01 Mar 2017

Botswana Public Officers Pension Fund (BPOPF) chief executive officer, Ms Boitumelo Molefe says Novare was engaged by on February 1, 2013 to provide asset consulting services.

Speaking during a media briefing recently, Ms Molefe said the contract was for an initial period of two years and was therefore re-awarded for another two years after a tender process and the current contract ended on January 31, 2017.

“At the moment Novare is on a month-month extension while we undergo a formal tendering process and the new tender is expected to be awarded by the 31st May 2017,” she said.

Ms Molefe highlighted that an asset consultant was critical to the operations of a DC Fund as they advised primarily on investment matters.

She noted that a fund that functioned without an asset consultant or did it with unskilled personnel was taking unnecessary risks with members retirement benefits.

Again, she said asset consultant reviewed and implemented investment strategies for the various portfolios, researched and selected investment managers and custodians both in the local and offshore markets for the various asset classes.

Further, she said an asset consultant reported to the investment committee and the board, monitored adherence to the investment policy statement and regulatory requirements and researcheed and developed alternative investment strategies.

The fund, she said had been working with Fleming on transitioning the development of the Hilton property manager Messidor. ENDS