CAPE TOWN – The Professional Provident Society (PPS), a financial services company focused on solutions for graduate professionals, grew assets under management by 10percent to R31.4 billion in spite of last year’s challenging market conditions.
The growth in assets was mainly due to good new investment inflows, chief executive Izak Smit said in a statement yesterday.
The life insurance business also recorded “healthy” profit, he said. Investment markets proved difficult in 2018, but the medium-term objective of outperforming inflation for members by a good margin was met by investing in a well-diversified portfolio that contained a sizeable portion of growth assets such as equities and property.
“Our asset managers and investment strategy succeeded in protecting our members from the worst the market had to offer, but the returns of the members’ profit-share accounts were in slight negative territory at the end of the year,” he said.
Nevertheless, PPS allocated R634.6million to members’ profit-share accounts, irrespective of whether or not they claimed.