Capital Management takes over Flemming
Capital Management Africa (Pty) Ltd has acquired 100 percent shareholding in Flemming Asset Management Services.
Flemming Asset is an asset management firm, specialising in asset management investment solutions as well as property development acquisition and management.A statement from Competition Authority shows that the 100 percent acquisition of shares in the Flemming Asset has been approved. “The Authority has unconditionally approved the proposed acquisition of 100 percent issued shares in Flemming Asset Management Botswana through the acquisition of all the issued shares in Robert Flemming Botswana Holdings (Pty) Ltd and Starfish (Pty) Ltd by Capital Management Africa (Pty) Ltd,” reads the statement.
The Authority has determined that the proposed transaction is not likely to result in the prevention or substantial lessening of competition or endanger the continuity of the services offered in the market under consideration.
“The market structure in the provision of high net individuals will not be altered and as such does not raise any competition concerns,” states the Competition Authority.Fleming Asset Management Botswana is the country’s longest independent asset manager with over P10 billion under their management and currently offers full range of asset management and investment advisory services.
Last year the Company lost 40 percent of assets under management from Botswana Public Officers Pension Fund. In addition, BPOPF also cancelled the P300 million deal with Fleming for the construction of a five-star Hilton hotel.