Fund manager Coronation bled assets for the third successive year off a gargantuan asset base as weak economic conditions worsened withdrawals from the local pension fund industry. Net outflows slowed to R43.3bn over the year to September — from a peak of R79bn the prior year, the company said on Tuesday. Coronation has suffered net outflows of R137.6bn since 2015, driven by poor performance, a sustained period of large inflows in prior periods and withdrawals from pension funds. SA’s savings rate has consistently lagged its emerging market peers, with the weak economy, widespread job losses and overindebted consumers not helping matters.
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