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Meristem securities attain GIPS compliant status


Meristem Securities and Assets Management Group has emerged as first indigenous firm in Nigeria to meet Global Investment Performance Standard (GIPS).

By achieving the GIPS Asset Management Compliance standard, Meristem Group has demonstrated its operational transparency and pursuit of best global practices in the management and reporting of the details of customers investment assets.

In addition, the reported compliance status attained by Meristem places it in the ranks of some of the world’s top asset management firms.

The epoch making event was marked by Meristem Securities Nigeria in conjunction with the Chartered Financial Analysts Institute, at GIPS compliance declaration ceremony in Lagos.

Speaking at the occasion, Managing Director/ CFA of Meristem Wealth Management Limited, Mr. SulaimonAdedokun, said, “It is my pleasure to welcome you to this landmark event in the asset management history of Nigeria.”

He explained that the Investment management industry revolves around developing frameworks for surpassing client investment expectations, a concept Meristem has coined as ‘customertocracy’.

Adedokun stated that, GIPS provides wealth managers with a standardized methodology of performance measurement and reporting that is consistent with global practices of some of the best asset managers.

According to him, GIPS makes it easy to compare the performance of asset management firms across the globe regardless of location whether they are in Lagos or London, Cairo or Cape-town, the metrics of performance are the same.

“The decision to adopt GIPS is voluntary and establishes a universal benchmark by which corporate wealth managers can be trusted and verified, a status only a handful of firms have attained globally”. He added.

The Managing Director expounded more as he disclosed details of thejourney towards GIPS and said that the trip was interesting but challenging and took all but two years from start to finish requiring dedication, commitment and determination on the part of staff and management.

However, he declared that it was an achievement that the Meristem group was proud of, and commended the teamwork of the entire members of staff.

In her remarks,Former President of the CFA Institute Nigeria and current member of the Nigeria Investment Promotions Council (NIPC) governing board, Mrs Sade Odunaiya congratulated Meristem Wealth Management for putting Nigeria on the global map as far as GIPS reporting standards was concerned.

She explained that what the International Financial Reporting Standard (IFRS) is to the accounting profession and banking industry, GIPS is to the investment management sector.

Odunaiya is delighted that Nigeria now has a firm that is in full compliance with GIPS.

Also speaking, CFA and CEO of King Thrones Advisory services, Mr Akin Adeniyi, who is the GIPS consultant to Meristem Wealth Management said the objective was to produce very reliable statistics that allowed investors make objective and consistent comparison of performance at a global scale.

He said the project with Meristem Wealth Management took two years to attain the GIPS compliance status and had commenced since January 11, 2017.

Adeniyi commended the board and management of Meristem Wealth Management for their commitment to meeting the compliance status.

He stressed that the GIPS compliance was a window to many opportunities for Meristem Wealth Management and its clients.



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