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Global economic perspective: July

21 July 2016

Economic perspective for July from Franklin Templeton Fixed Income Group: Christopher Molumphy, Michael Materasso, Roger Bayston, John Beck and David Zahn.

The good, the bad and the ugly of African Capital Markets

21 July 2016

Gross domestic product (“GDP”) growth in sub-Saharan Africa declined from 4.5% in 2014 to an estimated 3% in 2015. This decline is attributed to low commodity prices, particularly oil, rising borrowing costs and other domestic challenges such as power shortages, the Ebola epidemic, conflict and political and security issues. The decline is expected to continue in 2016 with GDP projected to reduce to 2.5%. This on-going decline is due to the issues mentioned above, compounded by tightening global financial conditions and drought in certain parts of the region.

Sanlam Collective Investments launching retail and qualified investor hedge funds

21 July 2016

“As the longest standing collective investment schemes managers in South Africa, we are thrilled at the prospect of offering clients access to retail and qualified investor hedge funds from July 2016,” says Liezl Myburgh, Chief Executive Officer of Sanlam Collective Investments (SCI). SCI has received approval from the Financial Services Board to offer both Retail Investor Hedge Funds (RHFs) and Qualified Investor Hedge Funds (QIHFs).

Recovery in precious metal prices is ‘at early stages’

20 July 2016

In just nine months, the Investec Value strategy, managed by John Biccard, recovered approximately 90% of its underperformance versus the All Share Index over the four years from September 2011 to September 2015. This recovery is due to the thorough work done on the world’s debt position and the consequences thereof and the courage of John’s convictions throughout this period.

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The strongest deterrent against FSP compliance missteps is or should be:

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A criminal conviction Debarment Fine or penalty Any of the above can work

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