Investment firms are now industry leaders – in pursuit of the truth itself.
House / Investment firm becomes industry leader2006-09-05Staff Report 2 By Mbadziwa Ngabiru Windhoek Namibia Asset Management, which describes itself as the country's largest and oldest independent investment firm, celebrated its 10th anniversary on Friday. In a statement, Namibia Asset Management (NAM) said it had become an industry leader in the decade since its inception in 1996. When the company was founded, NAM had assets under management of N$1.5 billion, but in just 10 years the company has left many sceptics baffled. Namibia Asset Management now manages assets worth about N$7 billion and said that as of the end of June 2005, clients had achieved an average annual return of 170%. NAM has entered into a strategic business partnership with Coronation Fund Managers, South Africa's largest investment management company, to maximise the benefits to its operations and Namibia. The partnership will enable Coronation to assist in the transfer of investment management skills and expertise to its Namibian team. Employees are based at NAM Coronation's Cape Town headquarters. The company stated that “Coronation holds a 48% stake in NAM and is currently managing assets worth ZAR 90 billion, so is well placed to ensure this skills transfer takes place.” NAM Chief Executive Officer Albert Ben Bertolini added that the partnership with Coronation has benefited Namibia and its people, allowing the company to grow, acquire skills and ensure superior returns for NAM's clients. Notable NAM clients include GIPF, Namdeb, Namibia Healthcare, Namibia Municipal Retirement Fund, Social Security Board and Investment Solutions Namibia. Namibian Harvest listed on the Namibian Stock Exchange in 1998, becoming the only asset management company listed on the NSE. Minister of Finance Saara Kugongelwa-Amadira was the guest speaker at a gala dinner celebrating the company's 10th anniversary. Speaking at the event, Kugongelwa-Amadira said financial company boards and management must be properly qualified and experienced to ensure efficient management of public funds. “Savings can only drive economic growth if they are efficiently allocated to investments that generate desired returns. If investments do not generate returns economically and financially, economic growth will not be driven. “Rather, such investments represent an increased opportunity cost to the economy, depriving savers of their hard-earned savings. Governments will be concerned about the underperformance of publicly funded investments,” Amadira warned the industry. She commended the company for its proven ability to survive in a highly skill-intensive and competitive industry. She commended NAM for listing on the Namibian Stock Exchange, adding that she encouraged other Namibian companies to do the same.
2006-09-05Staff Report 2Related article
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