Competition Commission Recommends Approval of Anchor Capital and Credo Merger

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Competition Commission,Anchor Capital,Credo

The Competition Commission has recommended the approval of the merger between Anchor Capital and Credo, stating that it is unlikely to impact competition in any market. The merger will create a combined entity with assets under management and advice of R230 billion.

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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