In this newsletter:
Benchtest 09.2014, investment market commentary, RFS 15 year anniversary and management team, Pension Funds Act amended with regard to housing loans, how to approach due diligence assessment and more...
When foreigners withdraw from the JSE the JSE declines and vise versa. Foreigners have evidently withdrawn their support of local equities and have taken a neutral position. Can there be any expectation of this changing soon? Our view is that this is unlikely to change soon and will not be impacted even if the SARB raised its repo rate.
It is to be noted that the Pension Funds Act only creates the enabling legal framework. A fund whose rules do not provide for granting loans may not grant loans despite the enabling provisions of the Act.
RFS Staff movements
News from Namfisa
The areas that need to be addressed through a due diligence assessment of the SPV and of the UIM should cover the following areas:
Unlisted investment via unit trust
The Bull & Bear report that is produced from a survey conducted by Sanlam's Glacier Research, collates the performance expectations of leading South African Asset Managers over the coming 12 months. Asset Managers are asked to comment on expected performance for various asset classes and sectors, currency levels, commodity prices and the performance of selected global markets. These viewpoints are subject to change in line with changes in economic and market conditions.
Read the full article by Glacier Research in Cover of 29 September 2014, here...
What qualities do directors need to fulfil their role effectively?
This is a must read for anybody who serves on a board of directors (or trustees for that matter). Download the article by Terrance M Booysen and reviewed by Deloitte here...