THEY always had a zebra in their adverts, but not any more. Now it is a shade of dark purple and peach.
Investec Asset Management Namibia, the company that is managing over N$17 billion of state agencies’ funds (including the Government Institutions Pension Fund) has now changed its name to NinetyOne.
The firm’s spokesperson, Gwynneth Rukoro, confirmed this yesterday.
She said the rebranding was not motivated by the involvement of its two prime directors, who are alleged to be instrumental in swindling and facilitating a massive corruption scheme in the fishing industry, but company restructuring.
Rukoro said the rebranding follows the completion of its de-merger from the Investec Group and this was set to happen in the first quarter of 2020 and has nothing to do with the Fishrot scandal.
The two former directors implicated in the Fishrot scandal – James Hatuikulipi and Ricardo Gustavo – who served as managing and client director, respectively – have resigned from the company and are still in police custody over their alleged involvement in the corruption case.
Moreover, despite the reputation damage caused by its directors involved in the Fishrot scandal, NinetyOne’s shares today are still listed on the London Stock Exchange and the Johannesburg Stock Exchange as part of its de-merger.
The listing on the two stock exchanges preserves the South African and UK-based roots of the company, according to the company.
The founder and chief executive officer of NinetyOne, Hendrik du Toit, said the asset manager starts a new phase as an independently listed company.
He added that despite the current market volatility, they are excited about the future, as their purpose of investing for a better tomorrow is now as relevant as ever.
“We remain committed to serving our clients to the best of our abilities by building a better firm, pursuing better investment and contributing to a better world,” he said.
Established in South Africa in 1991, as Investec Asset Management, the firm started offering domestic investments in an emerging market.
In 2020, almost three decades later, the firm de-merged from Investec Group and became NinetyOne.
Following the divorce, NinetyOne is now an independent global asset management business, and it will be able to preserve its own culture, with a forward-looking and resilient nature of the business, he said.
As an independent, active global asset manager the company is managing more than US$142,4 billion in assets as of 30 September 2019, with 14% of that being civil servants’ pension savings.
Email: lazarus@namibian.com.na
Twitter: @Lasarus_A
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