Standard Bank has been awarded the domestic custody and derivatives clearing business of Legae Peresec, South Africa’s leading equities broker by volume.
Legae Peresec provides brokerage services to South African 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 clients.
The brokerage said the mandate was handed to Standard Bank owing to its “leadership and expertise in the custody and clearing business” along with the depth and tenor of the relationship between the two institutions.
“We have a long-standing relationship with Standard Bank and given their leadership in the custody and clearing market we saw them as a natural partner to support our market leading brokerage business,” said Lester Bailey, director, prime services and settlements for Legae Peresec.
Standard Bank launched its custody services in its 15th African market last year when it added an offering in Angola. The bank described it as a ‘critical link’ in completing its coverage across the sub-Saharan Africa region.
It retains the largest custody presence in South Africa, offering the majority of network managers a route into sub-Saharan Africa, along with the Johannesburg Stock Exchange.
“We are absolutely delighted to be appointed as the custodian and clearing provider for Legae Peresec,” said Rajesh Ramsundhar, head, investor services, South Africa for Standard Bank. “This appointment extends our relationship with Legae Peresec and gives us an opportunity to add further value to their business, through our market leading custody and clearing capability.”