New kid on the block shines

Finweek English Edition - - MARKET PLACE -

The bat­tle of as­sets un­der man­age­ment (AUM) has kicked off on the JSE. Syg­nia started the process, re­port­ing R146bn for the pe­riod end­ing March 2016. It had com­pared it against the Septem­ber 2015 quar­ter, but against the De­cem­ber 2015 pe­riod it’s flat and the num­ber in­cludes as­sets un­der ad­min­is­tra­tion. Coro­na­tion re­ported R606bn for end March against R623bn for the end of De­cem­ber. Dur­ing this first quar­ter our lo­cal mar­ket was slightly down so Coro­na­tion is ei­ther in­vested in the wrong stocks that fell against the mar­ket, or it’s see­ing money be­ing with­drawn from its fund – and I sus­pect the lat­ter. In all of this, the new kid on the block, An­chor Cap­i­tal, stole the show with AUM up 30%, al­though at a very mod­est level of just over R44bn. An­chor re­mains my pre­ferred stock in the space for now, while I would have ex­pected Syg­nia to im­prove dur­ing the quar­ter – its flat numbers are a dis­ap­point­ment.

Newspapers in English

Newspapers from South Africa

© PressReader. All rights reserved.