It is a good idea to remind ourselves why we invest in global assets. In the days before the relaxation of exchange controls the focus was simply on taking money out of the country in case of a national emergency. Few people cared about the returns they would receive, they just squirrelled away the unused portions of their travel allowances in low-yielding bank accounts. But more sophisticated professional advisers have come onto the market and can offer multi-asset and multijurisdictional portfolios. I would say businesses such as Credo Wealth, Stonehage Fleming and Citadel offer a much better alternative than sticking your money in a NatWest savings account. Another player in global portfolios that seems to have raised its head above the parapet is Bellwood Capital, run by former executives at Sasfin, Coronation Capital and BOE. Bellwood’s David Nathanson says all too often SA investors muddle global diversification with fleeing risk. This is no surprise given the old tradition of...

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