Botswana-listed, pan-African financial services group IMARA with interests in Zimbabwe has acquired a 49% stake in a joint venture with Equity Capital Resources Plc, a Zambian based asset management company.
The acquisition is part of a strategy by the Group for long-term growth into 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 five approved fund managers.
In a statement Wednesday, John Legat, head of asset management at the Imara Group said: "Imara already has a presence in Zambia's stock broking 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.
"In addition, we are in a position to add value in view of our experience of similar trends in the other markets in the region dating back some 15 years."
Imara ECR chief executive Nathan De Assis said the Imara connection would strengthen the product and service offering to all categories of clients, both institutions and high net worth individuals,.
He 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.
"A strong partner will also be beneficial as we look to expand our offering in the institutional sector."
Imara is a mid-sized independent, Botswana-listed investment banking group with offices in Zimbabwe, Angola, Botswana, South Africa and the UK and associate offices in Malawi, Mauritius and Zambia.
Imara has also partnered with Chapel Hill Denham in Nigeria, Sterling Bank in Kenya, Namibia Equity Brokers and Mac Capital in Dubai.
The Group is an active participant in Africa's financial markets and maintains extensive research coverage of regional equities.
Imara provides a range of specialised financial products and services among them Asset management (institutional and private client), corporate finance and advisory services, Securities, trust and administration services.
Imara Asset management is one of the largest institutional fund managers in Zimbabwe and is listed on the Zimbabwe Stock Exchange.
- zimmail
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