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View More Press Releases by Centre for Fiduciary Excellence [CEFEX]

Press Release

Old Mutual Wealth Tailored Funds Portfolio First Investment Manager in South Africa Certified for Fiduciary Excellence

Issued by Centre for Fiduciary Excellence [CEFEX]

Mar. 21, 2019

PITTSBURGH, March 20, 2019 - Old Mutual Wealth's Tailored Funds Portfolios (TFP) division is the first investment manager in South Africa to receive certification for fiduciary excellence from the Centre for Fiduciary Excellence (CEFEX).

Commenting on this achievement, Roland Gräbe, Head of TFP, says that the industry has been in urgent need of an objective and external body to conduct a due diligence that is focused on client centricity. "By going through the detailed CEFEX auditing process, we hope - through complete transparency - to demonstrate our unwavering commitment to always act in in the best interest of clients. "It is crucial that asset managers recognise the responsibility that fiduciary care places on business decisions. We believe that responsible investing and fiduciary care are essential in driving sustainable business practices in the industry."

Tailored Funds Portfolios is Old Mutual Wealth's Discretionary Fund Management offering. The TFP team give financial planners and investors the opportunity to create tailor-made portfolios aimed at achieving very specific individual financial goals.

"We are very honoured to be the first investment manager in SA to receive the certification. The certification is testament to the work we do and I believe that it really sets us apart as an investment manager that strives for excellence in everything we do. The work that CEFEX is doing internationally is adding great value to the financial services industry. By having an accreditation standard for financial services providers, we are moving in the right direction, giving clients peace of mind that their money is being managed in the best possible way to benefit them," says Gräbe.

Carlos Panksep, Managing Director of the Centre for Fiduciary Excellence, explains that the TFP business was subject to a rigorous audit process, involving financial performance and operational data verification followed by on-site interviews with key staff members. "The CEFEX certification exhibits TFP's investment integrity and is an indication of its trustworthiness. Through the independent assessment, the certification provides assurance to investors that TFP has demonstrated adherence to the industry's best fiduciary practices."

Panksep explains that standardisation has been in place for many years in the automotive, manufacturing and food industries. CEFEX therefore decided to implement a similar certification for standardised practices within the financial services industry, globally. "The CEFEX certification program awards a seal of quality to financial services providers who meet the standard based on an ISO-like (International Organisation for Standardization) assessment. Investors can therefore rest assured that an independent expert has assessed this service provider against a global best-practice standard, and will contine to be monitored annually," he says.

Gräbe believes that CEFEX provides a key solution to the South African financial services industry in ensuring independent verification of the operating models and processes in asset management as well as financial advice.

The Fiduciary Practices are principle-driven and reflect the industry's best practices according to the CFA Institute's "Asset Manager Code of Professional Conduct," EFAMA's (the European Fund and Asset Management Association) "Code of Conduct for the European Investment Management Industry," the Risk Standards Working Group's "Risk Standards for all Institutional Investment Managers and Institutional Investors". They are described in the publication "Prudent Practices for Investment Managers", written by CEFEX and Fi360.

A full copy of the practices is available at www.cefex.org and further information about Old Mutual Wealth can be found at omwealth.co.za.

About CEFEX®:
CEFEX, Centre for Fiduciary Excellence, LLC, an Fi360® company, is an independent certification organization. CEFEX works closely with industry experts to provide comprehensive assessment programs to improve the fiduciary practices of investment stewards, advisors, recordkeepers, administrators and managers. CEFEX is based in Pittsburgh, PA. Connect to CEFEX via Twitter or LinkedIn.

About Fi360®:
Fi360, a fiduciary education, training and technology company, helps financial intermediaries use prudent fiduciary practices to profitably gather, grow and protect investors' assets. Since 1999, the firm has provided financial professionals with the tools necessary to act as a fiduciary in their work with investors. Headquartered in Pittsburgh, PA, Fi360 is the home of the Accredited Investment Fiduciary® (AIF®) designation, the Fiduciary Focus Toolkit(tm) and the Fi360 Fiduciary Score®. Fi360 is also the parent company of CEFEX. Learn more at www.Fi360.com via Twitter or on LinkedIn

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View More Press Releases by Centre for Fiduciary Excellence [CEFEX]


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