18 September 2017
Financial services group to enhance its presence in the Kingdom, after being licensed to act as a Collective Investment Scheme Manager.
African Financial Services Group, Ecsponent Limited, has been licensed to act as a Collective Investment Scheme (CIS) Manager in Swaziland by the Financial Services Regulatory Authority (FSRA). The group’s focused business strategy has seen it achieve triple-digit growth for six consecutive years in its key performance areas, and this development further stimulates the growth trajectory.
The group began operations in Swaziland in March 2014 and has reflected exponential growth since then. This approval to act as CIS manager will also improve Ecsponent’s ability to support the Kingdom’s ambitious growth objectives for 2022.
The group focuses its operations on three core business units in the different territories of operation; Investment Services, Business Credit and Equity Holdings. The existing Investment Advisory (IA) licence, has resulted in Ecsponent’s Investment Services business unit in Swaziland developing an extensive client base and a sound understanding of the market requirements. Ecsponent has a professional and well-established distribution network in place, which will be enhanced and expanded as new products are introduced to the market. The business is therefore ideally positioned to support the Kingdom’s developing economy by contributing to wealth creation amongst the local population.
Along with the approval of the CIS Manager licence, the FSRA has also approved Ecsponent’s initial portfolios, which will include the Ecsponent Swaziland Income Generator Fund and Ecsponent Swaziland Growth Fund, both of which will be lump-sum investment portfolios. As in other territories here the group is represented, the products are highly competitive and Ecsponent anticipates a healthy subscription rate, contributing to growth in the Investment Services business unit.
The group also intends ramping up investment deployed in Swaziland, further contributing to the local economic development.
“We are excited by the expanding opportunities in Swaziland and believe that this licence will allow us to further leverage our existing business to unlock value for both Ecsponent and the market in Swaziland. We view the country as an important market and part of our objective is to strengthen our already strong relationship with key stakeholders,” said Ecsponent CEO Terence Gregory.
Ecsponent Swaziland’s Compliance Officer, Sanele Kunene added: “We will continue to build constructive relationships between Ecsponent, the FSRA and the Swazi investment community. The stringent governance imposed by both the IA licence and newly awarded CIS licence, will continue to guide our product offerings and the financial advisory and intermediary services provided to investors.”