Capricorn Asset Management (Pty) Ltd

What Capricorn Asset Management (Pty) Ltd does

Capricorn Asset Management (Pty) Ltd is Namibia's largest asset manager, operating as a wholly owned subsidiary of the NSX-listed Capricorn Group. Founded as a legacy unit trust operation under Bank Windhoek's Treasury division and officially launched in its current licensed form in July 2006, the firm manages N$66.5 billion in assets under management (as at May 2026) and holds 39.7% of the Namibian market. It is registered with NAMFISA (Reg.no. 25/12/65) and co-administers the Capricorn Investment Platform alongside Capricorn Unit Trust Management Company Limited (Ref.no. 25/9/5/14). The company serves individual investors, corporate and business clients, pension funds, parastatals, and high-net-worth households through Unit Trusts, the Capricorn Managed Funds Series (Stable, Premier, and Managed — targeting inflation + 2%, +4%, and +6% respectively under Regulation 28), a money market fund, government bonds, securities trading on the NSX and JSE, wealth management, and impact financing via Caliber Capital Trust.

The firm's go-to-market combines a self-service digital channel (Capricorn Online web portal and mobile app, integrated with Bank Windhoek's mobile and internet banking), the Bank Windhoek branch network as a premier physical distribution channel, a direct sales and advisor service accessible by phone and email, and a network of registered financial advisors who recommend products and may receive advisory fees administered through the platform. The Capricorn Investment Platform is a web-based system hosted on hyperscale cloud infrastructure (AWS, Google, Microsoft, Apple) with daily NAV forward pricing, an electronic fund transfer mechanism using unique client/reference numbers, and an embedded Pocket Risk profiling tool. Revenue is generated primarily through annual fund management fees as a percentage of AUM, third-party fund manager administration fees (paid out of managers' own assets), securities transaction fees on bonds, treasury bills, and shares, and the facilitation of negotiable advisory fees between investors and financial advisors. No initial platform fees are charged, and zero administration fees are levied on Capricorn Unit Trust investments, with all fees exclusive of VAT.

The firm is headquartered in Windhoek (Capricorn Corner, Klein Windhoek) and operates in a single domestic jurisdiction (Namibia), though its investment universe extends to global markets via third-party funds and securities on the NSX and JSE. Headcount stands at 53 employees. Ownership is concentrated within the Capricorn Group conglomerate (banking, asset management, insurance) and the related Bank Windhoek distribution partnership, creating an integrated regional financial services ecosystem that is both a structural advantage and a concentration vector.

Name

Capricorn Asset Management (Pty) Ltd

Legal name

Capricorn Asset Management (Pty) Ltd

Website

https://cam.com.na

Company type

Private

Founded year

2006

Operating status

Operating

Headcount range

51–100 employees

Short description

Capricorn Asset Management is Namibia's leading asset manager, with N$66.5 billion AUM and a 39.7% domestic market share, operating the Capricorn Investment Platform for individual investors, corporate clients, pension funds, and parastatals.

Ownership category

akta.pro rank

Product category

Asset Management

NAICS

Portfolio Management and Investment Advice (523940), Open-End Investment Funds (525910)

SIC

Investment Advice (6282)

akta.pro primary industry

Institutional Consulting RIAs (OCIO/Endowments/Foundations/Pensions) (FSAAACAG)

akta.pro secondary industry

Advisory Portfolio Management (Non-Discretionary) (FSAAABAD)

Keywords

• Asset management services
• Unit trust funds
• Wealth management
• Investment management
• Pension fund management

Headquarters

HQ city

Windhoek

HQ country

Namibia

HQ region

Africa

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Fund Management Fees (Annual): Capricorn Asset Management earns annual management fees from the funds it manages, charged as a percentage of assets under management. Fund-specific management fees and, in some cases, performance-based fees are disclosed in the Capricorn Investment Platform Fund Summary and fund fact sheets. Zero percent administration fees are charged on investments in Capricorn Unit Trusts (excluding fund management fees per fund fact sheets).
2. Advisory Fee Administration: The Administrator deducts advisory fees (negotiated initial and/or recurring fees between the investor and their registered financial advisor) from the investor's investment portfolio and remits these to the appointed advisor. The Administrator charges no additional fees for this service beyond what is negotiated.
3. Third-Party Fund Manager Administration Fees: Capricorn Asset Management receives fees from selected third-party fund managers for asset administration services rendered. These fees are paid by the third-party manager out of its own assets and are not deducted from client accounts.
4. Securities Transaction Fees: Fees are charged by the Administrator on securities available for investment on the platform, including Bonds, Treasury Bills, and Shares. These fees are subject to change and are disclosed to investors specifically.

Pricing tiers

Go-to-market motion3 records

Distribution channels5 records

Marketing channels6 records

Core offering

Capricorn Asset Management is a Namibian asset management firm offering Unit Trusts, Managed Funds, a money-market Investment Fund, Wealth Management services, Pension Fund and Institutional Solutions, and Business Solutions financing. It provides a consolidated digital investment platform (Capricorn Online and the Capricorn App) through which individuals, corporates and institutions access and transact in its product range. The firm is registered with NAMFISA and operates as part of the Capricorn Group, distributing primarily through Bank Windhoek channels.

Product overview

Capricorn Asset Management offers a unified asset management platform combining investment products and digital services. The core product portfolio includes Capricorn Unit Trusts (formerly Bank Windhoek Unit Trust) organized under the Capricorn Managed Funds Series (Stable, Premier, and Managed funds targeting inflation plus 2-6%), plus the Capricorn Investment Fund money market offering. These are distributed through the Capricorn Investment Platform comprising Capricorn Online (web portal) and the Capricorn App (mobile application). Additional services include Business Solutions, Pension Funds & Institutions mandates, Wealth Management, Monthly Savings Options, Caliber Capital Trust (impact financing), Government Bonds, and Securities Trading access. The platform enables full investment lifecycle management including account opening, deposits, withdrawals, fund switches, and statement generation.

Differentiator

Problem solved

Functional benefit

Brands

• Capricorn Online: Digital platform enabling investors to view and transact on their investment portfolio.
• Capricorn Investment Platform
• Capricorn App

Products and services

• Capricorn Unit Trusts A range of pooled unit trust funds (Balanced Fund, Bond Fund, Equity Fund, Money Market Fund, among others) offering diversified exposure to investors across risk profiles in Namibia.
• Capricorn Managed Funds Series Discretionary managed portfolios including the Stable Fund, Premier Fund and Managed Fund, designed for investors seeking tailored multi-asset strategies across conservative, moderate and growth risk profiles.
• Capricorn Investment Fund (Money Market) A money market fund providing capital preservation, daily liquidity and competitive returns for investors seeking a low-risk cash-management alternative.
• Capricorn Investment Platform The consolidated online platform through which all of the Administrator's products and services are made available, including Capricorn Online, the Capricorn App and the website, enabling investors to view portfolios, transact, monitor performance and manage documentation.
• Wealth Management Bespoke advisory offering that creates personalised investment plans aligned to individual goals, time horizons and risk tolerance, with structured portfolio construction and ongoing review.
• Pension Funds & Institutional Solutions Investment solutions tailored for retirement funds, pension funds and other institutions, addressing long-term liabilities, regulatory constraints and trustee governance through dedicated mandates.
• Business Solutions Targeted financing and investment offering for medium-sized businesses, including access to growth capital alongside investment management of corporate funds.
• Monthly Savings Option A recurring monthly debit-order contribution plan that allows investors to accumulate wealth systematically through one or more Capricorn funds.
• Government Bonds Investment exposure to Namibian government bonds, held within managed portfolios and available to qualifying institutional and individual clients.
• Securities Trading Discretionary trading of listed securities and other permitted instruments executed by Capricorn Asset Management on behalf of clients in line with mandate.
• Caliber Capital Trust A financing trust that provides loan funding to qualifying medium-sized businesses seeking growth or working capital, administered via the Capricorn platform.

Quantifiable outcome

• Target return of inflation + 2% over any 2-year rolling period (Capricorn Stable Fund)
• +3 more outcomes

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration1 record

Feature4 records

Partnerships

Six partnerships are on record, tiered core and minor.

• Capricorn GroupcoreOthersCapricorn Asset Management is a subsidiary of Capricorn Group, a Namibian-owned financial services group with interests across banking, asset management, and insurance. Capricorn Group is listed on the Namibian Stock Exchange (NSX). The subsidiary relationship provides Capricorn Asset Management with institutional strength, brand association, and cross-selling opportunities across the Group's financial services ecosystem.
• Capricorn Unit Trust Management Company LimitedcoreOthersCapricorn Unit Trust Management Company Limited (Registration Number 2000/160), registered as a Unit Trust Management Company (Ref.no. 25/9/5/14), operates jointly with Capricorn Asset Management (Pty) Ltd as the Administrator of the Capricorn Investment Platform. The two entities share responsibilities for managing the unit trust funds and the digital investment platform.
• Bank WindhoekcoreChannel Partner/ Reseller/ DistributorBank Windhoek serves as the primary physical distribution channel for Capricorn Asset Management products across Namibia. Capricorn Online is accessible through Bank Windhoek's digital channels (Mobile App and Internet Banking) for shared clients. The banking relationship also enables fund transfers via Bank Windhoek's EFT system. The Bank Windhoek branch network handles product applications, form submissions, and client service.
• Capricorn Private WealthminorChannel Partner/ Reseller/ DistributorCapricorn Private Wealth is a joint offering between Bank Windhoek and Capricorn Asset Management, providing integrated wealth management services to high-net-worth clients. Capricorn Asset Management may disclose client personal information to Capricorn Private Wealth in the ordinary course of business.
• Caliber Capital TrustminorStrategic or Co-development PartnerCaliber Capital Trust is an impact investor and provider of flexible and customized long-term financing to medium-size businesses and financial services providers in Namibia. It is presented as a product/service under Capricorn Asset Management's Business Solutions segment, suggesting a strategic relationship or referral arrangement for financing solutions.
• Capricorn FoundationminorOthersThe Capricorn Foundation is part of the Capricorn Group's corporate social responsibility initiatives. Capricorn Asset Management participates in Capricorn Foundation activities as a subsidiary of Capricorn Group. The Foundation provides opportunities for Capricorn Group employees including those at Capricorn Asset Management.

Scale indicators4 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Old Mutual Investment Group Namibia: Old Mutual's Namibian investment management arm offers unit trusts, pension fund management, and wealth management directly overlapping with Capricorn's product set and target institutional clients.
• Stanlib Namibia: Standard Bank Group's asset management arm with Namibian presence; offers unit trusts and institutional mandates comparable to Capricorn's, leveraging the parent bank's distribution reach in a similar fashion to Bank Windhoek.
• Allan Gray: One of the largest independent asset managers in Southern Africa with Namibian distribution; competes head-on with Capricorn in unit trusts, balanced funds, and institutional mandates with a similar active-management philosophy.
• PSG Asset Management: PSG's asset management division serves South African and Namibian retail and institutional clients with unit trust and balanced fund products closely comparable to Capricorn's offerings.
• Sanlam Investment Management Namibia: Sanlam's Namibian asset management business competes with Capricorn across unit trusts, institutional mandates, and wealth management, leveraging the broader Sanlam Group's pan-African capabilities.
• Momentum Investments Namibia: Momentum / MMI's Namibian investment business provides unit trusts and institutional fund management directly competing with Capricorn, particularly in the multi-manager and smoothed-bonus fund space.

Regional players

• African Bank Investments Unit Trusts (via subsidiary managers): Regional South African financial services group with asset management interests; comparable regional peer competing for Southern African institutional mandates and retail unit trust flows.

Emerging players

• Sygnia: South African digital-led asset manager and ETF provider expanding across Southern Africa; emerging competitive threat on Capricorn's digital platform and lower-fee unit trust offerings.

Broad incumbents

• Ninety One: Global asset manager (formerly Investec Asset Management) with strong African institutional franchise; competes for large pension and parastatal mandates in Namibia with broader product capabilities.
• Coronation Fund Managers: Larger South African institutional asset manager with presence across Southern Africa; competes for institutional pension mandates in Namibia and offers broader product range than Capricorn.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/BankWindhoek
• LinkedInlinkedin.com/company/capricorn-asset-management-pty-limited

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Capricorn Asset Management (Pty) Ltd