BUT ANALYSTS DID NOT PREDICT MURDER, SUICIDE AND OTHER 'RUMOURS'
MGMB Asset Management regarded by many as the cream of the financial companies has issued a statement in the light of the exposure on the website Offshore Alert that an associated company was described as possibly ‘the biggest offshore criminal financial enterprises in history’.
Paul Gambles head of MBMG described the allegations as ‘rumours’ insisting no MBMG clients would be affected. Offshore Alert seems to more than suggest that some US$13 billion may be going up in smoke - and much already has.
The whole scenario is linked to a murder and suicide in Capetown and those events are directly linked to a 'former' consultant to MBMG a Mr. Jacobus Kellerman. Its all tied in with the group Belvedere Asset Management, registered in Mauritius.
The MBMG statement issued by Paul Gambles read:
‘Regarding the Offshore Alert article on Belvedere, no MBMG Group entities, their employees or any clients are in any way exposed as a result of either the rumours contained in the article or the investigations detailed by the MFSC in the communiqué it has issued in response.
Following a strategic review undertaken in 2012 MBMG Group began to implement a new structure to provide fee-based advice in Thailand from a SEC-regulated company, MBMG Investment Advisory Company, and Asset Management in Singapore from MBMG Group Singapore Pte.
In addition, the Monetary Authority of Singapore stipulated last year as part of its licensing requirement severing ties with Mauritius. This in no way reflects on Mauritius, its regulators, any of the parties there that we’ve worked with at various times or any of the current rumours or investigations.
It merely represents MBMG Group’s commitment to provide the very highest quality of
service with the highest level of regulation and transparency from its bases in Thailand and Singapore.
Regarding Cobus Kellerman, in his previous roles Mr. Kellerman was one of several hundred analysts who each contributed a handful of pieces of analysis and advice to MBMG Asset Management but not, as far as I’m aware since the strategic review in 2012.”
Indeed but those dates do not work for me.
Both Gambles and his deputy Graham Macdonald, O.B.E., former Chairman of the British Chamber of Commerce, heavily promoted Belvedere Asset Management and associated companies headed by Irishman David Cosgrove and South African Jacobus Kellerman not only in their literature but also in stories disseminated to local newspapers in Asia. (Incidentally having got his O.B.E Macdonald then left to become President of the South African Chamber of Commerce in Thailand).
|Pattaya Mail 'Hmm - which house of cards Mr.Macdonald?' Kellerman's perhaps?|
Kellerman appears to have been a guest writer on the MBMG website but it appears there has been a bit of housekeeping.
In March 2012 MBMG put out the following statement:
MBMG's 'aggressive' portfolio managed by MBMG Asset Management Chief Investment Officer Paul Gambles outperformed its ARC benchmark by 19.89% in 2011.
"This is just as impressive as the 'aggressive' performance given the extremely tight risk mandate in the 'cautious' investment sector," said Gambles.
Additional market-beating results were achieved through MBMG's partnership with Cobus Kellerman of Lancelot Investments SARC, Scott Campbell and Martin Gray of Miton Optimal Guernsey. MBMG's 'cautious' portfolio outperformed its ARC benchmark by 0.92%..”
MGMB was for a while at least registered to the offices of Belvedere Asset Management in Mauritius.
It is possible Gamble may be playing down MBMG’s relationship with both Belvedere and Kellerman, giving the glowing reports they have given in print on both, and also given that in May 2013 Belvedere was sponsoring a charity golf tournament in Thailand where both Macdonald and Gamble turned up to dish out the prizes and that was not the only event. In fact the association between them seems to have dated back to at least 2004.
Taking this into account I am taking Gamble’s statement: “Mr. Kellerman was one of several hundred analysts who each contributed a handful of pieces of analysis and advice to MBMG Asset Management” with a very large pinch of salt. But then of course it is only IFA speak.
|There is Kellerman and Lancelot again|
Anyway it is just as well MBGM cut the knot. A murder and suicide in Africa and links to Kellerman must have negated endless press releases put out on paid for ‘wire services’.
MBMG I should point out did not put clients in the disastrous LMMPF or Axoim Fund - two collapses also forecast by 'Offshore Alert'.
But they have been a bit injudicious about the staff they have employed.