Coronation says assets under management down 4.4%
JOHANNESBURG - Fund manager Coronation said on Tuesday its total assets under management fell 4.4 percent to R587 billion in the year to September, against the backdrop of a weaker rand, an ailing domestic economy and pressure on emerging markets.
The company said due to the cyclical nature of its business, the revenue stream was highly geared to the returns of the markets and the level of performance generated on behalf of clients.
"Over the past 12 months, these cyclical pressures have been particularly acute," it said.
Diluted headline earnings per share were down four percent to 420.7 cents.
Coronation said while certain strategies, such as its fixed interest and frontier markets portfolios, had had an excellent 12 months, its South African equity and Global Emerging Markets equity portfolios underperformed over this period.
"The long-term performance across our entire fund range remains excellent," it said.
"This includes the full suite of local equity, fixed income, multi-asset class, frontier and emerging market equity products.
- African News Agency (ANA)