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...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.