16 February 2018

Zimbabwe: 29 Investment Schemes Registered

The Securities Commission of Zimbabwe (Seczim) says it now has managed to bring together 29 collective investment schemes under its ambit as it intensifies efforts to strengthen regulatory oversight on the schemes.

Around April last year there were three, but the number has since risen, thanks to an increased appetite in the market.

Collective investment schemes are investments in which many different investors pool their money into a portfolio managed by professional investment managers.

Seczim took over the regulation of collective investment schemes from the Reserve Bank of Zimbabwe in 2014.

Seczim CE Tafadzwa Chinamo told businessdigest this week that these are offered by nine asset management companies. These are SmartVest Wealth Managers, CBZ Asset Management T/A Datvest, ABC Asset Management, First Mutual Wealth Management, Invesci Asset Management, Old Mutual Investment Group, Atria Asset Management, Zimnat Asset Management, and Fidelity Life Asset Management.

He added that Collective Investment Schemes (Internal Schemes) (Amendment) Rules, SI.108 of 2017, Collective Investment Schemes (Fees) Rules, SI.106 of 2017 and Collective Investment Schemes (Professional Schemes) (Amendment) Rules, SI.107 of 2017 are the instruments regulating collective investment schemes.

Meanwhile, Chinamo said Seczim is hopeful of registering foreign investors on the Alternative Trading Platform (ATP) under the new dispensation.

Currently, Old Mutual Zimbabwe (equities) Untu U-Gain Bond (Debt) and IDBZ bond (Debt) are listed on Financial Securities Exchange (Finsec).

"Finsec is registered as a securities exchange offering an alternative trading platform (ATP). All companies listed on the ATP are locally owned companies. Zimbabwe is now in a new dispensation and we are hopeful that we will attract more foreign investors. We expect companies to list in the near future and more foreign investor participation in the securities market," he said.

Following the gazetting of Securities Alternative Trading Platform rules in August, the Securities and Exchange Commission of Zimbabwe has issued the first licence to Finsec in 2016.

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