New name for Momentum and Metropolitan merged entity: Momentum Collective Investments

CEO Robert Walton has announced that besides the new name of the asset management business and its funds, it is business as usual.

The last year has seen the listing of MMI Holdings on the Johannesburg Stock Exchange and the unbundling of MMI Holdings from the FirstRand Group resulted in the ownership of Momentum being transferred to MMI Holdings. On 01 December 2010 MMI Holdings was formed and listed on the Johannesburg Securities Exchange. At this date the company had total assets of about R414 billion and an embedded value of some R29 billion. MMI Holdings became the third largest life insurer in South Africa on the day of its listing.

As a result of the merger between Metropolitan and Momentum all the investments-related businesses of MMI Holdings combined under Momentum Investments (a division of MMI). This includes our asset management, collective investments, alternative investments, multi-management, international and property businesses. Consequently, from 01 August 2011, the collective investments business changed its name from RMB Unit Trusts Limited to Momentum Collective Investments Limited.