(Bloomberg) Peregrine Holdings Ltd., the operator of South Africa’s oldest hedge fund, is considering a plan to split the company by using profits from its stockbroking and wealth-management units to create a new investment firm. The stock surged the most in a year.
The company, which also owns half of advisory business Java Capital, has about 1.5 billion rand ($115 million) of surplus cash on its balance sheet that could be used to start the venture, Chief Executive Officer Jonathan Hertz, 44, said in an interview at Bloomberg’s Johannesburg office. The board still has to make a final decision and the proposal is one of the options it’s looking at, he said.
