LOCAL INVESTORS SAVE R166 BILLION
According to the Association for Savings and Investment SA (Asisa), South Africans injected a whopping R166 billion into collective investment schemes last year, pushing assets under management over the R2 trillion mark.
In 2015, the local collective investment scheme industry saw net inflows of R101 billion, while, in 2014, R109 billion was recorded.
The South African multiasset portfolios, where fund managers allocate funds across a range of assets, was the preference for most investors, attracting R71 billion of the total net inflows in the 12 months to the end of December. South African interestbearing money market portfolios received net inflows of R50 billion last year, while other interest-bearing portfolios recorded net inflows of R17 billion. South African equity portfolios attracted R10 billion.
Sunette Mulder, senior policy adviser at Asisa, said higher net inflows into money market portfolios were not surprising given the local and international equity market volatility that prevailed last year. Money market portfolios outperformed general equity portfolios by 3.5% over the 12 months to the end of December.
Internationally, investors put their money predominantly in equity portfolios (42% of all international collective investment scheme assets), followed by bond portfolios (23%), balanced portfolios (13%) and then money market portfolios (12%).
FSB ISSUES WARNING
The Financial Services Board (FSB) has issued a warning about Clement Maloi, who claims to be a director at the FSB. Maloi’s number is 083 510 9964 and he calls unsuspecting members of the public to solicit money using a fraudulent letter bearing the FSB’s name and logo.
He tricks people into believing they will receive a lump sum of cash that has been approved by the SA Reserve Bank’s clearance department.
For this “payout” to be granted, customers need to pay a fee, but this is a scam to get funds.
“In addition,” said the FSB, “the letter is misleading in that it claims that Hong Kong is allegedly nominated as a legitimate international payment receiving agent representing the Asian region to receive the certificate fee. This is untrue.”
The FSB stated that it did not require any payment from any customer for compliance with any of the laws it administers.
It encouraged consumers to be vigilant and report any person who was alleging that the FSB required any sort of payment. Contact the FSB either on the toll-free number 080 011 0443 or through its website fsb.co.za to report any suspected fraudulent behaviour.
DEBTBUSTERS IS A WINNER
DebtBusters has won South Africa’s National Debt Counselling Company Award as voted for by consumers, adding to two previous awards in 2014 and last year.
Consumer Debt Help, part of the Intelligent Debt Management group, which DebtBusters falls under, won South Africa’s favourite Large Debt Counselling Company Award.
Ian Wason, CEO of Intelligent Debt Management, made a special mention of Consumer Debt Help, which counsels lowincome earners.
“It’s great to see both DebtBusters and Consumer Debt Help win in their respective categories this year,” he said.