Investment Review – November 2021

Market Indicators

  • JSE All Share (ALSI) 70,475.02
  • Rand/Euro R 18.06
  • Rand/Pound R 21.19
  • Rand/US Dollar R 16.00
  • Rand/Aus Dollar R 11.34

Asset Manager Mergers – Would you rather be a shareholder or a client?

An ongoing trend in the global asset management industry over the recent past has been the consolidation of asset management businesses. If one searches the topic on Google, you will find headlines that read “Merger Mania” and “Asset management primed for consolidation”. These mergers and acquisitions are often trumpeted as being a win-win for clients, advisers, and asset managers. But as we know all too well, when something sounds too good to be true…it just might be.

In this month’s comment we investigate this trend and try to figure out what it means for local investors, and if this is a practice to cheer on or to be wary of.

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The Ninety One Managed Fund aims to provide investors with stable growth of capital over the long term. The objective is to achieve returns well in excess of the fund’s peer group average, measured over three to five year periods.