(Bloomberg) Standard Bank Group Ltd., Africa’s largest lender by assets, plans to start a prime brokerage next month to benefit from regulatory changes in South Africa it expects will boost the hedge fund industry. The Johannesburg-based company anticipates having five hedge fund clients by the end of the year, said Andy Hall, head of global markets at Standard Bank. The lender will compete against Peregrine Holdings Ltd. and units of FirstRand Ltd., Deutsche Bank AG, Investec Plc and Barclays Africa Group Ltd.
Standard Bank Starts Prime Broker to Gain From Hedge Fund Growth
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