Vunani might have hit the headlines because of some of its controversial corporate advisory clients. But the future of the financial services group lies with its more stable fund management and benefit services businesses. The failure of the Sagarmatha listing this month has hit some of its advisers hard. Vunani Securities, according to Sagarmatha’s prelisting statement, was in line to earn R29m if the initial public offering had been a success. As its revenue was R69m for the whole of the year to February 2018, this would have accounted for almost six months of Vunani Securities’ revenue in one go. We won’t know the effect of the botched listing until the next results, for the six months to August. Vunani CEO Ethan Dube says it still expects to be paid for the work it did. "We were there to advise and it was up to the board and shareholders to raise the pertinent issues." Vunani, which means "let’s harvest," has its roots in corporate finance and institutional stockbroking. It is t...

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