Securities

About Securities

African Alliance Securities is the stockbroking division of the African Alliance Group.

We provide local and on-the-ground stockbroking and research services across the African continent.

 

We are driven by results and an operating philosophy of adding value through creating innovative financial solutions for our clients, based on considerable internal experience and skills. Independence, flexibility, creativity and entrepreneurial thinking are key ingredients in our formula for building partnerships that work. Thriving under pressure and driven by challenge, African Alliance Securities sees itself not only as a provider of a wide range of financial services, but as the custodian of true customer relationships.

Our clients include governments, parastatals, institutional fund managers, corporates, and high net worth and retail investors.

 

Philosophy

African Alliance Securities operates in a shifting environment – one where success belongs to those who capitalise on opportunities and best manage change. Our unique philosophy is aimed at providing our clients with the most suitable skills and services in a local context. Our staff comprises on-the-ground professionals, experienced in country-specific, African and international markets and focused on helping clients fulfil their financial objectives by transforming ideas into reality as part of a highly individual service.

Our entrepreneurial culture means we continually seek improvement and innovation. We operate as a cohesive unit, driven by discipline and passion. By pooling the intellect, experience and energies of our handpicked professional teams, we generate and implement new ideas, constantly adding value.

Client relationships

We develop long-term client relationships based on trust, delivery and service excellence.

We believe in listening, as understanding our client's specific needs is integral to the successful delivery of world-class stockbroking services.

Our clients choose to use the services of African Alliance Securities because:

  • We are part of their national business culture

  • We have a physical presence

  • We employ resident staff with local knowledge and experience

  • We focus on delivery and service.

Risk mitigation and value enhancement

At African Alliance Securities we understand that who you invest with is often more important than what you invest in.

Our processes and procedures, our experience and on-the-ground teams enable us to effectively manage the risks inherent in financial transactions.

Our aim is to enhance value through our involvement in any transaction.

Staff

The calibre, professionalism and dedication to delivery of every one of our staff are absolute. We believe in combining experience and expertise with local knowledge. All regional staff are employed in their countries of origin but may also be used in other regions. This gives our staff greater exposure to other markets, making them better equipped to fulfil our clients’ evolving needs.

Development

Our involvement in the countries where we operate is long term and we are committed to the sustained development of those economies and their capital markets. Where necessary, we challenge the legislative environment to promote greater investor opportunities and protection.

We occupy actual, rather than virtual, offices, run by trained resident staff. Our policies of staff development and training enhance skills levels in the countries where we operate. We develop, implement and invest in systems aimed at conducting business more effectively and professionally.

 

Governance

We favour an honest, open approach to doing business and we choose to serve clients that leverage the value of our people and resources to the best advantage of all stakeholders. We respect the integrity and confidentiality of each of our clients. We relish opportunities that test us and harness our pooled skills and energies.

African Alliance Securities operates under a strict code of corporate governance. We are not afraid to take a position and seek to define new benchmarks. We have built our business and our reputation on meaningful and mutually beneficial relationships with people who share our vision of success.

 
 

Stockbroking

We aim to provide the most effective and efficient service available, tailored to meet the individual needs of our institutional and high net worth clients.

Our principal objective is to ensure our clients can achieve strong performance from their investment funds, drawing on the experience we have gained by trading in various markets across the African continent. Our highly experienced and professional sales and trading teams complement our analytical resources. Together they provide regular, ideas-driven service, focused on individual client needs and objectives. Providing a full-agency broking service to fund managers at insurance companies, pension funds, investment trusts and unit trusts, we aim to help our clients achieve their performance goals.

An efficient and competitive transaction capability is at the heart of our stockbroking operation. Our energetic, experienced and client-focused dealing team is committed to executing business on the most competitive terms, drawing on strong trading relationships with leading investment houses, stockbrokers and market-makers.

A personalised broking and portfolio management service is also available to high net worth investors. Experienced advisers will tailor an investment portfolio to match the investor's specific needs. Active portfolio management is offered on an advisory or fully discretionary basis.

 

Execution and advisory service

We always execute trades in the best interests of our clients, in a price-sensitive and confidential manner.

Our clients benefit from the personalised service of our dedicated investment professionals. Our investment team continuously evaluates company research and performance to determine opportunities for all client portfolios.

 

Listing and related work

African Alliance Securities has significant sponsoring broker experience and has been responsible for listing numerous companies across various African exchanges. We have also served as arranger, dealer and stockbroker for numerous government bond and parastatal medium-term note issuances.

We use our local, regional, pan-African and international networks to source investors. We pride ourselves on our successful placement record, which reflects the ability to correctly price and structure financial instruments according to investors' needs.

 

International sales desk

African Alliance Securities offers an international sales desk to international and regional clients needing execution capability across the African continent. This enables institutions to conveniently and efficiently trade financial instruments in any market in Africa. Our focus is solely on delivering superior investment ideas, creative strategies, exceptional market intelligence and outstanding execution to our trading clients.

Research

African Alliance Securities' research division provides clients with strategic advice of the highest quality.

An extensive local and regional network of research analysts and economists work together to devise trading ideas and strategies to cover all African financial markets. Research expertise is at the core of our value proposition to clients. Our analysts provide independent, rigorous and challenging research, backed by a strong service ethos, designed to enable clients to make informed investment decisions and outperform.

Our research teams are combined into a single division. This provides an autonomous unit, responsible for ensuring that the research needs of the group and its clients are met in a value-adding and cost-effective manner.

 

Current research reports cover:

  • Equities

  • Industry and theme reports

  • Pan-African cross-country reports

  • Fixed income

  • Economics

  • Currencies

For more information please contact:

African Alliance Research

research@africanalliance.com

 

Best Execution Policy

Information on the African Alliance Best Execution Policy

This policy applies to the Professional Clients of African Alliance Securities Trading Limited (African Alliance) and to the execution of orders in Financial Instruments.  African Alliance will only execute Client Orders as agent.

1. Order Execution 

When executing Client Orders we will act in the best interests of our clients at all times and will take all reasonable steps to obtain the best possible result for our clients taking into account the criteria and factors set out below, subject to any instruction given by our client (see section 4).

 

2. Best Execution Factors

When we execute an order on behalf of our clients, we will determine the relative importance of the best execution factors based on our experience and judgment, in light of available market information with the prime aim of prompt, fair and expeditious execution of trades.

 

The Execution Factors to be taken in to account when executing Client Orders include but are not limited to: 

  • Price

  • Cost or commissions of execution

  • Execution capability / speed

  • The current liquidity for the relevant instrument

  • The size and nature of the order

  • Market impact of the transaction

  • Likelihood of settlement

 

3. Execution Venues

Broker execution – placing the order with a third party, including an affiliate, with whom we have entered into an agreement for handling Client Orders.

  • In countries where African Alliance has a physical presence, we use our own offices which we believe offers the best prospects for providing best execution.

  • In countries where African Alliance does not have a physical presence we appoint one or more agent brokers.

The list of Execution Venues on which we may execute a Client Order is set out below:

Botswana

  • African Alliance Botswana Securities

BRVM

  • CGF Bourse

  • SGI Hudson and Cie

Eqypt

  • Beltone Securities Holdings S.A.E

  • Pharos Securities S.A.E

Ghana

  • African Alliance Securities Ghana

Kenya

  • African Alliance Kenya Securities

Malawi

  • African Alliance Securities Malawi Limited

Mauritius

  • AXYS Stockbrokers Limited

  • Swan Securities Limited

Morocco

  • Attijari Intermediation

  • CDG Capital Bourse

  • Mena Capital Partners

  • Upline Securities

Namibia

  • PSG Konsult Wealth Management (Namibia) (Pty) Ltd

Nigeria

  • African Alliance Stockbrokers Nigeria

  • ARM Securities Limited

  • Chapel Hill Denham

  • Cordros Capital Limited

  • CSL Stockbrokers Limited

  • FBN Securities Ltd

  • Stanbic IBTC Stockbrokers Limited

  • UBA Stockbrokers Ltd

Rwanda

  • African Alliance Rwanda Limited

South Africa

  • Navigare Securities (Pty) Ltd

Swaziland

  • African Alliance Swaziland Securities Limited

Tanzania

  • Orbit Securities Company Limited

  • Core Securities Limited

  • E.A. Capital

Tunisia

  • Tunisie Valeurs

  • MAC sa Intermediare en Bourse

Uganda

  • African Alliance Uganda Limited

Zimbabwe

  • ABC Stockbrokers

  • EFE Securities

  • IH Securities (Pvt) Limited

  • Lynton-Edwards Stockbrokers (Private) Limited

  • Old Mutual Securities (Private) Limited

  • Southern Trust Securities (Private) Limited

4. Client Instructions

Where a client gives a specific instruction for the execution of a Client Order then the order will be executed in accordance with those instructions. The client should be aware that providing that instruction may prevent us from taking some of the aforementioned steps to obtain the best possible result for the execution of that Client Order (to the extent of the instructions). These transactions will be deemed to have achieved the best possible result for clients.

 

5. Order Handling

African Alliance endeavours to execute Client Orders in an expeditious and fair manner for all clients. Where appropriate, we may aggregate a client order with an order from another customer, where we believe that by doing so it is likely that the aggregation will work to the overall advantage of each of the clients concerned.

 

6. Monitoring and Review

We review this best execution policy at least annually and whenever a material change occurs that affects our ability to continue to obtain the best results for our clients.  We also monitor the effectiveness of our best execution policy and execution arrangements to identify and where appropriate correct any deficiencies. This will include an assessment of whether the Execution Venues included in this policy continue to provide the best possible result for our clients.

 

7. Force Majeure and Other Events

Client Orders may not be received, or may not be executed in accordance with the policy, due to situations beyond our reasonable control, including disaster, abnormal market conditions, regulatory requirements, etc. We will not be bound to provide best execution in such circumstances.

 

8. Broker Approval Process

African Alliance adopts procedures relating to its selection of brokers. Before adding a broker to its list of counterparties evaluates the broker: 

  • Competitiveness of commission rates and spreads

  • Promptness of execution

  • Past history in executing orders

  • Clearance and settlement capabilities

  • Quality of service

  • Willingness to commit capital

  • Access to initial public offerings

  • Access to markets

  • Perceived creditworthiness, reputation and financial stability

 

The selection of our execution partners is monitored regularly and reviewed at least once a year.

 

Definitions

Professional Clients – an approved client of African Alliance

Client Orders – an instruction to buy or sell a Financial Instrument

Financial Instruments – Equities and Bonds

Execution Factors – as listed in section 2

Execution Venue – as listed in section 3

Disclaimer

Whilst we take all reasonable steps to satisfy ourselves that we have processes in place that can reasonably lead to best execution of client orders, we cannot guarantee that we will always be able to provide best execution of every order that our clients place with us. The diversity of markets and the kind of orders that our clients may place with us lead us to take different factors into account when assessing the nature of our best execution policy. For example in some markets price volatility may mean that timeliness of execution is the main priority, whereas in other markets with low liquidity the ability to fulfil the client’s order may be considered best execution.

Providing best execution does not mean that we assume any fiduciary responsibilities over and above those agreed to in contracts or specific regulatory obligations placed on us.  The policy is not intended to create third party rights or duties that would not already exist if the policy had not been made available and it does not form part of any contract between African Alliance or of any of its affiliates and any client or prospective client.

 
 
 

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