Namibia
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Keep away from QZ Asset Management – BoN

The Bank of Namibia (BoN) is warning the public to refrain from promoting or participating in the business activities of QZ Asset Management.

According to the central bank, this is because this entity, although it has been taking money from people, is not licensed by the BoN as a banking institution, nor is it authorised to accept or receive deposits from the public.

BoN spokesperson Kazembire Zemburuka says the bank only assessed the company’s activities recently, following complaints by members of the public.

QZ Asset Management is marketed as an online business that provides advisory and asset management services to individual and institutional investors.

It is reported that QZ Asset Management’s primary goal is to build innovative portfolios that provide superior, long-term investment returns by acquiring ownership in outstanding companies at attractive prices through its big data capabilities incorporated with artificial intelligence, instead of analysing stock markets.

According to its marketing material, the company matches investments dollar for dollar, which apparently doubles their clients’ assets under management (AUM) – essentially doubling profits.

The company further claims to ensure that capital is 100% guaranteed in the event of any trading mishap, and that a maximum interest return of 400% can be earned on investments.

QZ Asset Management does not offer any tangible products for sale.

This, however, has the BoN saying these activities are not in line with the country’s banking regulations.

The BoN says members of the public are enticed to become members of the scheme by paying a membership fee, and in order to grow in the hierarchy, participants must recruit more members, who in turn must pay a membership fee for the benefit of the scheme.

Zemburuka says apart from participants being promised a return on investment of up to 400%, members who invest more money and recruit more people are promised the chance to win holiday packages, expensive watches, and luxury cars.

“QZ Asset Management does not sell any tangible products. Thus, the business model can only be sustained with the continued recruitment of new members who pay membership fees and invest in the scheme,” he says.

Such activities are against the law and may result in financial losses to those who partake in the scheme, Zemburuka says.

Attempts to reach QZ Asset Management proved futile by the time of going to print.

A note posted by the company on indicates that it had a pending lawsuit and was told to stop activities on the website until the investigation is over.
Email: lazarus@namibian.com.na
Twitter: @Lasarus_A