The Competition Commission has recommended the approval of the merger of Anchor Capital, the asset management firm backed by mining magnate Mike Teke and the billionaire Enthoven family, with London-based boutique wealth manager Credo.
The competition authority said in a statement the proposed transaction was unlikely to substantially lessen or prevent competition in any market. The merging parties have committed to a historically disadvantaged person ownership condition, the commission said, though it didn't go into details. Anchor had announced in November the merger would create a combined entity with assets under management and advice of R230 billion. The move offers the prospect of building scale in a world where regulatory pressures and costs are rising"dramatically," it has said previously. It will also help globalise a business for which many of its high-net-worth clients are global citizens with substantial assets that are not denominated in rands.
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