Anchor Capital bemoans costly SA offshore forays
Plans to diversify to escape SA’s low-growth environment may have wiped out about R300bn over the past decade, says CEO Peter Armitage
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...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.