Coronation’s profit rises 17% despite client outflows

Coronation Fund Managers reported a 17% increase in annual profits despite suffering net outflows of 7% as both retail and institutional clients withdrew money in response to the economic devastation caused by Covid-19.

The Cape Town-based investment firm said after tax profit for the year climbed to R1.39bn in the 12 months to September 30, from R1.19bn in the corresponding period the previous year...