Bloomberg News

Imara Holdings Loses Derivatives Traders Mackenzie and Todd

July 29, 2011

July 29 (Bloomberg) -- Imara Holdings Ltd., which manages about $368 million in assets in 14 African countries, will lose derivatives traders Garth Mackenzie and Andrew Todd today as they move to trading their own capital from home.

Both men have worked for Imara, based in Gaborone, Botswana, for two years after moving from Nedbank Group Ltd.’s BoE Stockbrokers Ltd. unit.

“We will not take on clients at this point, but will keep running the Traders Corner website and TV show,” Mackenzie, 31, said in a telephone interview in Johannesburg.

While at Imara, Mackenzie and Todd started a managed- futures fund and agency-derivatives business.

“Garth and Andrew contributed quite a bit to the firm, but we will not be replacing them,” Guy Algeo, a director at Imara SP Reid, the company’s South African brokerage arm based in Johannesburg, said in an interview. “We have hired four people in addition to these two in the last two years and feel we are comfortably placed for now.”

--Editors: Steve Bailey, Stephen Taylor.

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To contact the reporter on this story: Janice Kew in Johannesburg at jkew4@bloomberg.net

To contact the editor responsible for this story: Antony Sguazzin at asguazzin@bloomberg.net


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