Coronation Fund Managers’ CEO Anton Pillay
Coronation Fund Managers, the independent asset manager with R766 billion of assets under management, is “deeply concerned” about the impact on households and the nascent economic recovery in South Africa due to the sharp increase in fuel prices.
However, there are some “encouraging developments” that provide a basis for “cautious optimism,” says the chairman Saks Ntombela and CEO Anton Pillay, adding that the sharp increase in fuel prices impacts all parts of the economy and will stretch already limited household budgets.
In the company’s financial results for the six months to March 31 released on Tuesday, they noted however that South Africa’s exit from the Financial Action Task Force’s grey list and an upgrade in its sovereign credit rating were important steps to restore financial credibility and investor confidence, over time. Coronation is 52% black-owned and 33% employee-owned.
They observed improvements in some state-owned entities, with a stable power supply and tangible progress in energy reform. There are also early signs of recovery in transport and logistics infrastructure, alongside better efforts to combat crime and corruption.
