Share

MMI CEO ready for the streets of Joburg and India

Cape Town – While MMI [JSE:MMI] CEO Nicolaas Kruger might be shivering on the evening streets of Johannesburg next week, his thoughts about the future of the group that owns Momentum and Metropolitan will certainly be filled with warmth.

Kruger is taking part in the CEO Sleepout next Thursday and has persuaded Metropolitan Retail CEO Khanyi Nzukuma to join him. Together they’re donating R200 000 to Girls & Boys Town as part of the initiative.

“It will be my first time on the street, I have to admit, but it will be a great experience,” Kruger told Fin24 in a studio interview.

“I think we’re going to have to build a bonfire,” he said, saying there will be more talking than shivering. “I don’t think we’re going to get a lot of sleep actually.”

He could also feel the warmth of MMI's journey since the JSE-listed financial services group was formed in 2010, following the merger of the groups that owned subsidiaries including Momentum and Metropolitan. 

Joining the big league

Apart from MMI’s reported annualised return on embedded value of 12% for shareholders for the six months to 31 December 2014, the group has recently announced several milestones.

On June 22, a few days after Kruger’s night out, MMI will be listed in the JSE Top 40 Index for the first time since joining the JSE in 2010.

The determination was done at the close of business on 25 May 2015 and at that stage MMI’s share price was R32.39, giving a market capitalisation of R50.9bn.

Kudos were also given to MMI this year when Momentum Asset Management won the 2015 Cash Manager of the Year title at the Imbasa Yegolide Awards, while Fitch named Momentum Money Market Fund the highest money market fund rating in South Africa.

Then, as part of MMI’s expansion into African and Asia, it recently announced a definitive joint venture agreement to provide innovative health insurance and wellness solutions in India. The partner is Aditya Birla Nuvo, part of the influential Aditya Birla Group.

Explaining the focus on India in his interview, Kruger said while the country had a population of 1.252 billion, it had a shortage of specialist financial services skills.

“They’re very keen to partner South African companies because there are huge examples of innovation in South Africa … and we’re planning on exporting some of those unique skills … and to partner them and to get scale.”

Kruger gave this exclusive interview to Fin24:

Kruger explains how MMI’s client centric model and use of innovation and collaboration is changing the way Momentum and Metropolitan operate. “It requires a huge cultural shift within the organisation,” says Kruger.

WATCH:

Kruger explains the road ahead for MMI in South Africa, Africa and India. “There is a lot of potential [in Africa], but … it’s a five to 10 year play.”

His warning for doing business in Africa: “You can’t come with your South African mind set … You have to get a local partner… and local people working for you [with a few South Africans to bring some skills].”

WATCH:

Kruger speaks about the CEO Sleepout and why he is passionate about the cause.  

WATCH:

We live in a world where facts and fiction get blurred
Who we choose to trust can have a profound impact on our lives. Join thousands of devoted South Africans who look to News24 to bring them news they can trust every day. As we celebrate 25 years, become a News24 subscriber as we strive to keep you informed, inspired and empowered.
Join News24 today
heading
description
username
Show Comments ()
Rand - Dollar
18.94
-0.2%
Rand - Pound
23.91
-0.0%
Rand - Euro
20.43
+0.2%
Rand - Aus dollar
12.34
+0.1%
Rand - Yen
0.13
-0.2%
Platinum
910.50
+1.5%
Palladium
1,016.25
+1.4%
Gold
2,220.77
+1.2%
Silver
24.87
+0.9%
Brent-ruolie
86.09
-0.2%
Top 40
68,346
+1.0%
All Share
74,536
+0.8%
Resource 10
57,251
+2.8%
Industrial 25
103,936
+0.6%
Financial 15
16,502
-0.1%
All JSE data delayed by at least 15 minutes Iress logo
Company Snapshot
Editorial feedback and complaints

Contact the public editor with feedback for our journalists, complaints, queries or suggestions about articles on News24.

LEARN MORE
Government tenders

Find public sector tender opportunities in South Africa here.

Government tenders
This portal provides access to information on all tenders made by all public sector organisations in all spheres of government.
Browse tenders