South Africa News: Arqaam Capital Shuts Office as Economy Slows - Bloomberg:
Arqaam Capital Ltd. is closing its South African office as the Dubai-based investment bank joins other brokers paring back operations in the continent’s financial-markets hub.
The company, which has been in Johannesburg since 2014, told clients Monday it is ceasing research coverage in South Africa, according to a note seen by Bloomberg News. Arqaam employs about 17 people in the city, a person familiar with the matter said earlier.
“The firm informed its employees yesterday that it has commenced a process which will lead to a cessation of all activities in its Johannesburg office,” Arqaam said in a response to questions on Tuesday. “An orderly wind down of operations will then commence.”
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