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Alliance enters South African market

Mpeshe Selebalo

MASERU — Alliance Insurance and SymmETRY Multi-Manager have sealed a partnership deal that will see the local insurance firm expand its services on the local market.

The agreement, which was signed last Thursday, will see the South African multi-manager firm entering the local market while also allowing Alliance Insurance to penetrate the South African market.

SYmmETRY Multi-Manager is part of the Old Mutual Investment Group South Africa and is the only investment boutique in the group that focuses on multi-manager portfolios.

The multi-manager is a portfolio that focuses on managing other managers.

The company says it has a dedicated team of 15 investment professionals who specialise in researching the South African and global investment markets to find the right investment managers for their clients.

Alliance Insurance life division manager, Thabiso Madiba, said the new deal will ensure good returns for local investors.

He said SymmETRY has a wide variety of skills and expertise on the best South African and global investments to ensure good returns for domestic investors.

“Our partnership with SYmmETRY will allow us to increase our product offering and also offer some additional investment products to the local market,” Madiba said.

“We currently do not have a wide range of investment products in the country and those that are being offered locally do not offer high returns for local investors.”

But this situation was about to change following the deal, Thabiso said.

He said the partnership will help in meeting clients’ expectations as well as putting the company on a competitive level with other players in the market.

Thabiso said their main target was the pension funds, retirement funds as well as education fund providers.

Madiba said it would have been too costly for SYmmETRY to enter the local market on its own.

He said the company was planning to introduce a number of competitive investment schemes into the country and improve certain sections of the economy such as the property market.

“Our partners are also looking into investing in large projects such as in the property market and some of government-initiated projects,” Madiba said.

He said partnerships with well established companies such as SYmmETRY Multi-Manager could only improve the level of expertise locally.

“The performance of the investment tools offered locally is rather low. This may be attributed to the low level of expertise in such investments and lack of exposure to international markets,” Madiba said.

He said the investment market was still depressed in Lesotho.

Madiba however said the country was making positive progress in that area following the introduction of treasury bonds by the Central Bank of Lesotho last month.

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