New kid on the block shines
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down so Coronation is either invested in the wrong stocks that fell against the market, or it’s seeing money being withdrawn from its fund – and I suspect the latter.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.