Why Allan Gray invested in Net1 UEPS (despite debates by its investment team)

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(Also read "'CPS lures grant recipients into buying insurance (and taking out microloans)'".)

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In this business [Net1 UEPS] there are clearly more issues than in most others.

Andrew Lapping, Allan Gray

It’s extremely unfortunate that there’s a great deal of poverty in this country. It’s tricky to say those people shouldn’t have access to certain financial services.

Andrew Lapping, Allan Gray

Allan Gray says its decision to invest in Net1 UEPS – parent company of social grants distributor Cash Paymaster Services (CPS) – caused vigorous debates among its investment team.

The asset manager owns 15.6% of Net1 UEPs.

The Money Show’s Bruce Whitfield interviewed Allan Gray Chief Investment Officer Andrew Lapping.

Listen to the interview in the audio below (and/or scroll down for more quotes from it).

We have engaged – because of the issues – far more than most.

Andrew Lapping, Allan Gray

We share your concerns.

Andrew Lapping, Allan Gray

We ensure that any business we’re investing in provides good value to their customers.

Andrew Lapping, Allan Gray

Without doubt; it is fairly grey.

Andrew Lapping, Allan Gray

We are OK with it. But our minds are always open.

Andrew Lapping, Allan Gray

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Article brought to us by Old Mutual.


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