Meristem Wealth Management Limited (MWML), has emerged Nigeria’s first indigenous asset manager to meet the strict Global Investment Performance Standard (GIPS).
The GIPS asset management compliance standard typically validates a company’s operational transparency and its pursuit of the best global practices in the management and reporting of the details of customers’ investment assets.
The reported compliance status attained by MWML places it in the ranks of some of the world’s top asset management firms. Speaking at the declaration in Lagos, last week, Managing Director, MWML, Sulaimon Adedokun, said the investment management industry revolves around developing frameworks for surpassing client investment expectations a concept Meristem has coined as ‘Clientocracy’.
Sulaiman explained that GIPS provides wealth managers with a standardised methodology of performance measurement and reporting that is consistent with global practices of some of the best asset managers. He said GIPS makes it easy to compare the performance of asset management firms across the globe regardless of location, whether they are in Lagos or London, Cairo or Cape-town, the metrics of performance are the same.
“The decision to adopt GIPS is voluntary and establishes a universal benchmark by which corporate wealth managers can be trusted and verified, a status only a handful of firms have attained globally.”
Former President of the CFA Institute Nigeria, Mrs Sade Odunaiya, congratulated the company for putting Nigeria on the global map as far as GIPS reporting standard is concerned.She explained that what the International Financial Reporting Standard (IFRS), is to the accounting profession and banking industry, GIPS is to the investment management sector.Mrs Odunaiya was pleased that Nigeria now has a firm that is in full compliance with GIPS.
Culled from: guardian.ng