Housing investment partners pty ltd south africa

As a member of the Old Mutual Group, HiP in association with the National Housing Finance Corporation developed an alternative housing finance instrument; one that enables people like you to buy your ideal home today by taking into account your future earnings potential. Consideration of your future earnings stream. Visit Hunt Companies. Learn More. International Housing Solutions is the leading fund and property manager in the affordable housing sector in Sub-Saharan Africa. International Housing Solutions IHS is a real estate fund manager focused on the development and management of affordable housing communities.

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The commitment is highly brought about by the top construction companies in the country who have pledged dedication in delivery and efficiency of projects. The driving force behind WBHO is a core of dedicated, hands-on management professionals whose experience spans decades of major construction projects in southern Africa, the Middle East and various Indian Ocean islands. Murray and Roberts focuses its expertise and capacity on delivering sustainable and fit-for-purpose project engineering, procurement, construction, commissioning, operations and maintenance solutions. For more than years, Aveng has evolved in character, capacity and reach and continues to make its mark across the globe, boasting its expertise in steel, engineering, manufacturing, mining, concessions, public infrastructure and water treatment. Group Five is a leading African construction, concessions and manufacturing group with the ability to deliver across the full infrastructure life cycle and creates engineering solutions. Group Five was established in and since listing 43 years ago, the company has illustrated resilience in several extremely volatile markets.

AIFs are usually formed in South Africa as a company, bewind trust a form of trust where the assets are owned by the beneficiaries but administered by the trustees or an en commandite partnership a form of limited partnership in South Africa. If the AIF is structured as an en commandite partnership, there is no specific legislation governing the establishment of the partnership and the AIF will be established and operated in terms of the partnership agreement constituting the AIF.

A FSP is effectively defined to mean any person other than an employee or agent of a FSP, who as a regular feature of the business of such person, furnishes advice i. This is dependent on the type of AIF. Generally, partnerships and trusts are regarded as collective investment schemes, but not companies.

CICSA currently recognises five categories of CIS, being: i a collective investment scheme in securities listed securities ; ii a collective investment scheme in property; iii a collective scheme in participation bonds; iv retail hedge funds; and v qualified hedge funds. This means that private equity funds may not be offered to members of the public in South Africa, unless such offer is made by way of private placement. A foreign collective investment scheme that is carried on outside South Africa but which will be promoted in South Africa must be registered under CISCA as an approved foreign collective investment scheme.

The regulatory regime does not distinguish between open-ended and close-ended AIFs, but does distinguish between types of strategies see. Currently, private equity funds may not be registered under CISCA and, as such, interests in a private equity fund may not be offered to members of the public, but only through a private placement.

There are two types of hedge fund that may be registered under CISCA: qualified investor funds; and retail funds. Qualified investor funds are hedge funds that only permit investment by investors who have demonstrable knowledge and experience in financial and business matters that would enable them to assess the merits and risks of a hedge fund investment or are advised by a FSP having such knowledge and who initially invest at least R1 million.

A retail fund does not have any such restrictions but retail funds must comply with more onerous regulatory and prudential requirements. The FAIS act also recognises separately managed accounts or segregated accounts, which are usually structured as investment management agreements executed between the investor and the manager on the basis of a segregated mandate. As part of the authorisation process, CISCA and the regulations promulgated thereunder prescribes various requirements in relation to the authorisation of both the CIS manager who administers the scheme and the trustee or custodian who holds the assets and oversees compliance with CISCA, the formation of the CIS itself and the creation of each portfolio.

The FSCA will generally take up to nine months to approve the application. Key individuals must meet the fit and proper requirements of honesty and integrity, demonstrate that they have appropriate management and financial product experience, have a recognised qualification and pass regulatory exams.

A foreign manager may not perform management activities for a South African CIS without prior authorisation from the FSCA and would require an appropriate licence in South Africa to authorise it to carry out any outsourced services in South Africa.

Foreign financial services providers may not render financial services in or into South Africa without a FAIS licence. Such licence is obtained in the same manner as a local FSP licence depending on its level of activity in South Africa, the foreign applicant may have to register as an external company with the Company and Intellectual Properties Commission.

The requirements for such approval include that the foreign scheme must be carried on in a regulatory environment of at least the same standing as the South African regulatory environment housing investment partners pty ltd south africa may not offer investments with a significantly higher risk profile than investments that may be offered by any local CIS.

The foreign scheme must either establish a representative office in South Africa or enter into a representative agreement with a local CIS manager. AIFs that are registered under CISCA are usually formed by a trust agreement entered into between an authorised manager and a registered trustee. The CIS then creates portfolios, subject to approval from the FSB, in which investors purchase participatory interests. The most common structure in South Africa for a private equity fund is the en commandite partnership, which is equivalent in all material respects to a limited partnership as understood by international investors.

There is no statute in South Africa governing the establishment and management of en commandite partnerships, which are created through written agreement between the partners. In its simplest form, an en commandite partnership comprises two categories of partner, a disclosed or general partner, whose liability is unlimited, and one or more commanditarian partners limited partnerswhose liability is limited.

Another type of structure sometimes used for private equity funds is a bewind trust. A bewind trust is a type of trust vehicle governed by the Trust Property Control Act, in terms of which the assets are owned by the beneficiaries of the trust, but the trustee of the trust holds and manages such assets on their behalf.

Each investor is a beneficiary of the trust and the investors own the assets of the trust jointly in undivided shares in proportion to their respective contributions. The trust deed must be registered with the Master of the High Court. AIFs may also be structured as companies.

However, whilst the legal status of companies is well established and the limited liability position of shareholders is clear, companies are separate taxpayers in their own right. This makes them unattractive vehicles for investors that are otherwise tax exempt.

Long-term insurance companies may also market investment exposure to asset portfolios to investors through the issue of linked investment policies. For AIFs established as en commandite partnerships, the limited partners occupy the position of partners only insofar as their co-partners are concerned, but not with respect to outsiders.

Each limited partner will enjoy limited liability and will not be liable to creditors of the partnership for more than their capital commitments to the partnership, provided that they are and remain limited partners. From a liability perspective, there is little difference between an en commandite partnership and a bewind trust, both forms of entity afford limited liability for investors. For AIFs incorporated as companies, the limited liability of shareholders is clear and is not dependent on the role that the shareholders may play in the management of the company.

The principal legal structures used are private limited companies incorporated under the Companies Act, There are no such statutory limits for any other form of AIFs other than as contractually agreed with investors. There are no such legislative restrictions, other than for a hedge fund which is registered as a qualified investor fund under CISCA, where all investors must meet the prescribed qualifying criteria.

There are no such statutory limits for any other form of AIFs. These requirements will also apply to any foreign collective investment scheme that is carried on outside South Africa and which is also registered under CISCA as an approved foreign collective investment scheme for marketing in South Africa.

The manager of the local or foreign CIS must lodge copies of all advertisements and marketing material with the FSCA including fund fact sheets and relevant investor application forms before publication or use of the material. There is no specific legislation governing the marketing of interests in private equity funds in South Africa and other AIFs that are not offered to members of the public. CISCA makes no distinction between pre-marketing and marketing activities.

Accordingly, any advertising, including bringing to the attention of all or a part of the members of the public the existence or identity of the CIS manager, shall be subject to the requirements under CISCA.

There is no specific legislation governing pre-marketing activities of interests in private equity funds in South Africa and other AIFs that are not offered to members of the public. CISCA also prescribes various particulars that must be included in any price list, brochure or similar document published for the purpose of soliciting investment in a CIS.

These particulars include details of charges levied by the manager and the basis on which the manager will undertake the repurchase of interests, as well as a clear and unambiguous statement to the effect that the value of participatory interests in a portfolio is subject to fluctuation from time to time. For AIFs that are authorised under CISCA, the manager of the local or foreign CIS must lodge copies of all advertisements and marketing material with the FSCA including fund fact sheets and relevant investor application forms before publication or use of the material.

Hedge funds that are registered as qualifying investor funds may only accept investments from qualifying investors. There are no qualification requirements except for the case of an AIF registered under CISCA as a qualified investor fund hedge fundwhere the manager may only permit investment by investors who have demonstrable knowledge and experience in financial and business matters that would enable them to assess the merits and risks of a hedge fund investment or are advised by a FSP having such knowledge.

There are restrictions relating to the fees that intermediaries may charge. Intermediaries may earn fees expressed as a percentage of the net value of a financial product such as an investment in a CIS only on condition that if such fees are deducted from the investment, the client must specifically agree to this in writing and must have the power to stop the payment of fees.

South African pension funds and financial institutions can invest in AIFs in accordance with their statutorily prescribed prudential limits. A registered CIS in securities may not itself invest in a private equity fund or hedge fund other than a listed fund as it is restricted from investing in unlisted securities. South African exchange control regulations also determine the extent to which South African residents may invest in AIFs established outside of South Africa. There are no such statutory restrictions for an AIF that is not open to investment by members of the public although investment restrictions are commonly provided for contractually.

There are no such statutory restrictions for an AIF that is not open to investment by members of the public, subject to compliance with exchange control requirements.

For investments outside of Africa, exchange control approval will generally need to be obtained for each such investment. In addition, collective investment schemes may enter into eight-day loans for purposes of bridge funding in order to acquire assets. There is no limitation on borrowings by an AIF that is not open for investment by members of the public other than as contractually agreed with investors.

AIFs that are structured as companies are required, in terms of the Companies Act,to file a copy of their annual audited returns with the Companies Office. AIFs that are structured as trusts are required to disclose the beneficial owners of the trust upon registration of their trust deed with the Master of the High Court. For AIFs that are authorised under CISCA, there are no requirements to disclose the details of the participants in an AIF; however, a manager must publish on its website quarterly a general investor report which must also be available to investors on request, that details the number of participatory interests.

To the extent that if the FSCA is of the view that the new director, member, trustee or partner does not comply with personal character qualities of honesty and integrity, the FSCA is entitled to suspend or withdraw the licence of that FSP.

For an AIF that is authorised under CISCA, the manager of the AIF must report to investors at least on a quarterly basis, must submit quarterly reports to the FSCA relating to all assets in the portfolios administered by them and must annually submit to the FSCA their audited financial statements, together with audited financial statements for each portfolio, certain prescribed information and a compliance report. There are no statutory reporting requirements for AIFs that are not open to investment by members of the public, save that AIFs that are structured as companies are required, in terms of the Companies Act,to file a copy of their annual audited returns with the Companies Office.

There are no restrictions on the use of side letters by AIFs. In general, AIFs that are structured as trust vehicles and authorised under CISCA are treated as conduit vehicles in relation to income amounts and, accordingly, if the income amounts are distributed within 12 months of their accrual, such amounts will retain their nature and are taxed in the hands of the investors in accordance with their tax profile.

South African partnerships are fiscally transparent. Bewind trusts are therefore fiscally transparent and treated on the same basis as partnerships as. A withholding tax is levied on the declaration of a dividend by a company, which is a tax borne by investors this may be reduced for foreign investors in terms of applicable double tax treaties.

The types of assets that a section 12J company can invest in are regulated by statute. There will only be securities transfer tax if the AIF is structured as a company, which will be levied at a rate of 0. South Africa has a residence-based tax system, which means residents are, subject to certain exclusions, taxed on their worldwide income, irrespective of where their income was earned.

By contrast, non-residents are taxed on their income from a South African source. South African pension fund investors do not pay tax on their investment. SARS will exchange information with the U. Treasury through an automatic process. How widely are they deployed? COFI is intended to focus on the conduct of financial institutions.

It is expected to replace the conduct provisions of most existing financial sector laws in order to streamline the market conduct framework for all financial sector institutions. In essence, this aims to replace multiple standards of legislation. The RDR has also published an update on its status. The RDR proposed a number of regulatory reforms related to the distribution of financial products and the provision of financial advice, including to:.

Nicole Paige Webber Wentzel. Gitte Truter Webber Wentzel. Regulatory Framework 1. There are no additional marketing restrictions. No, there are not.

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Learn More. Access to finance for those who otherwise would not have qualified due to affordability. International Housing Solutions is the leading fund and property manager in the affordable housing sector in Afrjca Africa. Visit Website. Why was HiP Home Finance created in the first place? Repayments are calculated as a percentage of your salary. What We Do Investment. We manage funds that pool investments to deliver attractive risk-adjusted returns to our investors and social and environmental benefits to the communities where we invest.