Sygnia suffers institutional outflows despite 16% profit rise
Sygnia sees R1.3bn in net outflows from its institutional business despite higher interim profit
Sygnia, the asset manager cofounded by Magda Wierzycka, delivered a 16% rise in after-tax profit in its financial first-half even as it saw more than R1bn in net outflows from its institutional business as SA’s pandemic-hit economy saw retirement contributions towards that part of its business decline.
The Cape Town-based firm, which has been a fierce proponent of passive investment products such as exchange traded funds (ETFs), delivered profit after tax of R105.84m in the six months to end-March, up from R91.26m in its previous interim period. Sygnia declared a gross dividend of 55c per share out of its retained income, resulting in a net dividend of 44c a share subject to dividends tax...