| Tue 13 Feb 2001, 0:00 | | Ft Nib Investments & Greenwich Group Sign Asset Ma |
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13 February 2001
Franklin Templeton NIB Investments and Greenwich Group Sign Asset Management
Agreement
Franklin Templeton NIB Investments (FTNIBI) and Greenwich Group announced today
that Greenwich Group's asset management capability would be managed, subject to
regulatory authority, by FTNIBI. The operation will continue to trade as
Greenwich Asset Management. All contractual obligations to clients as well as
fund manager responsibilities will remain unchanged. The agreement will
increase FTNIBI's assets under management by R750 million to R22.3 billion.
As part of the transaction, three key members of the Greenwich asset management
team, Guy Woolford, Iain Anderson and Paul Hartdegen, will join FTNIBI as
full-time employees, thereby ensuring continuity and stability in the
management of the Greenwich funds.
Colin Greff, chairman of the Greenwich Group Limited said, "We recently
announced our merger with Mettle Limited. This transaction sees the new Mettle
group narrow its focus around treasury and derivative products, structured
finance and securitisation, and investment banking and advisory. The
transaction with Franklin Templeton NIB Investments liberates our asset
management business and provides our clients and investment team with a
significantly enhanced infrastructure and research capabilities.
Guy Woolford, currently Chief Investment Officer at Greenwich and a highly
regarded fund manager, will assume responsibility for FTNIBI's flagship fund,
NIB Prime Select. The fund recently won the Association of Unit
Trusts/Personal Finance Raging Bull award for best consistent performance over
three years for the period ending 31 December 2000 in addition to an award for
the top performance in the domestic equity general funds category for the same
period.
Neil Cochrane, CEO of FTNIBI, said that in addition to increasing the company's
assets under management, the transaction would add substantial talent to the
wider FTNIBI investment team. "And, in terms of our valued unitholders in NIB
Prime Select, the appointment of Guy Woolford to manage the fund is a
significant coup," he emphasised.
Woolford said that the agreement also had substantial benefits for existing
Greenwich clients. " It is important to recognise that our investment process
and capability will be substantially strengthened as a result of the combined
intellectual and other resources of the two groups," he said. "We're excited
about the prospect of pooling resources with a company like Franklin Templeton
NIB Investments, which has a strong tradition within the fund management
industry both within South Africa and abroad.
Neil Cochrane also said that FTNIBI's empowerment focus would be strengthened
as the Greenwich asset management operation, having evolved out of Infinity
Asset Management, had a substantial emphasis on empowerment. "Franklin
Templeton NIB Investment also has a long history of empowerment through its
relationship with Unity, and the Community Growth and Gilt Funds. In addition
to this, several new empowerment initiatives are in the pipeline, and will be
announced as the year unfolds," he said.
ENDS
Issued by NIB Corporate Communications on behalf of Franklin Templeton NIB
Investments
Contact: Claire Densham, 021-488-2036, 082-900-7437
