Business Irish

Saturday 18 November 2017

Investec in the hunt for Irish takeovers

Investec ceo Stephen Koseff
Investec ceo Stephen Koseff

The global head of South Africa based Investec has said it will look to make acquisitions here, to build scale in its asset-management business in Ireland.

The unit is "well set", but it could do with some scale and Investec will make acquisitions where they are available, Investec chief executive officer Stephen Koseff said in an investor presentation.

Earlier this year the bank was linked to a possible takeover of Goodbody Stockbrokers, but that was dismissed by Goodbody, which is owned by Kerry-based Fexco.

A move to consolidate the sector could see Investec target Merrion Capital, or looking at adding stand-alone asset managers such as Appian, Harvest, BCP or Cornmarket to its Irish business.

In his presentation, Stephen Kosseff said Investec's primary focus for Ireland remained portfolio management, asset gathering and building recurring fee income.

In 2012 it bought NCB Stockbrokers, its largest Irish takeover to date.

Irish Independent

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