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The Acorn Saga - Britam vs Cytonn
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VituVingiSana
#1 Posted : Thursday, October 09, 2014 12:48:56 AM
Rank: Chief

Joined: 1/3/2007
Posts: 18,346
Location: Nairobi
What happened? Was Edwin Dande to be the Heir-apparent but was sidelined?

http://www.businessdaily.../-/130ul90/-/index.html

And Acorn [Britam owns 25%] is planning to give Board seats to Cytonn while Britam bought 25% of the firm?
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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Mainat
#2 Posted : Thursday, October 09, 2014 6:59:42 AM
Rank: Veteran

Joined: 11/21/2006
Posts: 1,590
Same problem with former CEO
Sehemu ndio nyumba
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newfarer
#3 Posted : Thursday, October 09, 2014 7:11:30 AM
Rank: Elder

Joined: 3/19/2010
Posts: 3,505
Location: Uganda
is what dande did ethical?

stealing employee and clients from your employer


acorn sounds like a rebellious son to Britam.

britam can still make money if they had signed a contract with acorn.

lesson:

employees are the most important asset in any organization.
punda amecheka
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  | | Edit by user: Thursday, October 09, 2014 7:15 AM | Reason: Not specified
Realtreaty
#4 Posted : Thursday, October 09, 2014 7:25:52 AM
Rank: Elder

Joined: 8/16/2011
Posts: 2,386
VituVingiSana wrote:
What happened? Was Edwin Dande to be the Heir-apparent but was sidelined?

http://www.businessdaily.../-/130ul90/-/index.html

And Acorn [Britam owns 25%] is planning to give Board seats to Cytonn while Britam bought 25% of the firm?

smile
The effects on Britam is less as there is still no business and that Britam owns 25% of Acorn.
What I see is Dande will with time make money by selling his Cytonn to Britam which is a well established firm. Cytonn will be using Merali "theory of approach" to create money using his tie and mobile. Cytonn may even seek offices in Britam. The Britam share may retreat to 30Kshs but pick by December as it captures other tender overshoots.
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  | | Edit by user: Thursday, October 09, 2014 7:27 AM | Reason: Most times interdependent is better than Independent
Sasha
#5 Posted : Thursday, October 09, 2014 11:06:56 AM
Rank: Veteran

Joined: 9/5/2007
Posts: 627
This was always going to happen. Ed had built quite a portfolio of clients who trusted him immensely. He had always created a very good rapport with all his staff members. When a client is brave to move a Kshs 40B project to you, then you know you will be successfully.

When the old guard decided to put a leash on his plans, he was always going to bolt. He wanted to BAAM to be the first fund manager deploy an online portal to allow the 'online generation' (including diaspora) to invest, but was frustrated in this effort.
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selah
#6 Posted : Thursday, October 09, 2014 1:57:00 PM
Rank: Elder

Joined: 10/13/2009
Posts: 1,950
Location: in kenya
Sasha wrote:
This was always going to happen. Ed had built quite a portfolio of clients who trusted him immensely. He had always created a very good rapport with all his staff members. When a client is brave to move a Kshs 40B project to you, then you know you will be successfully.

When the old guard decided to put a leash on his plans, he was always going to bolt. He wanted to BAAM to be the first fund manager deploy an online portal to allow the 'online generation' (including diaspora) to invest, but was frustrated in this effort.


This Ed guy is someone to watch out for...it is not easy to convince 4 guys to follow you out and form your own outfit.

In my view I think Britam has been played by Acorn...and most probably cytonn is just a front.
'......to the acknowledgment of the mystery of God, and of the Father, and of Christ; 3 In whom are hid all the treasures of wisdom and knowledge.' Colossians 2:2-3
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Pesa Nane
#7 Posted : Thursday, October 09, 2014 2:54:21 PM
Rank: Elder

Joined: 5/25/2012
Posts: 4,105
Location: 08c
selah wrote:
Sasha wrote:
This was always going to happen. Ed had built quite a portfolio of clients who trusted him immensely. He had always created a very good rapport with all his staff members. When a client is brave to move a Kshs 40B project to you, then you know you will be successfully.

When the old guard decided to put a leash on his plans, he was always going to bolt. He wanted to BAAM to be the first fund manager deploy an online portal to allow the 'online generation' (including diaspora) to invest, but was frustrated in this effort.


This Ed guy is someone to watch out for...it is not easy to convince 4 guys to follow you out and form your own outfit.

In my view I think Britam has been played by Acorn...and most probably cytonn is just a front.

Nail on the head.
Pesa Nane plans to be shilingi when he grows up.
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mv_ufanisi
#8 Posted : Thursday, October 09, 2014 2:58:45 PM
Rank: Member

Joined: 1/15/2010
Posts: 625
There's something unethical and quite disturbing about this saga. An employee is not allowed to use company resources for self benefit. In the United States this would definitely not go down. Employees have atleast a 1 year non compete clause with their company. They are also barred from recruiting other employees from the same company to their new outfit for this same reason.
Britam can easily claim that ED and co stole company intellectual property and resources.
I'll be surprised if BRITAM doesn't sue.
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  | | Edit by user: Thursday, October 09, 2014 3:01 PM | Reason: Not specified
Sasha
#9 Posted : Thursday, October 09, 2014 3:16:22 PM
Rank: Veteran

Joined: 9/5/2007
Posts: 627
@mv_ufanisi: While it is unethical, it happens everyday in all industries and is especially prevalent in financial services, professional services and ICT. Note that Ed did not poach anyone. Liz, Shiv and Patricia all quit voluntarily.

BAAM would be ill advised to take this to court as no court can compel Acorn to retain them as transaction advisors. They would also have to prove that Cytonn somehow convinced Acorn to move their business. Remember they are still owners at Acorn and they will have been notified (I presume) of this change.

As selah says, Cytonn could very well be a front for BAAM in some boardroom musical chairs. However from the grapevine, Ed's departure (as well as the other 3) from BAAM was not amicable.
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McReggae
#10 Posted : Thursday, October 09, 2014 3:27:23 PM
Rank: Elder

Joined: 6/17/2008
Posts: 23,365
Location: Nairobi
mv_ufanisi wrote:
There's something unethical and quite disturbing about this saga. An employee is not allowed to use company resources for self benefit. In the United States this would definitely not go down. Employees have atleast a 1 year non compete clause with their company. They are also barred from recruiting other employees from the same company to their new outfit for this same reason.
Britam can easily claim that ED and co stole company intellectual property and resources.
I'll be surprised if BRITAM doesn't sue.


Hakuna business ethics Kenya, there is no way you will continue counting billions over people's sweat as they watch! Compensate your employees well or prepare for such moments!
..."Wewe ni mtu mdogo sana....na mwenye amekuandika pia ni mtu mdogo sana!".
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