More money leaves pension funds from resignations and retirements than comes in. Gross outflows are up to 8% in 2016 Over the past year there were flows of R145bn into just the SA unit trust sector, quite apart from life and segregated inflows.Nevertheless, Coronation Fund Managers had net outflows of R79bn in the 12 months to September 30, of which R18bn was from unit trusts. Life offices such as Old Mutual, with tied sales forces, are putting pressure on sales staff to support house brands.Coronation’s outflows came after a mediocre performance in 2015. As late as April 2016, Coronation ranked ninth out of 11 balanced managers in the Alexander Forbes Large Manager Watch. But by September it had moved back to second.Coronation CEO Anton Pillay says the trend of net withdrawals from pension funds (62% of assets under management) continues, though they were lower in the second half. More money leaves the sector from resignations and retirements than comes in. Gross outflows have incr...

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