Rencap acquires South African broker for $28.2m

By Ivan Anderzhanov

Russian investment bank Renaissance Capital has agreed to buy South Africa's BJM Securities for $28.2m in what is expected to be the first of a string of deals in the continent.

The group, which is expanding more boldly than ever this year into frontier markets, previously said it would buy up to six African brokers.

Rencap appointed a senior Merrill Lynch director Clifford Sacks in February to run its new offices in South Africa to focus on metals and mining, oil and gas, financials and telecommunications firms. The group said the acquisition of BJM will advance its build-out in South Africa

Rencap first entered Africa in 2007, and today maintains offices in Nigeria, Kenya, Zambia and Ghana.

In January, it hired former Investec head of South African equity sales Ali Khalpey to lead African sales in London. Last month former Bank of America Merrill Lynch South African head of trading Tony Marcia joined as head of African trading.

By Ivan Anderzhanov Russian investment bank Renaissance Capital has agreed to buy South Africa's BJM Securities for $28.2m in what is expected to be the first of a string of deals in the continent. The group, which is expanding more boldly than ever this year into frontier markets, previously said it would buy up to six ...