Bank Windhoek introduces investment servicing

BANK Windhoek has added investment servicing to its range of products and services.

The bank on Friday announced the establishment of its Global Custody and Transactional Services Department, which is to provide services to unit trust funds, corporate and public retirement plans, insurance companies, foundations and other investment pools, with the safekeeping of assets and settlements of trades being the core offering.Announcing the bank’s new offering, its Managing Director, James Hill, explained that a selective recruitment strategy had been adopted to establish a team with over 60 years of collective experience that fully understands the market dynamics, under the leadership of Bernadette Moller.Hill added that Bank Windhoek had acquired one of the best technologies in Africa to handle cross-border, local and international trade settlements and reporting. ‘Fortes is the new name for Securities Trading Technologies’ (STT’s) selection of software developed to service the South African financial industry, it is well known in Africa, and has a completely integrated solution to STRATE,’ the authorised Central Securities Depository (CSD) for the electronic settlement of all financial instruments in South Africa, Hill said. He added that ‘custodial services have been commoditised since the introduction of STRATE, and with this in mind we believe that it is of vital importance to aim to strike a co-operation where we, as well as our clients, benefit beyond a single service or product offering.’The bank’s Senior Manager for Global Custody and Transactional Banking, Bernadette Moller, pointed out that in addition to the settling and safe keeping of securities, the Global Custody department would also be responsible ‘for all services related to investments such as the accrual and collection of income, Unit Trust Trustee administration, investment accounting, attribution, compliance and performance reporting, risk analysis and facilitating through our South African agent, Securities Lending’.’Bank Windhoek adopted a business model to align our internal control procedures, compliance monitoring and reporting in accordance with laws administered by Namibia Financial Institutions Supervisory Authority and international best practices and standards. This ensures that the Bank maintains prudent governance strategies to protect investors’ savings,’ she said.

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