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Coronation Fund Managers, one of SA’s largest asset managers, says its first-half profits fell more than a fifth after it was forced to write down its Russian investments amid continued local client outflows, which it warns are likely to continue.

The Cape Town-based asset manager, which was founded in 1993, said its closing assets under management (AUM) fell 1% to R625bn in the year to end-March as it suffered net outflows from both institutional and retail investors in SA. Coronation’s total net outflows for the period were about 1.6% of its average AUM of R646bn, which equates to about R10.34bn...

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