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CAPE TOWN - Bidvest Finacial Services has acquired Cannon Asset Managers as it looks to expand it financial services offering.

Cannon is a South African-based asset management firm specialising in investments with domestic and global recognition.

It has been revealed that Cannon will operate as a separate business in the Bidvest Financial Services division, and work closely with Bidvest Bank and the Bidvest Insurance Group.

Japie van Niekerk, the Managing director of Bidvest Financial Services and Bidvest Bank said, "Our acquisition of Cannon is a key building block in the expansion of our financial services business. We are delighted to be able to attract a business with the track record and reputation that Cannon has, and we see a good strategic fit in combining our businesses".

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Dr. Adrian Saville, CEO of Cannon explains, "Cannon is recognised for a committed investment philosophy and disciplined process. Over time, this has facilitated the building of a solid track record – ranging from wealth that needs to be prudently managed and generate a monthly income through to patient capital that has a long-term growth objective".

"With Cannon’s focus and track record in investment management, we can fully harness the investment capabilities offered by both Bidvest Bank and the Bidvest Insurance Group," Saville added.

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Van Niekerk further said, Cannon is a strong business with an established business philosophy and proven track-record, and Bidvest Financial Service’s shareholding in the company allows both companies to build on their existing client service capabilities.

"The acquisition of Cannon comes not long after the announcements of Bidvest Bank’s acquisition of First Data Holding’s South African merchant services operation, and Bidvest Financial Services’ acquisition of majority shareholding in FinGlobal," a statement issued on behalf of Bidvest said.

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