Competition Tribunal approves Peregrine Legae merger – Legae Peresec

Competition Tribunal media statement

The Competition Tribunal has unconditionally approved the acquisition of a 65% stake in Peregrine Securities made by Nkholi Consolidated Investments, a black economic empowerment consortium formed by the management of Legae Securities together with the management of Peregrine Securities and others.

Effective immediately, the two businesses now merge into a transformed entity renamed Legae Peresec, the largest black-owned, managed and controlled independent financial securities company in South Africa with 51% black ownership, more than 30% being black women.

James Stewart, CEO of Legae Securities, and Tshepo Maseko, Peregrine Equities Director and Head of Trading Technology, will lead the combined business. Building on its broad capability in the institutional, equity and derivatives markets, Legae Peresec’s sights are set on achieving the largest market share on the Johannesburg Stock Exchange (JSE) while supporting new market infrastructure entrants.

“This is a very exciting event for both companies and their employees, our clients, and the industry at large. Legae Peresec is black empowered, independent, well capitalised and already the largest on the JSE equities and derivatives markets by value traded. Our clients will now have access to increased liquidity and capital, world class financial technologies and even more robust risk management processes,” says Tshepo.

Stewart adds, “Legae Peresec will retain focus on its founding values of client-centricity, care, integrity, proficiency, and a profound desire to promote sustainable transformation and development in South Africa’s financial market.”

Legae Peresec provides exchange trading equities, derivatives, exchange-traded funds and currencies, clearing and custodial solutions, a globally-competitive prime broking offering and innovative research capability with a strong technology and regulatory focus.  Services are delivered with strong client partnerships, with alignment of interests, home-grown expertise and world-class efficiency.

Clients include institutional and private client asset managers, insurance and savings funds, hedge funds, investment banks, corporates, broker dealers, liquidity providers and a select group of High Net-Worth individuals.