FUTUREGROWTH Asset Management, the biggest specialist investor in fixed interest in SA, dropped a bombshell on the market on Wednesday when it said it was pulling the plug on three new loans to state-owned enterprises, citing political concerns over government infighting and threats to the independence of the Treasury.The move is the latest and possibly the most far-reaching consequence so far of the fallout from the fight between Finance Minister Pravin Gordhan and President Jacob Zuma, as it opens the possibility that other asset managers and lenders will follow suit.The rand responded immediately and fell more than 1% — its weakest level in two months, and settled at R14.74/$ — after the news broke.Futuregrowth chief investment officer Andrew Canter said on Wednesday that he would be engaging with the Association for Savings and Investment in SA, the industry association for asset managers and retirement funds, to compile a common list of questions the industry wanted answered if...
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