Old Mutual Investment Group, Curo Fund Services and Sanlam Investment Management have announced a B-BBEE transaction that seeks to fund the education of primarily black women under the age of ...
Old Mutual Investment Group, Curo Fund Services and Sanlam Investment Management have announced a B-BBEE transaction that seeks to fund the education of primarily black women under the age of 35 through the establishment of a Trust to be administered by Curo Fund Services.
Curo Fund Services (Pty) Ltd is an outsourced investment administration services provider, which is a 50% held joint venture between Old Mutual Investment Group Holdings and Sanlam Investment Management.
The deal will see the establishment of a broad based B-BBEE development trust in line with the Financial Sector Charter (FSC) funding education of primarily black females below the age of 35. The trust will be administered by Curo Fund Services, which will provide Curo Trust educational funding to qualifying students.
The BEE transaction will ultimately ensure that Curo qualifies as 51% black-owned and 30% black woman-owned as defined in the both the revised and existing Financial Sector Charter. This will allow potential clients to maximise procurement from black female-owned enterprises. The transaction will also create economic benefits that will see the full stake accruing to Curo from the first day the initiative is launched.
Chief Operating Officer at Old Mutual Investment Group, Mobasheer Patel, said that the main objective behind the deal is to support and facilitate the broad-based economic development of the beneficiaries of the Trust through the provision of funds for the education and training of previously disadvantaged South African women.
“Old Mutual Investment Group remains committed to transformation not only within our own organisation, but within the broader context of South Africa. We are excited about the prospects that the Curo Trust will be able to bring for these young women and thank Sanlam Investment Management and Curo for the opportunity to partner with them,” adds Patel.
Chief Executive Officer at Curo Fund Services, Barri Maggott, affirmed the industry transformation intended by the Trust.
“The provision of bursaries to designated groups through the Trust is a tangible way for us to invest in education in our country, thereby making a clear contribution to nation building. We find ourselves in a unique position to actively drive change. Curo is geared to lead the charge in making a lasting impact in our industry and the broader economy and the objectives of the Trust are consistent with that aim.