In a blistering attack on disastrous forays overseas by SA companies seeking to escape low growth at home, the head of one of the country’s fastest-growing wealth managers said these might have cost shareholders about R300bn over the past decade.

"When you go five to 10 years ago, corporate SA kind of collectively decided that the risks in SA were getting higher, growth opportunities were limited and out of a combination of fear and overestimating their abilities, it became fashionable to make offshore investments," said Peter Armitage, who is the founder and CEO of Anchor Group, which manages about R60bn.

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