South Africa-based Carrick Wealth has been granted an investment licence in Zambia.
The firm now has operations in five African countries, including South Africa, Mauritius, Malawi, and Zimbabwe.
Carrick is now in the process of forming a local team of financial advisers, led by Carman Hachandi, who has 16 years’ experience in financial services, after having served in senior roles at Citibank, Standard Chartered Bank and Barclays Bank in Zambia.
As part of its Zambian expansion, Carrick is also looking to partner with local banks, insurers, large employers and trust managers to enhance its client offering.
The firm said in a statement: “This entails sound and holistic advice about global investments, discretionary investment management, and the wrapping of their portfolios in proper fiduciary support including jurisdiction-specific wills and estates planning and trust administration.
“For too long, international financial services providers have viewed customers on the African continent, especially outside of South Africa, as easy sources of revenue who can be charged high premiums for services because their countries lack sophisticated and formalised financial sectors.
“Larger financial institutions, especially, charge high fees to African clients wishing to transact and invest, and rarely offer much in the way of wealth management services.”