A local South African consortium has successfully completed a transaction with the Macquarie Group to become Mazi Macquarie Securities. The new majority black-owned and female-led enterprise is well positioned to provide South African institutional investors with access to a leading black-owned equities brokerage business with strong local and international execution capabilities and a highly rated global research offering.
The local South African consortium includes Mazi Holdings, AWCA Investment Holdings (AIH), AMB Holdings, as well as some Macquarie senior management and a BEE senior staff trust.
Fawzia Suliman, chief executive of Mazi Macquarie, has 20 years of service with Macquarie, most recently as chief operating officer for Macquarie Equities South Africa.
“Mazi Macquarie is strategically positioned to become the market-leading black-owned equities brokerage business in South Africa. We are delighted to partner with consortium members who share our vision to contribute meaningfully to true broad-based empowerment and female leadership in South Africa,” Suliman said.
Mazi founder Malungelo Zilimbola said the partnership represents a deal among equals and drives much-needed transformation across the financial services sector.
“For BEE deals to be successful, they should be true partnerships bringing together people from different backgrounds and cultures. Mazi Macquarie is a great example of a company using its diverse people and unique offering to secure the longevity and success of a South African business,” Zilimbola said.
Zenzo Lusengo, from independent financial services group AMB Holdings, added that another key component of the deal is the ability to be agile when growth opportunities arise.
“Macquarie has a well-documented history of expertise and success and these synergies can be harnessed to build the capacity and agility locally. The ability to service an international client base from South Africa is a commercial edge the partnership will benefit from.”
Gugu Sepamla, chair of Mazi Macquarie and non-executive director for AIH, highlighted the company’s focus on developing local talent.
“The aim is to develop a strong pipeline of talent for the financial services industry,” she said. “There is no question that there is local talent out there that needs to be given the opportunity, and we have the right partners on board with the skills to provide this in the stockbroking space.”