Investec and Pamue tie BEE knot

IN a transaction involving Pamue Investments Corporation, Investec Asset Management Namibia yesterday announced its merger with Fedsure Asset Management Namibia (FedNam).

The merged entity will trade as Investec Asset Management Namibia (Investec Namibia) and along with its operations in South Africa and Botswana, makes Investec Asset Management the largest manager of third party assets in Southern Africa, the company said. As a result of the merger, Investec Namibia now has N$3,4 billion in assets under management.Prior to the merger, Pamue held 51 per cent of FedNam, while Investec Asset Management Holdings in South Africa held 49 per cent, after the Investec Group’s acquisition of Fedsure in 2000.Ever since, FedNam’s investment management business had been outsourced to Investec Namibia.According to Issy Namaseb, MD of Pamue and Chairman of FedNam, the deal will position Pamue as a significant player in Namibia’s evolving financial services sector.”It provides the necessary platform from which we can grow.This is a business imperative and forms part of Pamue’s value proposition as a black economic empowerment company,” he said.The transaction is structured as a phased acquisition by Pamue of 49 per cent of the equity in Investec Namibia.As a result of the merger, Investec Namibia now has N$3,4 billion in assets under management.Prior to the merger, Pamue held 51 per cent of FedNam, while Investec Asset Management Holdings in South Africa held 49 per cent, after the Investec Group’s acquisition of Fedsure in 2000.Ever since, FedNam’s investment management business had been outsourced to Investec Namibia.According to Issy Namaseb, MD of Pamue and Chairman of FedNam, the deal will position Pamue as a significant player in Namibia’s evolving financial services sector.”It provides the necessary platform from which we can grow.This is a business imperative and forms part of Pamue’s value proposition as a black economic empowerment company,” he said.The transaction is structured as a phased acquisition by Pamue of 49 per cent of the equity in Investec Namibia.