Stanlib to close some equity funds to boost returns
Money manager Stanlib, which is owned by Liberty Holdings and oversees R593bn in assets, plans to close down some of its 19 equity funds to boost returns as part of a restructuring programme. "We’re going to rationalise the product suite and are assessing which equity funds still have demand and relevance," Herman van Velze, Stanlib’s head of equities in Johannesburg, said on Monday. Some funds will close in early 2018 and the range of mandates will be narrowed without any job losses, he said. The fund closures follow an organisational revamp that started at the end of last year, which split the investment team into three franchises, consisting of absolute returns, equities and multi-assets, van Velze said. It also changed incentive structures to resemble those of boutique firms, which typically pay managers based on returns rather than just fees. The adjustments have resulted in an improved performance over the past three months, he said. Liberty CEO David Munro has sought to stem ...
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