MMI cuts ties with Clarus following Kellerman scandal


MMI Holdings has severed ties with Clarus Asset Managers following Cobus Kellermann’s 3.3 billion rand alleged global Ponzi scheme scandal.

“MET Collective Investments (MET CI) is of the opinion that no unit holders’ investments in the Clarus cobranded funds have been prejudiced. We are engaging with the trustees (Standard Bank of SA) and with Contego to validate this view,” read part of the statement from [DATA MMI:MMI Holdings].

“MET CI, MMI and any of its subsidiaries, together with its Investment Managers (Contego) therefore disassociate itself with any references or allegations associated with Mr. Kellermann.”


Clarus was managing eight South African unit trusts under the MET CI banner with a value of about 1.35 billion rand savings from investors, however MMI has since distanced itself from Clarus and Kellermann.

MET Collective Investments (MET CI) has in excess of 50 billion rand in assets under management and is part of Momentum Investments which holds all the investment-related businesses of MMI Holdings Limited.

Kellerman, the South African money manager, was implicated in an Offshore Alert exposé of about 3.3 billion rand involving his Mauritius based company, Belvedere Management.

Belvedere operates in Mauritius, Guernsey, Cayman and South Africa and there were fears that some investments related to Kellermann’s South African interests could be affected.

Offshore Alert said the City of London police department was investigating the near 1.8 billion rand-plus Ponzi scheme involving CWM Thailand Fund, an offshoot of Belvedere.

A statement from MMI Holdings claims that Clarus’ appointment as investment manager has since been terminated and MET CI has appointed Contego Asset Management to manage what was previously managed by Clarus. 

Belvedere is also being investigated for over a 130 million US dollar Cayman Ponzi scheme under Brighton SPC umbrella fund.

CWM and Cayman Ponzi schemes are part of rampant done fraud by Belvedere.

Clarus provides a wide range of services in the area of crisis management, owners’ risk management, mergers and acquisitions, fundraising and capital markets, as well as bankruptcy and financial recovery.

Belvedere claims to have 16 billion British pounds of assets under administration, management and advisory, appears to be one of the biggest criminal financial enterprises in history.

Though MMI Holdings has for now allayed investors’ concerns, there still remain fears that some South African investors could lose billions in investment due to the enterprise scandal being investigated.