STANLIB, and its holding company, Liberty Holdings, have acquired 100% shareholding in Stanbic Investment Management Services (SIMS) Ghana.

The acquisition extends STANLIB’s footprint in Africa, which now has a physical presence in eight African countries outside of South Africa.

Seelan Gobalsamy, STANLIB CEO, said: “SIMS Ghana will maintain its reputation for investment excellence and continue to build long-term relationships with customers.”

“As we further build our presence across Africa, our goal remains to create innovative, locally relevant investment solutions, and to partner with customers to sustainably grow their investments. We want to be the chosen investment destination in Africa,” he said.

Alex Asiedu, executive director at SIMS Ghana, added: “The business is well-established and has a solid reputation in the market. We are confident that our team of experienced professionals can leverage the global capabilities of a leading investment management firm like STANLIB.”

The Ghanaian asset management industry displays strong growth potential driven by a strong economy.

The acquisition means the Accra-based SIMS is able to tap into the vast experience that STANLIB Africa has built across the continent over the years.

SIMS will continue to be led by its CEO and his team of experienced, local investment professionals.

Plans are underway to broaden its services and offer more tailored solutions specially designed for the Ghanaian market, including alternatives.

These would include direct property, infrastructure and private equity, where SIMS would leverage off STANLIB South Africa’s established franchises.

Currently, SIMS offers traditional products to predominantly institutional client base.

Under STANLIB’s helm, efforts will be made to increase its retail investor base, where there are significant untapped growth opportunities.

Overall, Ghana displays compelling opportunities, and STANLIB is hoping to contribute to building a culture of saving and investing in the West African nation.

“Although we are domiciled in South Africa, STANLIB is now a truly African asset manager. From an investment perspective, all of our offices across the continent operate with the same DNA, and Ghana will be no different. Our processes and philosophies are consistently applied to ensure our focus on investment excellence is the same across the continent, while we are steadfast in ensuring that local people run our operations to ensure they are locally relevant,” STANLIB Africa Managing Director, Ben Kodisang, said.