METROPOLITAN Asset Managers (MetAM) Namibia has survived last year's global financial onslaught, posting solid returns for its suite of Namibian funds.

Robert Walton, Managing Director at MetAM, yesterday said the Namibia Global Managed Fund, Namibia Money Market and the Metropolitan Namibia Absolute Return Fund yielded returns of 21,2 per cent, 9,42 per cent and 3,89 per cent for the calendar year to December 31 2009 respectively. Metropolitan Namibia Absolute Return Fund was ranked second out of 11 surveyed managers, he said.

Walton said since Romeo Makhubela joined MetAM as the chief investment officer in 2008, he has focused on strengthening the team and their investment processes.

"The fruits of these efforts are now showing. MetAM selects stocks that appear to be undervalued - an approach that has been very successful for both the South African and Namibian funds, especially amid the global recession," he said.

Walton said Namibia is an extremely important market for the company, considering its importance to South Africa and it being a major enabler in the regional economy.

"MetAM has made a strategic decision to forge stronger relations with its Namibian division underpinned by the appointments of Joseph Mukena and Toini Uusiku who manage the company's investment products from Namibia," he said.

Both Mukena and Uusiku, who joined MetAM as portfolio analysts in May 2008, form an integrated part of the investment team and participate actively in research and investment meetings, he said.