What is Old Mutual Custodial Services?Old Mutual Custodial Services* is a 100% wholly owned subsidiary of Old Mutual Zimbabwe Limited. The unit was borne out of a de-merger with the group’s asset management company, Old Mutual Asset Managers (OMAM) in 2000. This de-merger was in recognition and acceptance of industry “best practice” whereby an asset management company cannot perform the dual role of Fund Management and Custodianship. It then operated as a division within the life company until it became a separate company registered as Three Anchor Investments trading as Old Mutual Custodial Services (OMCUS) in 2011.
Custody encompasses much more than settlement and safekeeping. As a custodian of equity certificates and other assets, we have earned a reputation for integrity and trust. We assure our clients that assets entrusted to us are fully secure and are released only upon receipt of proper instructions. We pride ourselves in our ability to handle any size or type of (local) custody arrangement allowing our clients to focus on the important issues confronting their business every day – with the knowledge that their assets are secure.
- Old Mutual Custodial Services provides safe custody of physical instruments e.g. share certificates, bonds, title deeds, etc. This is done through our secure vault facilities.
We settle all transactions for clients on receipt of instructions from the Asset Managers and processing takes place in a highly secure environment. There is a process of pre-matching and confirmation with the parties concerned to ensure settlement on the due date.
Once settled, the Securities are registered in the name of the investor and cannot be tampered with except on receipt of proper instructions from the asset manager or investor.
This segregation of duties between the Asset Manager and Custodian ensures the protection of the interest of the investors.
- Old Mutual Custodial Services keeps up to date with any forthcoming market and corporate events. All events (mandatory and voluntary) are pre-advised to the asset manager giving the salient dates, client eligibility, action required and where clients are required to make a choice, the custodian obtains and effects instructions from the clients. We are responsible for the collection dividends, interest and the registration of any entitlements on behalf of our clients. The list of corporate actions that we attend to includes: cash/stock options, rights issues, bonus share issues, bond issues (submit tenders), splits, consolidations, name changes, mergers/demergers and share buybacks.
- We provide comprehensive reporting on client holdings and asset movements (the reports are available at the end of each month), as well as scrip count procedures for self-administered funds and auditors.