BUSINESS DAY TV
Coronation sticks with its long-term view of the swings and bounces
Coronation Fund Managers CEO Anton Pillay discusses the group’s full-year results, which showed a dip in revenue and earnings
Anton Pillay is CEO of Coronation Fund Managers. BUSINESS DAY TV: Coronation Fund Managers released full-year results today showing revenue down 9% to R4bn, which in turn led to a 13.3% decline in headline earnings per share. Assets under management declined to R599bn over the period on the back of total net outflows of R79bn — the bulk of which, however, was offset by capital appreciation. CEO Anton Pillay joins me in the studio now to take a closer look at the numbers. Anton … so Coronation coming under pressure over the past year, of course your revenue stream is highly geared to returns of the market and the level of outperformance that you generate, where you’re in the business of alpha-generation. Just how much trickier is this becoming? ANTON PILLAY: I’m not sure the business came under pressure, as you correctly point out the alpha … the revenue that we generate is highly dependent on the market and the active returns that we were able to generate. In terms of volatility we ...
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