Stephen Cranston Associate editor

I don’t blame fund managers and analysts who get tired of writing about the same rand hedge shares. How many times can you write about the Naspers discount, or the effect of Chinese luxury goods sales on Richemont? So it is good to see a substantial new rand hedge come onto the JSE: Quilter plc is one of the UK’s largest wealth managers, which is being unbundled out of Old Mutual and starts trading on the JSE on Monday. Of course, you can buy its competitors, such as St James’s Place or Hargreaves Lansdown, which have longer track records. Quilter, however, is likely to be trading on a considerably lower earnings multiple and, best of all, it is considered a domestic share as it will be JSE listed. You don’t have to acquire foreign exchange to buy it. Funny how life turns out. Manchester-born Quilter CEO Paul Feeney was in line to be group CEO of Old Mutual and was known as the Mancunian Candidate. Yet it is now the departing head of Old Mutual plc, Bruce Hemphill, who will be apply...

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