Local bourse is set to become owner of JSE Investor Services

Local bourse is set to become owner of JSE Investor Services


Share this article:

THE JSE said yesterday it planned to buy the remaining stake in JSE Investor Services (JIS) it does not own from LMS Partner Holdings and incorporate the firm as a subsidiary as it seeks to expand into executive employee share services.

It aims to purchase the minority shareholding of 25.15 percent. It already owns a 74.85 percent shareholding, which it acquired last November.

Leila Fourie, the chief executive of the JSE, said: “ We are continuously looking at new ways to innovate and to service our ever-growing client needs. We believe that this expansion into executive employee share services will create more opportunities for the JSE to provide the right solutions for our clients. We are excited about the opportunities that this initiative affords both JIS and Investec.”

JIS chief executive Iqbal Haniff would remain in the position until June next year, fulfilling his obligations as part of the transaction, the JSE said.

It said the process to recruit a new successor would begin later this year to ensure a smooth transition and handover period.

“I wish to thank Iqbal for his incredible leadership at JSE Investor Services, building the company over the years, making it a full-service business that is meeting the needs of our clients. I look forward to working closely with him during his transition and continuing a long-standing relationship with him well into the future,” said Fourie.

The JSE said that order to strengthen JIS’s proposition to its clients, JIS had reached an agreement with Investec Share Plan Services (ISPS) to acquire a portion of its share-plan services business. The arrangement included a licensing and support services agreement with ISPS for the share-plan services administration platform.

ISPS would retain the brokerage business within its existing business operation.

The acquisition and association would enable JIS to expand its broad-based black economic empowerment and employee share administration services product offering.

“JIS would assume the relationship with over 90 clients, supporting JSE Group’s strategy to expand its client base and diversify its revenue,” the JSE said.

[email protected]

Source link