•  
• Tweet
•  
•        Print
•  
•         Track Keywords
•  
• 

Komfie Manalo, Opalesque Asia:

Anchor Group, an asset manager listed on the Johannesburg Stock Exchange, has confirmed a "commercial agreement" to acquire a 47.41% stake in alternative asset manager Capricorn Fund Managers (CFM) for $26.4m (R348 million) in a cash and share deal.

Anchor CEO Peter Armitage made the confirmation Wednesday via his official Twitter account : "Anchor buys 47% stake in Capricorn AM brings $454 million (R6bn) into pot & nice juicy profits - on face a good deal."

The deal is scheduled to be effective on February 1, said BDlive.co.za.

According to Money Web, CFM has managed hedge funds since 2003 and has around R6 billion of assets under management. It established an office in London in 2008, and invests in companies in emerging markets. The founders and management of CFM will keep a majority economic interest in the business. CFM’s shareholders’ stake will be diluted.

Peter Armitage said the acquisition of Capricorn will expand its operations globally, with the deal adding an estimated 30% profits to its international contribution to earnings. Prior to the deal, it was ro......................

To view our full article Click here