TIRI MASAWI
The Social Security Commission (SSC) has ended its N$720 million asset management deal with Retirement Investment and Savings for Everyone (RISE) over alleged breaches of its investment standards.
The SSC Executive Officer Milka Mungunda released a statement on Thursday saying RISE invested part of the Commission’s funds in an asset class not prescribed or permitted by the investment policy.
She said their relationship with RISE (Pty) Ltd was terminated with a 30-day notice period.
“The challenge with RISE arose when they invested in an asset class not prescribed or permitted by the SSC Investment Policy, Standards and Procedures which was unlisted private credit instruments,” Mungunda said.
RISE was appointed in 2023 to manage some of the funds of the commission when the SSC Board of Commissioners introduced the diversification of the portfolio and implemented a specialised mandate for offshore investments.
This saw RISE becoming one of the three Asset Managers appointed for the Common Monetary Area (CMA), Mungunda said.
“Retirement Investments and Savings for Everyone (Pty) Ltd (RISE) was appointed in June 2023 as an offshore specialist manager, under a full discretionary multi-manager mandate.
“At inception, the Commission invested about N$613 million (US$ 34,285,407.40), which was the only investment with RISE (Pty) Ltd, no additional contributions or withdrawals were made over the period,” she said.
She added that, “RISE (Pty) Ltd was to make investments on behalf of the Commission, in line with the relevant” provisions of the SSC Investment Policy, Standards, and Procedures.”
According to Mungunda the investment by RISE (Pty) Ltd in unlisted private credit instruments resulted in a breach of compliance against the SSC’s Investment Policy, Standards and Procedures.
“The transgression by RISE (Pty) Ltd prompted the Commission to act decisively to ensure the compliance breach was rectified and to prevent a recurrence.,” she said
Mungunda said the Commission has seen its investment portfolio growing from N$2.97 billion as of 31 December 2016, with no offshore investments to the current N$ 6.09 billion as of 31 August 2025.
“As per the Social Security Commission Investment Policy Standards and Procedures, the Commission can only invest up to 30% of the total portfolio in the offshore markets,” she said.
Mungunda added that, “ At termination, the total assets transferred from RISE (Pty) Ltd to Symmetry (Pty) Ltd, totaling N$720 million (US$ 39,919,461.53) This translates to an investment growth of N$100.8 million (US$ 5,634,054.13) over the period. The Commission would like to make it clear once again that no monies/assets were lost or unaccounted for.”
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