CITITRUST Holdings Plc, a Pan African Investment Holding Company, has launched a wholly-owned Investment/Asset Management Company subsidiary in Malawi, the South Atlantic Asset Management Limited Malawi (SAAML).
The launch followed the receipt of approval from the Registrar of Financial Institution, Malawi, for the firm to provide Portfolio/Wealth Management, structured investments and other investment advisory services to individuals, corporations and institutional investors.
CITITRUST in a statement said the unveiling of this remarkable feat is in pursuant to the Portfolio Management License granted to South Atlantic Asset Management Limited on October 6, 2020 in line with the Malawian Financial Service Act (FSA) 2010 and Financial Services (Establishment and Operations of Portfolio Manager) Directive 2015.
The Chief Executive of South Atlantic Asset Management Limited, Malawi, Mr. Victor Ekhor said the launch of the Asset Management business ties in with CITITRUST’s plan to become a dominant player in the Financial Services sector.
“We are enthusiastic at the unique opportunity to bring investment products to the Malawian market, as our goal is to constantly provide a wide range of solutions to support the evolving needs of our partners and the entire investment community,” he further stated.
“The issuance of this approval by the Registrar of the Financial Institution is a laudable development, and one that will most definitely lead to an unprecedented basis for value creation within the Asset Management Space in Malawi,” Victor added.
Speaking on the vision for South Atlantic Asset Management Limited, the Group Chief Executive of CITITRUST Holdings Plc., Yemi Adefisan said, “We intend to support African Businesses and unlock the continent’s potentials through the management of several investment funds and provision of financial advisory services. Our focus is on growing wealth for our esteemed clients through our well-thought-through products”.
“At CITITRUST, our people have extensive experience in the financial services sector across Africa and are devoted to pooling complementary resources and functions to give clients the best value. We look forward to offering unique and creative solutions, backed up by world class technology, to transform current market offerings and do more for our clients,” Adefisan added.