Macquarie First South to change ownership structure
Johannesburg, 03 Sep 2015
Macquarie Group (Macquarie) and First South Financial Services (First South) have agreed terms whereby First South will dispose of its 50% shareholding in Macquarie First South (MFS), the Johannesburg-based cash securities and corporate finance business. MFS will become wholly owned by Macquarie.
On completion of the transaction, MFS will be rebranded Macquarie and its employees will become part of the Macquarie Group. First South will independently operate its South Africa and Africa-focused financial services businesses.
Dr. Duarte da Silva, currently CEO of MFS and Regional Head of Sub-Saharan Africa for Macquarie, will focus his future efforts on First South, a company that he co-founded in 2002.
The transaction is subject to regulatory approvals and is expected to complete by December 2015.
Macquarie Group Corporate Communications:
Macquarie Group is a global provider of banking, financial, advisory, investment and funds management services. Founded in 1969, Macquarie operates in more than 65 office locations in 28 countries and employs more than 14,000 people. Assets under management total approximately $A486.3 billion at 31 March, 2015.
In South Africa Macquarie operates advisory, cash equities, derivatives and insurance businesses. With offices in Johannesburg and Cape Town, we employ approximately 145 people and use our global platform to bring a depth of experience to the local market.
With a focus on Sub Saharan Africa Macquarie Capital has capabilities in M&A, corporate restructuring and capital raising, specialising in Natural Resources, Industrials, Real Estate and Infrastructure. Macquarie Securities is a top rated South African broker, with a full research coverage model. They also provide tailor-made structured finance products and offer a range of trading and risk management solutions. The Banking and Financial Services Group is a life insurance underwriter and claims administrator, focused on Australian clients.