As a fund trustee, or the equivalent, within an umbrella fund it is important to remember that real savings are at stake. Behind every rand there is an ID number, so there is a limit to which choice of manager can be a social science experiment.  

There is good reason that firms such as Ninety One, Coronation and Allan Gray have such a dominant share of the pensions market. Delivery. Over the past 10 years Ninety One (known until two years ago as Investec Asset Management) has delivered a 12.5% return, second only to Coronation, with which our pension fund is also invested...