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Stanbic Ghana launches Investment
Management wing
Accra, July 10, Ghanadot/GNA – Stanbic Ghana Limited on
Thursday launched its investment management wing to mobilize
long-term savings that would be channelled into the
productive sectors of the economy.
Known as the Stanbic Investment Management Services Limited
(SIMS), the company will provide support for the growing
number of corporate bodies establishing provident fund
schemes and the increasing number of individuals requiring
asset management services.
In addition, it is to position Stanbic Ghana as a one-stop
banking institution and to align its product profile to that
of the larger Standard Bank Group.
There are currently 31 Investment Advisory firms licensed by
the Securities and Exchange Commission. In all, the top five
licensed companies control about 75 per cent of the industry
in terms of funds under management.
Total funds under management in the industry grew from GH¢300
million in 2006 to GH¢390 million in 2007, a rise of about
27.5 per cent.
In a speech read on his behalf, Mr Alhassan Andani, Managing
Director of Stanbic Bank Ghana, said the increasing demand
for retirement products and growing disposable income had
not been matched by accompanying growth of investible
instruments locally.
Besides, there is a shortage of practitioners and
institutions that are properly versed in the tools of the
trade.
“SIMS is here to play that role in filling the skills (and
solutions) part in the industry. SIMS will leverage on the
Standard Bank’s group’s extensive experience in the
industry,” Mr Andani said.
Standard Bank is the largest Fund Manager in Africa and
manages assets in excess of 60 billion dollars.
Mr Samuel Botchway, Head Investment Banking, Stanbic Ghana,
said SIMS would introduce to Ghanaians a range of
specialized investment management products.
He said adequate corporate governance structures had been
put in place to ensure that employees conducted their
activities in an ethical and transparent manner.
The structures include an independent board of directors to
provide guidance to SIMS on its overall strategy and an
experienced investment committee to review the investment
strategies and performance of various funds.
Launching the company, Mr Ekwow Acquah-Arhin, Deputy
Director General, Securities and Exchange Commission, said
the assets management industry plays an important role in
funds mobilization for economic ventures, as well as
deepening the capital market.
However, he said, studies had indicated over concentration
of assets management activities in the Greater Accra Region
and expressed the hope that SIMS would venture into other
regions to mobilize funds.
“It is our hope that SIMS would live up to the task, brave
the odds and bring on board our brothers and sisters in the
other regions to be part of our capital market,” Mr
Acquah-Arhin said.
He charged the managers to help maintain investor confidence
by complying with the rules and regulations governing the
industry.
“You must ensure that the interests of SIMS are aligned with
that of your clients, that all reporting requirements are
adhered to on time and client funds are managed with
professionalism,” Mr Acquah-Arhin added.
GNA
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