Associations & Practice | |
Associations & Practice | |
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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.
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