(Busakone Pompal Knit/Getty Images)
The Competition Commission has recommended approval of a merger between Anchor Capital, an asset management firm backed by mining magnate Mike Teke and the billionaire Enthoven family, and London-based boutique asset management firm Credo.
The competition authority said in a statement that the proposed transaction is unlikely to materially reduce or impede competition in any market. The commission said the merging parties were committed to ownership terms for historically disadvantaged individuals, but did not go into details.
Anchor announced in November that the merger would create a combined entity that would manage and advise on R230 billion in assets. The company previously said the move offers prospects for building scale in a world where regulatory pressures and costs are rising “dramatically.” It would also contribute to the globalization of business, where many wealthy customers are citizens of the world with large amounts of assets that are not denominated in rands.
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