Sygnia is looking to acquire a platform business in the UK to sell its index-tracking products and offer robo advice, says the asset manager’s CEO, Magda Wierzycka. Passive investing continued gaining momentum in that market, where there was a huge focus on costs, Wierzycka said on Tuesday. Locally, asset managers have struggled to attract inflows, as growing retrenchments have led to large withdrawals from retirement funds. "There isn’t a new pool of savers coming into the market," she said. Growth came predominantly from taking market share from competitors, particularly active asset managers. Sygnia’s share price rose 3.4% on Tuesday to R11.17, as investors welcomed news that it planned to raise only half the cost of its db X-tracker (DBX) acquisition via a rights offer. There was an expectation that Sygnia would raise the full amount via the equity market to fund its R325m purchase of Deutsche Bank’s DBX exchange-traded funds (ETF), which it plans to rename Sygnia Itrix ETFs, Wi...
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.