Not quite a royal mess, but investment in SA is wobbling
Some have stopped saving and others have been forced to cash in their retirement plans after being retrenched
As SA’s stagnant economy sheds jobs, Coronation (https://www.sharenet.co.za/v3/quickshare.php?scode=CML)’s assets under management are dwindling – and the fund manager is not betting on a reversal of this trend anytime soon.
The company had a 4.4% net outflow of R43.9bn in the year to September, leaving assets under management at R587m.
Coronation CEO Anton Pillay said the stagnant economy has caused people who used to put money in unit trusts to stop saving and forced others to cash in their retirement plans after being retrenched. Four years ago, Coronation’s managed assets were well over R600bn, but Stanlib has now overtaken it in size...