24 Mar 2020

Message from VAM Group Chairman

COVID-19 UPDATE

It is an extraordinary time in which I write to you. Currently, we are seeing unprecedented Central Bank interventions to support global economies through these difficult and uncertain times. Governments around the world are taking different and increasingly strict social measures in a bid to control the spread of this virus. The VAM Group of companies has offices in Luxembourg and Mauritius. In the interest of our employees’ health and wellbeing, employees in both offices are working, without hindrance, remotely within the terms of our Business Continuity Plans until further notice. Please continue to contact the offices in the usual way. I cannot help but be moved hearing of news of local acts of kindness and community spirit, so essential in times like these.

VAM is posting regular financial market updates from our delegated investment managers on the developing situation and how our funds are positioning themselves to navigate their way through the market volatility. We at VAM are very encouraged by Central Bank and local government actions to support financial markets and businesses. It is worth highlighting the commentary shared already showing the benefits of staying invested and long-term investing. Short-term market impacts on portfolios can be dramatic. Our exceptional investment managers are using their experience of volatile market conditions to protect the portfolios whilst investing at cheaper valuations.

In these uncertain times, I want to reassure you that the VAM Group takes comfort in the fact that it has retained cash on its balance sheet which will mitigate problems if cash flow issues ensue in the market. VAM prides itself on the quality of its third party service providers to which VAM delegates certain functions. Our two delegated investment managers have strong balance sheets and resilient books of business. I have been in the Financial Services industry since 1987 and have seen a number of large, quick market declines, all from which the market recovered.

We are closely monitoring the situation and will advise you of any future developments. Please do contact me if you have any concerns. In the meantime, we wish you and your family well in the coming months.

Peter de Putron

Chairman