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Stanlib to exit Uganda, ICEA Lion to manage clients

By Samuel Sanya

Added 31st August 2019 07:25 PM

Nkoregamba Mwebesa, the Managing Director of Stanlib told clients that the firm will be ending its operations in Uganda and handing its business to ICEA Lion Management.

The new National Social Security Fund (NSSF) bill has shaken up international firms that had anticipated liberalization and opening up of Uganda’s private pensions business to the competition.
 
In a recent letter, Nkoregamba Mwebesa, the Managing Director of Stanlib told clients that the firm will be ending its operations in Uganda and handing its business to ICEA Lion Management (ILAM). This follows the recent exit of Alexander Forbes, another pension’s player.
 
“Stanlib Uganda will be exiting the Ugandan market and Liberty (the firm's owners) has agreed in principle that ICEA LION asset management Ltd, a licensed and reputable asset management company in the region will be recommended to you in managing your funds,” he wrote.
 
“The structure of the arrangement is pending the finaliSation of advanced negotiations (including signed agreements) with ILAM,” he added. Stanlib is a member of the Standard Bank Group.

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