Transcript Slide 1

IMFO (Western Cape) Conference
Corporate Information and Services
June 2012
Asim Gani
Managing Director
Background
• Established in 2002
• A Keymix Investment Subsidiary
• 98% Black owned
• Strong BEE Credentials (all levels, incl Level 1 – 7 years)
• Actuarial and Investment Consulting Services
• Cape Town and Gauteng offices
Municipality Services
–
Actuarial Services:
• Valuation of liabilities for financial statements (IAS19/GRAP16/25)
– Post-retirement medical, Redundancy pensions, Long service awards
– Retirement fund, and advices
• Valuation of COID Liabilities (Injury on duty schemes) and advices
• Examples
• Peer Reviews/Investigations
–
Investment Advisory Services:
• Developing of MFMA (and National Treasury Regulated) compliant
Investment Policies, including:
– Investment objectives/benchmarks
– Investment Strategy
– Investment manager selection and optimisation
– Performance monitoring
– Investment Training and communication
– With focus on Governance
Municipality Services
–
Financial Calculations and Projections (new area)
• Assistance in calculation methodologies e.g. calculation of tariffs
(for electricity, water)
• Financial projections, sensitivities and impact analyses based on
different tariff models (water, electricity)
• Quantification of financial impact of executive remuneration
strategies (short term / long-term incentives)
Retirement fund services: Where do we fit in?
Fund Administration and Accounting
Auditing
Rule Writing
Your
Retirement Fund
Consulting
Actuarial
Investment Consulting
Risk Management
Asset Management
Institutional Clients
10 years, 80+ clients…
Institutional Clients,
10 years, 80+ clients…
Why IAC?
– Trusted (Tried and Tested – 10 years)
– Independent (ownership)
– Experienced (track record)
– Expertise (qualifications)
– Professional client service (executives only)
– Capacity (Team 30+)
– Local - Western Cape based Firm
– Excellent BEE Credentials (AAA+, Level 1, 7 years)
Questions
?
BEE Certificate -2012 renewal
Executive Committee Members
Asim Gani
Managing Director
BBusSc, FIA FASSA
17 Years Industry Experience
Victor Faria
Executive Director
Investment Advisory
BBusSc (Actuarial)
17 Years Industry Experience
Krishen Sukdev
Executive Director
Actuarial
BBusSc , FIA FASSA
15 Years Industry Experience
Kevin Lewis
Finance and Operations
National Diploma – Internal Auditing
17 Years Industry Experience
Abigail Jacobs
Compliance
Paralegal Diploma, Bookkeeping Certificate
5 Years Industry Experience
Buyiswa Nodada
Exco Observer Member
B Comm (Economics and Statistics)
5 Years Industry Experience
Non-Executive Directors
(and Non-Exco members)
Khanyisile Kweyama
Independent Non-Executive Chairperson
PDM, Masters in Mngmnt
20 Years Industry Experience
Professor Caspar Greeff (Actuary)
Executive Director (Non-Exco)
BSc(Hons), FIAC FFA FASSA
58 Years Industry Experience
IAC Team
INDEPENDENT ACTUARIAL CONSULTANTS
Operating Divisions - Organagram
K. Kweyama (Chairperson)
BOARD OF
DIRECTORS
A. Gani
V. Faria
Proff C. Greeff
MANAGING
K Sukdev
K. Lewis
*Asim Gani
DIRECTOR
TEAM
EXCO
ASSOCIATES
Actuarial
Investment Advisory
Operations
* K Sukdev
*V. Faria
*K. Lewis
W. Loots
A. Gani
P. Wolmarans
T. van Haght
S. Wilson
J. Taruvinga
J. Makena
D. Run'anga
S. Ngquba
M. Kumwenda
T. Nhlapo
S. Mhlakane
L. van As
Prof. C Greeff
N. Myataza
W. Brown
A. Gani
R. Evertse
S. Govender
B. Nodada
J. Delport
R. Wicomb
F. Hougaard
P. Baza
F. Jacobs
X. Dhlamini
Y. Sonday
L. Bam
Z. Njoli
T. Maranda
V. Fourie
J. Geldenhuys
M. Visagie
M. Barnard
N. Patchett
J Bagg
D Prigge #
EXCO Members *
Business Development
Compliance
*A. Jacobs
A. Gani
R. Nel
Plus External
Back Office Support / Systems
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Support:
We have internal accounts, compliance and other support functions.
As well as external service providers as required (Audit, IT, Compliance…)
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Systems:
Internally developed systems (VB, Excel, Access)
Value at Risk, Efficient Frontier Modelling
Manager Selection and Combination
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Projection modelling based in Mo.net (UK Actuarial System) [ALM]
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Internal and External Manager Research Databases
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We have over 40 computers, with regular backup processes including
video conferencing facilities.
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Data feeds, including INET, Timbukone and Micropal.
Value Add
1)
Strong investment governance process based on sound liability analyses
(including our corrective actions process – timeous relevant)
2)
Excellent risk adjusted returns (in particular low risk enhancements and
lifestaging)
3)
Cost effective implementation of investment decisions
4)
Investment Training and Knowledge transfer included.
5)
Importance of independence
6)
Opportunity to focus on SRI and desired BEE (without any compromise on
the returns)
Value Add
1)
Strong investment governance process based on sound liability analyses
(including our corrective actions process – timeous relevant)
2)
Excellent risk adjusted returns (in particular low risk enhancements and
lifestaging)
3)
Cost effective implementation of investment decisions
4)
Investment Training and Knowledge transfer included.
5)
Importance of independence
6)
Opportunity to focus on SRI and desired BEE (without any compromise on
the returns)
FAIS Disclosure
•Authorised to provide financial and intermediary services:
CATEGORY 1
- Long-Term Insurance ( Cat . A, B1, B2 & C); Short-Term Insurance
(Personal Lines, Commercial Lines); Retail Pension Benefits; Pension
Fund Benefits (excl. Retail); Securities and Instruments: Shares, Money
Market, Debentures, Warrants, Bonds and Derivative Instruments;
Collective Investment Schemes; Long-Term Deposits and Short-Term
Deposits.
CATEGORY 2 - Discretionary
- Securities and Instruments: Shares, Money Market, Debentures, Warrants,
Bonds and Derivative Instruments; Collective Investment Schemes; Collective
Investment Schemes; Long-Term Deposits and Short-Term Deposits.
•Neither IAC nor any of its Key Individuals or Representatives own more than 10%
of the issued shares of any Life Insurer, Asset Manager or Financial Product
provider.
•Neither IAC nor any of its Key Individuals or Representatives are associated with
any Life Insurer, Asset Manager or Financial Product provider, except for the group
companies of Trialpha (Low-risk Fund of Hedge Funds) and Qmulate (Investment
structuring), as per corporate organogram.
•IAC has Professional Indemnity cover (never used)
•IAC does not earn any commission from any product provider.
•IAC charges a fee as outlined in the service level agreement between IAC and its
clients.
•A complaints notification procedure is available from the compliance officer.
•IAC complies with Section 21 of the General Code Of Conduct (Waiver of Rights)
Independent Actuarial Consultants
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PO Box 1172, Cape Town, 8000
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Tel: (O21) 422 4373
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Fax: (021) 422 4378
•
[email protected]
Compliance Officer (External)
•
Moonstone Compliance (Pty) Ltd.
•
(021) 883 8000
Internal Compliance Contact
•
Abigail Jacobs
•
(021) 422 4373
Our Offices
Harare Address
1st Floor, Credsure House
69 Sam Nujoma, Credsure
Harare, Zimbabwe
CPT Address
38 Wale Street, Wale Street
Chambers
Wale Street, Cape Town
JHB Address
Unit 2, Grayston 66
2 Norwich Close, Sandown Centre
Sandton
Recent Development
• Acquisition of Vunani Portfolio Solutions
• Appointment of Executive Director Actuarial – Krishen Sukdev
• Actuary with 19 years experience (Statutory Valuator, Retirement
Funds) and approved liquidator
• Convenor of ASSA Social Security Committee
• Board member ASABA
• Appointment of Pamela Wolmarans as actuarial consultant
• Additional Actuaries joining IAC as consultants:
• Jonny Bagg (Life Valuator)
• Nicky Patchett (Life Valuator)
• Appointment of Ryan Evertse as Team Leader, Reporting
Client Assets under Advice (40)
10
Million
7 Billion
20 Billion