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DURBAN - The Bidvest Group unit, Bidvest Financial Services, announced yesterday that it had acquired Cannon Asset Managers, a South African-based asset management firm, for an undisclosed amount. 

Cannon specialises in investments that span domestic and global asset classes. 

The acquisition of Cannon further diversifies its customer value proposition from Bidvest Bank’s traditional fleet and forex operation and expands its financial services offering to include investment management. 

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're delighted to be able to attract a business with the record and reputation Cannon has, and we see a good strategic fit in combining our businesses.” 

Cannon would operate as a separate business in the Bidvest Financial Services division and work closely with Bidvest Bank and the Bidvest Insurance Group.