Diversified life and funeral services concern, Nyaradzo Group, has been licenced to operate an asset management company.
This was announced by the Securities and Exchange Commission of Zimbabwe (SECZ) on its twitter handle recently
Before this development, there were 16 securities or investment managers in Zimbabwe.
Asset management companies take investor capital and put it to work in different investments including stocks, bonds, real estate and private equity.
They handle investments according to an internally-formulated investment mandate, or process.
Simply put, they manage funds for individuals and companies.
Working with a group of several investors, asset management firms make well-timed investment decisions on behalf of their clients to grow their finances and portfolios in order to deliver attractive investment returns while managing risk.
The new subsidiary will operate as the investment arm of the Nyaradzo Group.
By diversifying into new territories, Nyaradzo would be able to broaden the range of services available to their clients.
At the same time, it offers their investment team the platform to sweat clients’ contributions to guarantee them continuous improvement in the quality of service available to them.
“We are excited to have been licensed by the Securities and Exchange Commission to operate such a complimentary service.
“When customers walk into any of our service centres, they must get solutions to all their financial needs under one roof. This new business represents another step towards making our group a truly composite financial services group,” a Nyaradzo spokesperson said.
Asked when the new venture would come to life, the spokesperson said they are currently putting together a solid team to manage the new baby while also attending to its equipment needs.
“Now that we have the licence, the market will be kept informed once everything has been put in place,” said the spokesperson.
Nyaradzo prides itself as a dynamic group of companies that was formed nearly two decades ago.
Since inception in 2001, Nyaradzo has grown into a dominant force in Zimbabwe, with the team working tirelessly to push the brand beyond the country’s borders.
The group runs Nyaradzo Life Assurance Company, which operates two divisions namely the Life Assurance Division (the country’s third-largest) and Nyaradzo Funeral Services, which commands more than 60% of the market share in the funeral services industry.
Calundike Exports, another unit of Nyaradzo, is involved in the manufacturing of custom-made furniture and aluminium fittings as well as coffins and caskets.
Eureka, their insurance broking company, completes the group’s one-stop-shop concept through the provision of short-term insurance products.