Wednesday, November 29, 2023

Local Asset management firms hit by resignations

Atleast two local asset management firms, Botswana Insurance Fund Management (BIFM) and Investec Asset Management Botswana are said to have lost key personnel who quit their post sometimes this week.

BIFM, a subsidiary of the BSE quoted, Botswana Insurance Holdings Limited (BIHL) is alleged to have received resignations from key members of its executive team being, Chief Investment Officer, Senior Investment Manager and one Portfolio Manager.

Sunday Standard can reveal that the trio tendered their resignation from BIFM on Thursday as they prepare to establish their own asset management firm in partnership with their Investec Asset Management Botswana counterpart. Investec also lost one Portfolio Manager this week.

Despite notifying their employer of the intention to go, the BIFM trio is expected to serve the official 30 days notice period while their Investec counterpart is said to be serving from notice from the comfort of his couch. At the time of going to press on Saturday, it was not yet clear whether both BIFM and Investec Botswana have notified their clients, shareholders and the regulator NBFIRA about the resignations of key executives.

At the same time, it was also not clear on who the financier of the possible joint venture is for these four individuals. The four financial gurus are said to be eyeing the country’s biggest multibillion Pula fund Botswana Public Officers Pension Fund (BPOPF)’s incubation project. The Fund has experienced phenomenal growth since its inception owing to the overwhelming positive response as public servants exercised their option to join the fund.

The alleged upcoming ‘new entrants’ in the market are likely to face competition from the BPOPF’s new start-ups Asset Management Firms expected to be announced soon through the approved Fund’s Incubation Program Policy which the three were shortlisted to benefit from the availed BPOPF P1.5 Billion.

Attempts to contact the Investec Asset Management Botswana Chief Executive Officer (CEO) Martinus Seboni on Friday were futile as he was said to be at an engagement out of town while BIFM CEO Neo Bogatsu’s phone rang unanswered at the time of going to press. 


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