| Mon 19 Aug 2002, 0:00 | | Investec Plc - Fiserv Securities, Inc Acquires Cle |
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Investec PLC - Fiserv Securities, Inc acquires Clearing Division from
Investec Ernst
Investec PLC announced today the sale of a portion of its U.S. based
businesses as a result of an ongoing strategic review of its global
operations.
Investec Ernst & Company, a wholly owned subsidiary of Investec PLC,
completed a sale of assets related to its Clearing Division to Fiserv
Securities, Inc., a unit of Fiserv, Inc. (Nasdaq:FISV), on August 16,
2002. The Clearing Division provides transaction processing services to
retail and institutional brokerages throughout the United States.
Included in the Clearing Division asset sale are the following lines of
business: correspondent clearing, prime brokerage and mutual fund market
timing. The net assets of the Clearing Division are not material in the
context of Investec.
During the transition period between August 19, 2002 and the date of
system conversion to Fiserv`s operational systems, Investec will act as
a contractor on behalf of Fiserv, under a transition services agreement,
which is expected to run through to late November 2002.
Goldman Sachs & Co acted as financial adviser to Investec.
Stephen Koseff, CEO of Investec PLC, said:
"This transaction will enable Investec to align its U.S. Operations with
its other global businesses and reinforces our strategy of building
focussed, niched businesses in our areas of core competence."
John Murabito, CEO of Investec Ernst, said
"We were pleased to conclude the transaction with Fiserv, as our clients
will benefit from the service of a company recognised for its excellence
and advanced technology solutions in clearing."
Leslie M. Muma, CEO of Fiserv, Inc., said
"With this acquisition, Fiserv continues to enhance our servicing
capabilities and processing volumes for the securities industry, while
expanding our base of retail and institutional broker-dealer clients."
Date: 19/08/2002 02:00:00 PM Produced by the JSE SENS Department
