SIMS re-brands to Stanlib

KEIKANTSE LESEMELA
Correspondent | Monday May 28, 2012 00:00

 

Speaking at the launch of the new name last week, Liberty Group's Regional Manager Lanz Zulu, said that by changing its name the company has demonstrated its long-term commitment to Botswana.

'By changing our name to Stanlib Investment Management Services, we are simply demonstrating our unwavering, long-term commitment to this country.  It's a reinforcing statement of intent to continue investing in Botswana and its people,' he said.  Zulu added that Stanlib has had a proud association with Stanbic Bank since the inception of Stanbic Investment Management Services in 2002.

'Although our name is changing, our goals are most certainly not. 'We remain committed to Botswana, and now is an exciting time as our financial services industry continues to develop and mature. 'In recognising Botswana's growth potential and strategic advantage in the region, Stanlib purchased stanbic's stake in the business, bringing SIMS Botswana into the Stanlib stable and making it a key part of the broader  Liberty Group,' said Zulu.  He noted that the company started from humble beginnings with 500 clients, but now has over 5,000 retail clients, adding that their priority is to increase the retail book as the people of Botswana start appreciating the need to save.

For his part, Leonard Siwawa, CEO of Stanlib Botswana, revealed that the company recently concluded the sale of 26 percent of the business to two local consortiums. 'I am also proud to say the SIMS is a true local company.

'We recently concluded the sale of 26 percent of the local business to a local partner. I'm also delighted to say that we have grown our staff complement fourfold, from a team of four, to our current number of 16 professionals,' he said.  The asset management industry in Botswana has grown tremendously over the last decade with the latest figures showing that the total industry assets under management amounted to over P34 billion in December 2010, an increase of seven percent compared to 2009.  The total pension industry assets in Botswana, amounts to 35 percent of gross domestic product (GDP). On this score, Zulu highlighted that there is a need for the asset management sector to come up with key strategies to ensure sustain growth.  'This places a greater emphasis than ever on the need to develop sectors like asset management, and to unlock the benefits they can bring to the economy,' he said.    He said that  financial services providers must provide clients with the tools to ensure they are able to save for the proverbial rainy day.

'The local economy has shown as remarkable resilience in recent times and it is our duty to assist the people of Botswana to do the same,' he added. Stanlib was founded in 2002 when Standard Bank Asset Management and Liberty Asset Management joined forces. 

The company has a proud history in Botswana, initially as one of the first unit trust providers, which has since grown to become the biggest in the market with over 80 percent market share.