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South Africa: Riders of the Storm

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Business Day (Johannesburg)

COLUMN
14 May 2008
Posted to the web 14 May 2008

Johannesburg

ALTHOUGH volatile equity markets have slashed Coronation Fund Managers' performance fees 64% and reduced profitability 29%, CEO Hugo Nelson is confident they will ride the storm.

"We remain singularly focused on fund management, and the ongoing support of our clients is vital to our success. Our philosophy of investing with a long-term time horizon and commitment to proprietary research has, amid the volatility and indiscriminate market sell-off, given us the opportunity to strengthen our positioning in high conviction calls," Nelson said yesterday.

He is confident that a number of recent initiatives will restore the company's revenue and profitability.

A private equity arm, and an emerging markets fund to diversify its revenue streams, have been launched. Nelson also took comfort in the fact that Coronation's investment firm PPS Investments was gaining traction in the market.

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