JOHANNESBURG – A speedy solution has been found for Dynamic Wealth investors whose funds were administered by Metropolitan Collective Investments. These investors may have been concerned to note that two Dynamic Wealth entities lost their licences this week.
Metropolitan announced Friday that it would step in to take over portfolio management of these funds. Metropolitan already administers these funds in any case.
The affected funds are: Dynamic Wealth Accumulator Fund of Funds, Dynamic Wealth Creator Fund of Funds, Dynamic Wealth Optimal Fund, Dynamic Wealth Preserver Fund of Funds, Dynamic Wealth Property Fund, Dynamic Wealth Real Income Fund and the Dynamic Wealth Value Fund.
Metropolitan Collective Investments already manages all processes for the Metropolitan DWM white label unit trust funds such as administration and compliance, while the portfolio management was the responsibility of DWM and selected portfolio managers. With the revoking of the licence from DWM for the unit trust portfolio management, MetCI will now take over all the portfolio management responsibilities for the unit trust funds.
“So essentially, it is business as usual for investors in the DWM unit trust funds,” says Robert Walton, managing director of Metropolitan Collective Investments.
MetCI was incorporated in 1991 and the company’s core business is the management and administration of collective investments on behalf of retail and institutional investors. Today MetCl is SA’s leader in ‘white labelling’, having grown the number of funds from 18 in 2003 to 165 currently. Total assets under management exceed R26bn.
DWM has an urgent court hearing scheduled for Tuesday next week to obtain an interdict to have the FSB’s decision reversed, and if successful, portfolio management for these portfolios will revert to DWM.