Old Mutual Multi-Managers has rebranded to Symmetry in a move that does not only change the firm’s name but signals the company’s evolution in a highly competitive investments market.
The company, wholly owned by Old Mutual, on Wednesday said it was responding to changing client expectations and adapting its solutions to remain competitive. The business was established in 2000 as a multi-management business.
It has since evolved into a full-spectrum investment solutions provider.
“Over time, we have realised that to deliver on client needs, we needed to enhance our multi-manager offering into an investment solutions business. The business evolved to reflect our growth in services and expertise, built on over 25 years of investment experience and market insights,” said Kieyam Gamieldien, MD at Symmetry.
“As a result, we have revisited how we take our business to market, as the current naming protocol contains the word ‘multi-manager’. To signal change and continuity in our business, we are now going to market as Symmetry, a name that is part of the DNA of our investment business.”
Symmetry will include the existing retail and institutional multi-managed funds, Discretionary Fund Management and incubate a Best-in-Class proposition, in addition to expanding the investment product range, Gamieldien said.
“In addition, we have created new capabilities in providing outsourced CIO services and Investment Consulting. We are also excited about the newly incubated Best-in-Class offering, a premium solution that aims to identify and form partnerships with accomplished asset managers who have a unique approach to investment management and have delivered exceptional, sustained long-term performance.”
Gontse Tsatsi has been seconded from Old Mutual Investment Group, where he headed retail client management, to lead the development of Symmetry’s Best-in-Class capability.
Tsatsi joined the 175-year Old Mutual in 2016 and has led various retail-focused teams, including private wealth management and retail clients.
To give the Best in Class business a leg up, the business has teamed up with Seattle-based Russell Investments, which has $332bn in assets under management for clients in 30 countries with offices in 17 cities around the world.
“Because we are based here in SA we want to leverage a partner that has global reach, to allow us to make the right choices when we select global managers for our portfolios. Russell is a formidable global business,” Tsatsi said.
SA’s asset managers have increasingly been partnering with their international peers, looking to draw in global expertise.
Stanlib has a partnership with JPMorgan Asset Management, while Ashburton recently struck a partnership with Morgan Stanley.
The Discovery group three years ago launched Cogence, a discretionary fund manager, in partnership with the world’s largest asset manager, BlackRock.
Local money managers increasingly allocate funds internationally, in response to regulation 28 which allows retirement funds to invest 45% of their members’ money outside SA from 30% previously.
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