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Prescient launches white-label ETF fund platform in South Africa

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Prescient Management Company in South Africa has announced the launch of its newly approved co-named ETF platform, writing that this will initially launch with three index-tracking ETFs, adding to its existing collective investment schemes, being Traditional Funds, Retail and Qualified hedge fund co-named platforms.

The firm writes that the platform has been specifically established to assist investment and wealth managers wanting to launch both index tracking and actively managed ETFs, giving them access to administrative services, regulatory fund structures and fund distribution. 

The firm writes that managers using the platform will also benefit from Prescient’s extensive experience in launching co-named CISCA unit trusts and administering ETFs. 

Unit trusts are regulated under the Collective Investment Schemes Control Act, which is the regulatory framework for pooled investment funds in South Africa.

Prescient writes that it has been a pioneer in providing administrative support to discretionary financial service providers who are looking to grow their business by setting up co-named funds on its platforms.  The group set up South Africa’s first white-labelled ETF administration entity and has provided clients with the tools to construct customised property portfolios.

A fellow subsidiary, Prescient Structured Products Advisory, will be acting as listings adviser to the platform, assisting clients in meeting the initial and ongoing JSE listing requirements.

The facility to list ETFs for foreign fund managers interested in accessing the South African market now also exists, with Prescient able to provide Section 65 Representative Office services for non-South African ETF fund managers. 

The following ETFs have been approved by the FSCA, with listing dates still to be confirmed:

·        Reitway Global Property Prescient ETF

·        Reitway Global Property ESG Prescient ETF

·        Reitway Global Property Diversified Prescient ETF

Craig Mockford, Executive Director of Prescient says: “We are looking forward to assisting our clients in launching listed products on the JSE and are excited to participate in the development of actively managed ETFs in South Africa. By offering our clients a choice between traditional funds, regulated hedge funds and now ETFs via our platforms, we are giving our clients the flexibility to choose from a range of investment products and access to a broader investment universe and investor base.”

Hayden Reinders, Head of Business Development and Client Management at Prescient, adds, “We are very excited to have been involved in this initiative. We see this as a first in co-name ETF funds under CISCA in South Africa. We are excited to offer this to both our existing and new clients. We have already launched the first three funds with Reitway and look forward to more funds on our platforms from existing and new clients.

Greg Rawlins, CEO of Reitway Global adds: “The listing of the three Index tracking Global Property ETFs is a visible demonstration and a milestone in the implementation of our strategy where we “Acknowledge Passive while Embracing Active” investment styles. This, together with the objective to list an Actively Managed ETF in due course, will enable us to present investors an array of investment vehicles that extract different performance aspects out of the Global Property universe.”

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