Imara Group, an Pan-African financial services group, has purchased a 49% stake in Zambia-based asset manager Equity Capital Resources.
Known as Imara ECR Asset Management Limited, the new joint venture will focus on asset management for institutional investors and high net worth individuals.
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The new company is one among the five 5 approved fund managers, which has received license under the Pensions and Insurance Authority of Zambia (PIA).
Through this joint venture, Imara will strengthen its product and service offering to all categories of clients.
John Legat, head of asset management at the Imara Group, said: "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.
"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, he added.
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By GlobalDataNathan De Assis chief executive Imara ECR said: "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."
