Meristem Emerges First Nigerian Indigenous GIPS Compliant Asset Management Firm

Proshare

Friday, January 11, 2019 7.00PM / Bukola Akinyele and Nifemi Taiyese for Proshare WebTV

 

Meristem Asset Management has emerged as Nigeria’s first indigenous asset manager to meet the stringent Global Investment Performance Standard (GIPS).

Meeting the GIPS Asset Management Compliance standard typically demonstrates a company’s  operational transparency and its pursuit of best global practices in the management and reporting of the details of customers investment assets. The reported compliance status attained by Meristem  Wealth Management places it in the ranks of some of the world’s top asset management firms.

To mark this significant milestone Meristem Securities Nigeria in conjunction with the Chartered Financial Analysts Institute, held a GIPS Compliance declaration event in Lagos.

Giving the opening remarks at the event Mr Sulaimon Adedokun, CFA MD Meristem Wealth Management Limited said “It is my pleasure to welcome you to this landmark event in the asset management history of Nigeria.”

He noted that the Investment management industry revolves around developing frameworks for surpassing client investment expectations a concept Meristem has coined as “customertocracy”.

Mr Sulaiman explained that, GIPS provides wealth managers with a standardized methodology of performance measurement and reporting that is consistent with global practices of some of the best asset managers.

He said GIPS makes  it easy to compare the performance of asset management firms across the globe regardless of location whether they are in Lagos or London, Cairo or Cape-town, the metrics of performance are the same.

According to him, “The decision to adopt GIPS is voluntary and establishes a universal benchmark by which corporate wealth managers can be trusted and verified, a status only a handful of firms have attained globally”.

Speaking further Sulaiman shared the journey towards GIPS and noted that the trip was interesting but challenging and took all but two years from start to finish requiring dedication, commitment and determination on the part of staff and management.

He concluded that it was an achievement that the Meristem group was proud of, and commended the teamwork of the entire members of staff.

Mrs Sade Odunaiya Former President of the CFA Institute Nigeria and current member of the Nigeria Investment Promotions Council (NIPC) governing board congratulated Meristem Wealth Management  for putting Nigeria on the global map as far as GIPS reporting standards was concerned.

She explained that what the International Financial Reporting Standard (IFRS) is to the accounting profession and banking industry, GIPS is to the investment management sector.

Odunaiya  was pleased that Nigeria now has a firm that is in full compliance with GIPS.

Meanwhile, Mr Akin Adeniyi, CFA and CEO of King Thrones Advisory services in his remarks as the GIPS consultant to Meristem Wealth Management said the objective was to produce very reliable statistics that allowed investors make objective and consistent comparison of performance at a global scale.

He said the project with Meristem Wealth Management took 2 years to attain the GIPS compliance status and had commenced since 11th January 2017.

Adeniyi commended the board and management of Meristem Wealth Management for their commitment to meeting the compliance status.

He was of the view that the GIPS compliance was a window to many opportunities for Meristem Wealth Management and its clients.


Proshare Nigeria Pvt. Ltd.


Related News

1.       The Vital Role Of Audit Quality And Regulatory Access To Audit And Other Information Internationally

2.      Stakeholders at Caritas Leadership Roundtable, Emphasize Need for Ethics in PR Practice

3.      Presentations At The 2018 IoD Annual Directors' Conference

4.      CITN Signs MoU With ANAN On Rights To Practice Taxation In Nigeria

5.      OPAN To Hold 3rd New Media Conference on January 16, 2019

6.      IAPM to Focus on Capacity Building, as CIIA Sets Standards for Investment Advisors in Nigeria

7.      New Deal Between CISI And NSE Heralds Boost For Africa Based Finance Professionals

8.     The Future Belongs to GIPS Compliant Firms – FBNQuest Asset Management

9.      CFA Society Nigeria Awards Certificate to 86 New Members

10.  2018 International Accountants’ Day – Accuracy And Integrity Remains ICAN’s Guiding Principles

11.   10 Key Takeaways From The 2018 CFA Society Nigeria Investment Conference

12.  ICAN Objects To 3 Bills For A Chartered Institute of Forensic and Investigative Auditors of Nigeria




Proshare Nigeria Pvt. Ltd.


Proshare Nigeria Pvt. Ltd.


 

READ MORE:
Related News
SCROLL TO TOP