WikiFX report: Legae Peresec selects Standard Bank for custody services

South African broker Legae Peresec has selected Standard Bank to provide domestic custody and derivatives clearing business services.

Standard Bank is a provider of investor services across the African continent and provides product suites in custody, derivatives clearing, securities lending, trustee services and investment administration.

Legae Peresec provides brokerage services to South African institutional and private client asset managers, insurance and savings funds, hedge funds, investment banks, corporates, broker dealers and liquidity providers.

Lester Bailey, director of prime services and settlements at Legae Peresec, said: “We have a long-standing relationship with Standard Bank and given their leadership in the custody and clearing market we saw them as a natural partner to support our market leading brokerage business.”

Rajesh Ramsundhar, head of investor services South Africa for Standard Bank, commented: “We are absolutely delighted to be appointed as the custodian and clearing provider for Legae Peresec.”