Coronation’s shares jump most in two months as fund performances offset outflows
The improved financial performance comes despite clients withdrawing money and SA’s shrinking savings pool due to Covid-19
Coronation Fund Managers shares jumped the most in two months as investors looked beyond net outflows of R40bn — and the expectation that they will continue — and concentrated on strong performances by its funds, which allowed the company to report a 17% increase in annual profits.
The improved financial performance came despite clients withdrawing money and the savings pool in SA shrinking in the midst of the Covid-19 economic shock. The Cape Town-based investment firm said it expects "outflows to continue" to be affected as the amount of money available for investment drops due to workers losing jobs or having their pay cut...