Aug. 4 (Bloomberg) -- Lion of Africa Fund Managers Ltd. agreed to buy 50 percent of Trident Capital Ltd., a Cape Town- based money manager, for an undisclosed sum.

Trident will become a unit of Lion of Africa when the transaction is completed, Kimon Boyiatjis, managing director of Trident, said in a telephone interview today. The combined company will be more than 50 percent black-owned, in line with South African laws to redress apartheid, Boyiatjis added.

Lion of Africa “is very serious about getting into the asset management space and this deal gives us the capital to build that side of the business,” said Boyiatjis. “It also gives us huge empowerment credentials.”

Boyiatjis will be appointed Chief Investment Officer of the new entity while his brother, Dimitri Boyiatjis, will be managing director, he said. A chairman is yet to be appointed.

To contact the reporter on this story: Garth Theunissen in Johannesburg gtheunissen@bloomberg.net

Last Updated: August 4, 2009 11:31 EDT