SPECIALIST banking group Investec has acquired Merrill Lynch South Africa’s private client operation in Cape Town. The acquisition is subject to regulatory approval. The terms of the deal were not disclosed. Said CEO Stephen Koseff on Tuesday: “Investec has sought to offer its clients the best in products and services, including advice, structured lending, stock broking, investment management, fiduciary and trust expertise. “We believe that the book that we have purchased from Merrill Lynch enhances both our capabilities and critical mass. Henry Blumenthal, MD of Investec Securities (Private Clients), said, “The acquisition entrenches Investec Securities as the premier brand in private client stockbroking in the country. He said the wealth management capabilities of the division had been significantly enhanced by this acquisition. -Sapa