Coronation expects an uptick in outflows amid a weak economy, high unemployment and the launch of the new two-pot retirement system.
Coronation expects to see industry-wide outflows later this year as the South African economy continues to struggle.
“Net outflows for the period were in line with our expectations at 4% of average AUM. This is largely due to the weak SA savings industry, to which Coronation is significantly exposed,” said the group. “We also expect a near-term uptick in industry-wide outflows once the new two-pot retirement system comes into play.”The two-pot system will start on 1 September 2024 and see retirement savings move into two separate pots from implementation.
“Areas of consistent investment include client service systems, resources to strengthen both our local and global investment capabilities, optimising information and technology systems and data management, and ensuring high standards of compliance in a demanding global regulatory environment.”
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
South Africa: ANC-Aligned Cosatu Confirms It Is an Enemy of Unemployed South AfricansPress Release - A statement released yesterday by the ANC proxies in labour federation COSATU is a timely reminder that the ANC alliance - composed of the ANC, COSATU and the SACP - is the primary enemy of the 10 million unemployed people in South Africa.
Read more »
South Africa: DA Announces Ground-Breaking New Economic Policy to Rescue South Africans From UnemploymentPress Release - Unemployment is the single greatest crisis facing South Africa.
Read more »
Cyril Ramaphosa Confident He Will Get Second Term, South Africans Disagree: “He Doesn’t Deserve It”President Cyril Ramaphosa believed that he would return for a second term as South Africa's president. South Africans did not want him to return to office.
Read more »
It’s been a wild ride since 1994, but South Africans must keep on votingBeyond elections, active citizenship is needed. Voting is just one way to take responsibility for the outcomes of our democracy
Read more »
JoJo tanks, boreholes, and a long walk for water: South Africans thirst for changeMY VOTE AND ME | JoJo tanks, boreholes, and a long walk for water: South Africans thirst for change
Read more »
Tears, cheers and beers as South Africans in their thousands cast their ballots in the NetherlandsAn estimated 78,092 South Africans abroad voted at 111 foreign missions this weekend. At The Hague in the Netherlands, thousands of South Africans queued for hours to cast their ballots.
Read more »