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BEAC picks Cameroonians to manage part of the retirement funds of its employees

Alain Nkontchou, CEO Enko Capital

Harvest Asset Management and Enko Capital led respectively by Cameroonians Marc Kamgaing  and the Nkontchou brothers have been retained by the Bank of Central African States BEAC to manage part of the funds of the Staff Retirement Plan (CRBC). Harvest will deal with investments in the CEMAC zone, while Enko Capital will intervene on the financial and capital markets of the West African Economic and Monetary Union WAEMU.

This decision puts an end to the mandate of Wafa Gestion, which has played this role since 2018. This entity is the subsidiary of the Moroccan banking group Attijariwafa Bank, but also counts in its capital Amundi Asset Management, a management company based in France which manages the largest share of these pension funds placed on European markets.

The collaboration with Amundi dates from the time when Societe Generale was the reference shareholder. The French financial group sold its entire stake in 2015, but the two institutions remained linked by a contract making Amundi, the benchmark supplier of savings and investment solutions for retail and retail banking networks. insurance from Societe Generale.

The CRBC is an integral part of the Central Bank, but enjoys managerial autonomy. Its resources are entrusted in management for remuneration on the basis of mandate to institutions specialized in the management of portfolios of financial assets.

Harvest Asset Management’s mission will be delicate. The company operates on a very sluggish financial market dominated by weak outflows from the States on the public securities market.