Two midsized financial services businesses reported results to March last week, each giving the same message to the market.

Alexander Forbes and Peregrine are far from strangers. They used to be joint owners of Caveo, a fund-of-hedge-funds business. And they have overlapping operations: Peregrine’s core division — Citadel, a wealth manager — recruited a number of its heavyweight staff members from Forbes’s Financial Planning Consultants unit over the years. With R51bn under management, Citadel is the leading independent wealth manager in SA, wearing a crown that was once Forbes’s for the taking...

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