Coronation’s profits slump as Ukraine war roils global markets
The asset manager had to write down its Russian holdings to zero and warns of continued SA outflows
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...