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[For the year ended September 2009]
As the turmoil of the financial crisis drew a clear separation between managers within the institutional space, Coronation's skill and discipline in delivering strong long-term performance confirmed its standing as an industry leader. We are pleased to report gross inflows of R24 billion across a range of client mandates.
Galvanised by the financial crisis investors are actively seeking quality and simplicity of product. As a result we are seeing signs that the vogue of the last 10 years towards specialist mandates is beginning to fade. Over the past year a number of boards of trustees have returned to the traditional balanced mandates in the realisation that the professional money manager is best placed to make many of the decisions concerning capital markets. We believe it will be those managers with proven asset allocation skills and the ability to outperform who will benefit from this move.
A lingering concern symptomatic of the crisis is that many investors, in their quest to protect capital, are investing in product which may be too far down the risk spectrum to provide for their future needs. We see this as an opportunity to re-introduce our absolute range which re-opened in March to new investors after a 3½-year close.
We continue to engage with government and all stakeholders on social security and retirement reform. Read more
[For the year ended September 2009]
In the first half of the year we experienced outflows as investors continued their flight to perceived safety of cash or near cash. Added to this we lost ground in the fixed income space due to multimanager moves. As sentiment changed in the final quarter we saw a major acceleration in new business. The greatest beneficiaries of these flows were our equity funds and multi-asset funds, driven by excellent performance. We remain the 6th largest long-term fund manager of the now R747 billion unit trust industry. Read more
[For the year ended September 2009]
The market extremes reached in the first half of the year resulted in a decision to close the Coronation Relative Value Fund of Funds. As a consequence, seven individuals in our London office were retrenched. Assets under management ended the year at US$1.33 billion, up 6% from US$1.26 billion a year ago. Read more
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