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Progress on hold as trade barriers constrain Africa

African leaders frequently pay lip service to the virtues of regional integration, but have yet to implement any meaningful change.   One small positive step that a number of countries are slowly implementing is the one-stop border post concept, in which two...

Market Commentary: March 2017

Market View   Cash Domestic inflationary pressure continued to ease during February. Producer Price Index (PPI) inflation — a leading indicator with a greater weighting to food prices — eased at a faster rate than Consumer Price Index (CPI) inflation, stripping...

Structure is business-friendly, but new laws are not

The government continues to pursue legislation that is not friendly towards investors   On Friday, 17 March 2017, President Jacob Zuma launched Invest SA, a one-stop shop service for foreign investors. An initiative of the Department of Trade and Industry, Invest...

Changing the retirement landscape

If followed faithfully by trustees, the revised OECD Core Principles of Private Pension Regulation, introduced late last year, will go some way to restoring public confidence in private pension funds in the aftermath of the Global Financial Crisis (GFC). “The...

African fixed income investments coming into their own

Given the continued global search for yield and growth in an increasingly low-yield world, debt markets in Africa should and will attract increasing attention from institutional investors. Pensions and savings institutions around the globe are facing rising...

Market Commentary: February 2017

Market View   Cash South Africa’s domestic inflationary pressure abated somewhat during January 2017, reaching 6.6% year-on-year in that month after an unexpected rapid 6.8% gain in December 2016. Easing food price pressure, a stronger rand (lower imported...

Market Commentary: January 2017

Market View   Cash South African inflation topped market expectations, rising 6.8% year-on-year in December 2016, the fastest pace since February 2016. While fair weather has seen pressure on food-producers (indicated by PPI) subside, pass-through to domestic...

Improving the way we benchmark private equity performance

The direct alpha method Measuring private equity performance in a standardised and easily understandable way has proven difficult, specifically for those that operate outside of the private equity space. The greatest difficulty is that private equity cannot be...

Pension fund investing – a specialist or a balanced portfolio?

Namibian pension funds appear to prefer investing their members’ contributions in balanced funds, as they believe these offer a better solution. Given the results of a 20-year study from the UK, perhaps it is time to start asking if this is correct. The study,...

International Market Commentary: December 2016

Summary – Monthly Commentary December 2016 saw global equity markets mixed, emerging markets fall from favour, central banks remain steady and commodities mixed. Read more below. Global equity markets mixed: US markets hit new highs as underlying economic data remains...

International Market Commentary: November 2016

Global equity markets mixed US markets boosted by unexpected Trump victory, and the upbeat trend in economic data. UK markets declined, the FTSE losing ground despite support from Financials and Materials, and the as-yet seemingly muted impact of the Brexit process....