Virus fallout will stress asset management industry, Magda Wierzycka warns
SA is under tremendous strain, some companies are not going to survive, says Sygnia CEO
Financial services group Sygnia said the economic fallout of the coronavirus outbreak on SA firms will put the R8.7-trillion asset management industry under strain as companies struggle to emerge from the crisis and investors cash out their funds.
“SA is under tremendous strain, some companies are not going to survive or are not surviving. It is a tragic situation and a very tough situation for corporate SA,” CEO Magda Wierzycka, who founded the asset manager 14 years ago, told Business Day after the company issued its interim results on Wednesday. ..