FANews
FANews
RELATED CATEGORIES
Category Retirement
SUB CATEGORIES Annuties |  General |  Savings & Investments | 

Musical chairs

03 April 2004 Angelo Coppola

Here is a summary of the activity in the asset manager world in South Africa.

Cobie Le Grange, investment analyst at m Cubed Asset Management, says Frank Russell, in an alliance with WIPHOLD, will offer global multi manager solutions to clients in South Africa.

Frank Russell already has $1bn under management from South African clients and boasts a solid financial services strategy with partners such as Legae securities, WipCapital and Futuregrowth.

Together Frank Russell and WIPHOLD wish to offer international multi manager products to institutional clients here in South Africa.

In a move to enter the South African Custodian market, State Street will use Investec’s Cape Town office as a backbone until their operations are sufficient.

State Street is a Boston-based financial services group, which already acts on behalf of Investec’s United Kingdom business and sees the move into South Africa as a lucrative opportunity.

Investec’s COO, Kim McFarland executed this deal for Investec.

It is reported that Merit Asset Managers is facing a R140m lawsuit. The curator of the Saccawu (South African Commercial Catering and Allied Workers Union) Provident Fund, Tony Mostert, is suing for alleged damages which occurred when fund money was misappropriated and breach of contract occurred.

At issue is whether certain trustees managed to persuade various providers to allocate pension fund investments in such a way that would be materially beneficial to them. Merit Asset Managers was one of these providers.

In a mandate proposal that would purportedly provide the fund with a socially responsible investment exposure, Merit Asset Managers were allegedly instructed to pay the funds into union owned Saccawu Investment Holdings, which in turn ploughed the cash into three related businesses.

The asset manager apparently benefited from fees accompanying this transaction.

Frater Asset Management has had an increase in its black economic empowerment shareholding. Black shareholders now represent 36.7% of the company’s shares, which are held by black management (12.2%) and various other shareholders (24.5%).

These shareholders include the likes of Sakhikamva, an investment firm which is 70% owned by non governmental organisations such as The Big Issue and Black Sash.

With assets under management at the R2bn mark, Fraters have become a formidable force in the asset management industry.

Michael Levy has been seconded to Alliance Capital South Africa from their London office. He joined Alliance in 1995 and had responsibility for research in both the developed and emerging markets group at Alliance before he became portfolio manager.

He is currently responsible for the Worldwide Privatisation Fund and the Global Small Cap Fund. He will continue with these responsibilities, but will also be helpful with his input in the local investment debate at Alliance and will aid in their skill transfer programme.

Cobie Le Grange, investment analyst at m Cubed Asset Management, says Frank Russell, in an alliance with WIPHOLD, will offer global multi manager solutions to clients in South Africa.

Frank Russell already has $1bn under management from South African clients and boasts a solid financial services strategy with partners such as Legae securities, WipCapital and Futuregrowth.

Together Frank Russell and WIPHOLD wish to offer international multi manager products to institutional clients here in South Africa.

In a move to enter the South African Custodian market, State Street will use Investec’s Cape Town office as a backbone until their operations are sufficient.

State Street is a Boston-based financial services group, which already acts on behalf of Investec’s United Kingdom business and sees the move into South Africa as a lucrative opportunity.

Investec’s COO, Kim McFarland executed this deal for Investec.

It is reported that Merit Asset Managers is facing a R140m lawsuit. The curator of the Saccawu (South African Commercial Catering and Allied Workers Union) Provident Fund, Tony Mostert, is suing for alleged damages which occurred when fund money was misappropriated and breach of contract occurred.

At issue is whether certain trustees managed to persuade various providers to allocate pension fund investments in such a way that would be materially beneficial to them. Merit Asset Managers was one of these providers.

In a mandate proposal that would purportedly provide the fund with a socially responsible investment exposure, Merit Asset Managers were allegedly instructed to pay the funds into union owned Saccawu Investment Holdings, which in turn ploughed the cash into three related businesses.

The asset manager apparently benefited from fees accompanying this transaction.

Frater Asset Management has had an increase in its black economic empowerment shareholding. Black shareholders now represent 36.7% of the company’s shares, which are held by black management (12.2%) and various other shareholders (24.5%).

These shareholders include the likes of Sakhikamva, an investment firm which is 70% owned by non governmental organisations such as The Big Issue and Black Sash.

With assets under management at the R2bn mark, Fraters have become a formidable force in the asset management industry.

Michael Levy has been seconded to Alliance Capital South Africa from their London office. He joined Alliance in 1995 and had responsibility for research in both the developed and emerging markets group at Alliance before he became portfolio manager.

He is currently responsible for the Worldwide Privatisation Fund and the Global Small Cap Fund. He will continue with these responsibilities, but will also be helpful with his input in the local investment debate at Alliance and will aid in their skill transfer programme.

Cobie Le Grange, investment analyst at m Cubed Asset Management, says Frank Russell, in an alliance with WIPHOLD, will offer global multi manager solutions to clients in South Africa.

Frank Russell already has $1bn under management from South African clients and boasts a solid financial services strategy with partners such as Legae securities, WipCapital and Futuregrowth.

Together Frank Russell and WIPHOLD wish to offer international multi manager products to institutional clients here in South Africa.

In a move to enter the South African Custodian market, State Street will use Investec’s Cape Town office as a backbone until their operations are sufficient.

State Street is a Boston-based financial services group, which already acts on behalf of Investec’s United Kingdom business and sees the move into South Africa as a lucrative opportunity.

Investec’s COO, Kim McFarland executed this deal for Investec.

It is reported that Merit Asset Managers is facing a R140m lawsuit. The curator of the Saccawu (South African Commercial Catering and Allied Workers Union) Provident Fund, Tony Mostert, is suing for alleged damages which occurred when fund money was misappropriated and breach of contract occurred.

At issue is whether certain trustees managed to persuade various providers to allocate pension fund investments in such a way that would be materially beneficial to them. Merit Asset Managers was one of these providers.

In a mandate proposal that would purportedly provide the fund with a socially responsible investment exposure, Merit Asset Managers were allegedly instructed to pay the funds into union owned Saccawu Investment Holdings, which in turn ploughed the cash into three related businesses.

The asset manager apparently benefited from fees accompanying this transaction.

Frater Asset Management has had an increase in its black economic empowerment shareholding. Black shareholders now represent 36.7% of the company’s shares, which are held by black management (12.2%) and various other shareholders (24.5%).

These shareholders include the likes of Sakhikamva, an investment firm which is 70% owned by non governmental organisations such as The Big Issue and Black Sash.

With assets under management at the R2bn mark, Fraters have become a formidable force in the asset management industry.

Michael Levy has been seconded to Alliance Capital South Africa from their London office. He joined Alliance in 1995 and had responsibility for research in both the developed and emerging markets group at Alliance before he became portfolio manager.

He is currently responsible for the Worldwide Privatisation Fund and the Global Small Cap Fund. He will continue with these responsibilities, but will also be helpful with his input in the local investment debate at Alliance and will aid in their skill transfer programme.

Quick Polls

QUESTION

Have you seen insurers implementing rate adjustments / risk management around climate change?

ANSWER

Yes
No
fanews magazine
FAnews June 2024 Get the latest issue of FAnews

This month's headlines

Understanding prescription in claims for professional negligence
Climate change… the single biggest risk facing insurers
Insuring the unpredictable: 2024 global election risks
Financial advice crucial as clients’ Life policy premiums rise sharply
Guiding clients through the Two-Pot Retirement System
There is diversification, and true diversification – choose wisely
Decoding the shift in investment patterns
Subscribe now