Pan-African financial services group, Imara has acquired a 49 percent stake in a joint venture with Lusaka-based Equity Capital Resources Plc, as it seeks to drive a long-term growth strategy in Zambia’s asset management industry.
The joint venture – Imara ECR Asset Management Limited – will focus on asset management for institutional investors and high net worth individuals.
The new company, which has now been licensed under the Pensions and Insurance Authority of Zambia (PIA), is one of 5 approved fund managers.
With the Botswana-listed financial service already operating in the Zambia’s capital market, it is convinced the asset management sector holds the most attractive prospects for an expansive push.
“Imara already has a presence in Zambia’s stockbroking sector while our corporate finance team often undertakes mandates for Zambian businesses. Expansion into asset management was the next logical step as we see long-term growth potential in the Zambian market, particularly in the asset management space,” said John Legat, head of asset management at the Imara Group.
“The prospects are attractive as Zambian pension funds are increasingly seeking professional assistance from external parties in the management of their members’ assets. Large government schemes, among others, are keen to optimise investment growth, creating strong potential demand for Imara ECR’s skills.
The Imara connection will strengthen the product and service offering to all categories of clients, both institutions and high net worth individuals, the company’s chief executive, Nathan De Assis said.
“Imara has a strong regional network across sub-Saharan Africa. The entry is not only timely due to the increased demands from administrators, it also provides an opportunity for technical support in both the asset management and Information Technology areas.
“Access to investment opportunities across Africa and worldwide will enable high net worth individuals to achieve much greater portfolio diversification – a key benefit as we grow our business base.”
Imara is an independent, Botswana-listed investment banking group that provides a range of specialised financial products and services including asset management, corporate finance and advisory services, securities and trust and administrative services.