SSC shifts N$693 million offshore after Rise breach
Namibia’s Social Security Commission transferred approximately $693 million in offshore holdings to Symmetry after discovering that the previous manager, Retirement Investments and Savings for Everyone, had violated investment guidelines by placing funds in unlisted private credit instruments. Chief executive Milka Mungunda confirmed that the unauthorized asset class breached established policy parameters, prompting the commission to terminate the mandate with 30 days’ notice following corrective measures.
The portfolio generated nearly $97.5 million in returns during the management period, with no capital lost throughout the transition process. The commission evaluated two offshore multi-manager firms before selecting Symmetry, operating under a ministerial exemption granted on Wednesday, December 9, 2020, which allowed adherence to internal investment standards rather than standard procurement protocols.
Since implementing offshore diversification in 2017, the commission has expanded its total investment portfolio from $3 billion to $6 billion as of the end of August, with international holdings representing up to 30 percent of assets under management.
