting — join Thebe Securities, Legae Securities and Argon Securities among black-owned stock...

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