Sygnia Asset Management, which recently found itself in a spat with the Institute of Race Relations (IRR) over prescribed assets, said it and the rest of the industry would oppose any policy to force them to allocate client money to government assets.

Joint CEOs Magda Wierzycka and David Hufton said they did not believe that there was a reason to panic over the possibility of pension funds and money managers being compelled to invest in debt instruments issued by the government or state-owned  enterprises (SOEs). That was reinforced by ANC treasurer-general Paul Mashatile, who said such a policy wouldn’t be viable, despite it having been part of the party’s 2019 election manifesto.

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