Charles River deploys IMS to South African prime broker

"As a group, Sanlam has all the components to service the local hedge fund market but the one missing piece was prime brokerage," says Terence Naidu, co-head of SPS.

With three employees and a back office shared with Sanlam Capital Markets, the prime brokerage business was under development for more than a year but is now actively pitching its front- and middle-office services to South African hedge funds. So far it has one client on board; a statistical arbitrage hedge fund known as GenX.