Government Institutions Pension Fund’s (GIPF) newly appointed Chief Executive Officer, Martin Inkumbi, has relinquished his shareholding in MUMI Investment Managers, to avoid a conflict of interest.
Inkumbi is set to assume duty on 15 January, following his departure from the Development Bank of Namibia in August 2023, where he was CEO for 10 years.
MUMI fund managers have been managing GIPF assets since 2019 after they were selected among six others through the Asset Management Incubation programme.
The programme, to which GIPF allocated about N$4.2 billion, was being implemented to provide an opportunity for previously disadvantaged individuals to participate in the mainstream asset management industry, and in doing so create Namibian-based skills in the field of Investment and Asset Management.
Thus, Inkumbi’s appointment to head the country’s biggest pension fund had resulted in conflict of interest concerns being raised.
“Martin Inkumbi has divested his shareholding from the company and cut all ties therein effective 3 January 2024. This decision comes considering his recent appointment as GIPF head, which presents a potential conflict of interest,” MUMI CEO Michael Mukete said on Thursday.
The GIPF is a statutory pension fund that provides guaranteed pensions and related benefits to 98,623 civil servants and employees of participating employers in Namibia.
