South African investment bank Investec’s bid for Kensington Group today has come as a surprise to mortgage brokers.
John Charcol senior technical director Ray Boulger says that the acquisition is interesting considering its not a bank he would have put on his list of potential bidders for the group.
Boulger adds: “Investec have a small presence in the high-net-worth mortgage market but as far as I know they don’t have much of a presence in other areas. I would also say that they are a firm that most mortgage brokers would not have dealt with so far.”
Boulger says that the industry will have to wait and see what Investec does following the acquisition.