Asset manager to close

Quaystone cites the challenges facing smaller players in the asset management industry, while saying that arrangements have been made with Old Mutual Asset Managers (South Africa) (OMAM), to facilitate introducing OMAM’s capability to Quaystone clients.

Making the 'proposed closure' announcement, Anet Ahern, CEO of Quaystone, said that “despite the expertise and dedication of our staff, and an improving investment performance trend, the challenge of attracting significant flow of funds for a business this size is extremely arduous.”

The global investment industry has been through a tough phase, with extremely volatile investment markets, and fierce competition. It has become an industry that rewards scale, depth of resources and range of skills.

Quaystone management will be proposing to clients that where appropriate, mandates be transferred to OMAM, on identical terms and conditions to the present appointments.

“OMAM has the track record, depth of resources, expertise and investment process flexibility to accommodate Quaystone’s clients and provide an excellent value proposition to them,” Ahern said.

Sello Moloko, CEO of OMAM. “Our primary concern at this point is in ensuring that clients’ best interests are looked after, and we therefore hope that they will agree with the proposal to transfer their business to OMAM.

"We will be visiting all these clients and their advisors as soon as this can be arranged to discuss the proposal”.