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Following the endless stream of Covid-19 headlines, extended lockdowns and associated economic hardships, we are all suffering from Armageddon fatigue.
Multinational organisations, which have long relied on dollar- or euro-based funding when doing business in Africa, are increasingly adding local currency capital to their funding mixes thanks in part to the advancement of the continent’s financial markets, according to Standard Bank Group’s Investment Banking team.
Those of us who rely on the stock market to fuel our investment portfolio returns may wish to rethink our strategies, given the poor earnings outlook for firms on both domestic and offshore stock markets. Adrian Saville, CEO and founder of Cannon Asset Managers, has warned that the constituents of the MSCI All World Index would likely see a 70% decline in earnings in 2020. He was presenting during a supplementary budget outlook webinar hosted by Liberty Group. JSE-listed firms were expected to report a 30% decline in earnings.
Such is the dispersion of the investment performance delivered by multi-asset fund managers that Rupert Hare, Portfolio Manager at Prescient Investment Management, likens the process of selecting a balanced fund manager to playing a game of snakes and ladders.
The strongest deterrent against FSP compliance missteps is or should be: