Peregrine Holdings has acquired Hollard Life’s shareholding in Cannon Asset Managers, effective from 1 December 2013.

Peregrine Holdings CEO Jonathan Hertz said that the deal comes as part of Peregrine’s strategy to expand its presence in the South Africa’s asset management space.

Through this deal, Cannon will use Peregrine to develop market share and increase its brand recognition.

This deal is expected to strengthen Peregrine’s existing portfolio in the wider wealth and asset management space.

Geoff Blount, CEO of Cannon Asset Managers, said: "Through Peregrine’s financial and non-financial backing, we will be able to build a mainstream presence for the business.

Hertz said that Cannon will continue to operate as an independent boutique value asset manager, from an investment, management and operational perspective, but with the support and backing of the larger Peregrine Group.

"We have been exploring opportunities to grow the Peregrine group through niche acquisitions, particularly in businesses that would add value to the group. We believe that, with increased access to capital and full commitment from a large, listed holding company, Cannon will be able to increase their distribution footprint and grow their assets under management," he added.

Cannon, established by Adrian Saville, currently manages R3 billion of assets in domestic and offshore mandates.