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Two of SA’s biggest financial services firms have warned that amendments to the asset allocation limits of local pension funds could result in as much as R600bn-R800bn in outflows from the country’s asset pool over the next three to five years.

While local asset managers welcomed finance minister Enoch Godongwana’s 2022 budget speech announcement that changes to regulation 28 of the Pension Funds Act would allow insurance, retirement and savings funds to invest 45% of assets offshore, they have warned of possible unintended consequences...

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