Smartvest Wealth Managers (ex-AfrAsia Capital Management) officially launch new brand
HARARE – Smartvest Wealth Managers formerly AfrAsia Capital Management (ACM) has officially launched following the successful conclusion of a scheme of Arrangement, which culminated in former Reserve Bank of Zambia governor Michael Gondwe taking up the largest shareholding in the company.
Smartvest rebranded in December 2015 following the successful implementation of a Scheme of Arrangement under Grant Thornton. The scheme oversaw the transfer of ACM shareholding from AfrAsia Bank to new shareholders, including management and staff. According to the new structure, Gondwe, who is also a former president of the PTA Bank, holds a 30.38% stake in the group and management and staff have 10% while the rest of the top five includes Afrasia Zimbabwe Pension Fund, Heathcote Hayes Rowland and Prof Lynn Zijena. Peter Kadzere remains the MD.
Chairman Dr Leonard Tsumba told the launch event last Friday that the market is increasingly warming up to the Smartvest brand, as the business is gradually re-acquiring lost ground.
Guest of Honour at the launch, Securities and Exchange Commission board member Pearson Chitando said the asset management business plays an important role in the mobilization and allocation of key resources to key sectors of the economy. “It is against this background that the Commission shall continue to improve and strengthen the regulation of the sector to ensure that it remains relevant and attractive to potential investors.”
Chitando said there was need for industry players to come with innovative and new investment products for their clients. “The Commission’s desire is to see growth coming from both local and international pension funds and individuals.” He also urged asset managers to observe best practice and abide to key fundamental principles.
Chitando also said the Commission was working with key stakeholders in strengthening capital market regulations as well as promoting new and innovative investment products. Some of the products under consideration are Property Unit Trust guidelines, implementation of Risk Based Supervision and Markets Monitoring. There will also be wholesale changes to the Securities and Exchange Act and Collective Investment Schemes Act.