Despite outflows, Coronation is a cash cow
But the fund manager’s core business of SA pension fund portfolios is in structural decline
As the only large fund manager that is listed in its own right, Coronation Fund Managers subjects itself twice a year to the scrutiny of its peers. Sometimes it ducks information it might like its investee companies to provide — for instance, it won’t tell you what the investment team is earning, only what CEO Anton Pillay and finance director John Snalam take home. But no-one can say it doesn’t take its fiduciary responsibilities seriously.
Pillay is particularly angry about the way the shop was misled by the reports on Steinhoff on which it relied for investment. As a wealthy company with deep pockets, it is taking legal action against Steinhoff and, where legally possible, any other parties complicit in any wrongdoing. Once its legal due diligence is complete it will decide which course of legal action is likely to yield the best outcome for its clients, says Pillay. Coronation was not the only fund manager to be duped by Steinhoff: according to the Alexander Forbes Equity ...
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