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13th September 2018

TAM wins key $200 million discretionary mandate

TAM Group has been handed a $200 million (£154.8 million) mandate by a Mauritian financial advisory firm in a deal that will increase its assets under management by 40%.

The strategic partnership with VFS International will see TAM take over the running of VFS’s existing model portfolio service, as well as provide discretionary investment management services to its clients.

VFS will also take TAM’s back office systems as part of the arrangement and use them for execution and compliance monitoring.

TAM has had an office on the Indian Ocean island since 2005 and the VFS funds will be run by TAM Asset Management International.

Lester Petch (pictured), the founder of TAM, said the tie-up will provide VFS’s clients with a much broader range of funds and at cheaper, institutional pricing. VFS offers a range of financial advisory services and has a large number of international clients in the region.

He said: ‘VFS is trying to mould the business along international lines and be fully compliant with UK and EU rules. We want to add value to their clients and can bring cheaper costs and a much wider breadth of funds we have access to.’

VFS investment director Reena Hurkoo added: ‘TAM’s online delivery and dealing system is superior in the market and will provide clients with round the clock access to their portfolios.’

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