Locals take over Prime Stock Brokers

INVICTUS, a consortium of local investors led by fund manager Mr Ritesh Anand, has acquired a 70 percent stake in Prime Stock Brokers, by answering a capital call on behalf of existing shareholders. Managing director Mr Langton Nyatsanza confirmed Invictus was now the majority shareholder in PSB.

He could not disclose the value of the deal. Mr Nyatsanza took over from Mr Mike McLauchlan. PSB, like other stockbrokers, has faced financial challenges due to subdued activity on the market. It incurred a loss of US$30 000 last year.

Mr Nyatsanza said PSB operated as an independent brokerage, targeting a niche market.

He said the new shareholder would look at broadening the business by bringing in research capacity and institutional “reach”. He said they were keen to see the business repositioned as the choice institutional broker for both foreign and local investors. “The aim is to provide objective, independent and insightful research and market coverage to promote institutional participation in the Zimbabwe capital markets,” said Mr Nyatsanza.

Head of the consortium Mr Anand is a renowned fund manager who spent over seven years in various roles at the Wellcome Trust, the world’s leading private medical endowment, with assets of over US$25 billion. Most recently, he was responsible for investments in Africa and the Middle East. Prior to this, he was Wellcome’s head of risk management. He joined the Trust in 2002 as an investment officer with responsibility for its external long-only equity manager programme. Before moving to the UK, Mr Anand worked as a fund manager for First Mutual Asset Management. Mr Nyatsanza was previously with New Africa Securities. – The Herald

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