INVESTOR’S NOTEBOOK
STEPHEN CRANSTON: Beyond SA’s borders
It is time for the FSB to treat SA investors as adults and give full access to long-only mutual funds in all well-regulated jurisdictions
As far as I can see, the four men on the panel at a Glacier Navigate event at the Hyatt in Rosebank, Jo’burg, last week were marketing unapproved foreign funds. The Financial Services Board (FSB) should have the courage of its convictions and enforce the laws it created, however ludicrous. All this restriction does is protect highly profitable offshore life policy businesses such as Glacier and Old Mutual International. It is time for the FSB to treat SA investors as adults and give full access to long-only mutual funds in all well-regulated jurisdictions. In any case it was instructive to see what is out there other than overexposed names such as Orbis or Sarasin. One manager who wasn’t exactly new to me was Chris Burvill, who runs the Henderson Cautious Managed Fund. I met him when he ran the original cautious managed fund at Investec, and he retains a gloomy view of the world. I suppose some people would see his view that inflation is coming back in the developed world as optimis...
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