"We were rated second only to Merrill Lynch by Reuters in emerging markets research. That is a significant achievement. We are one of the world's leaders in that business," says chairman John Manser. Covering 3,200 stocks Flemings is marketing itself as the world's premier independent emerging markets equities house.
The bank also manages $106 billion of funds, has $1.5 billion of capital, a good Asian M&A business, a strong presence in Eastern Europe and probably the best franchise in South Africa. This has been developed by Fleming Martin which was bought out at the same time as Jardine Fleming for around $50 million. It operates in seven countries in Africa and has the distinction of having led the first ever international equity offering from Malawi.
It also has Fleming Mansour in Egypt, and recently acquired Fleming Graphus in Brazil and Fleming UCB in Russia.
Ripe for an acquisition? Houses like Commerzbank or Bank of America would love to bolt on this sort of equity expertise and gain the Asian franchise - which is still considered the jewel in the crown.
"I believe in independence," says Manser, however.