Coronation Fund Mangers of South Africa has posted a 29 per cent increase in assets under management for the year to end-September 2005, up ...

Coronation Fund Mangers of South Africa has posted a 29 per cent increase in assets under management for the year to end-September 2005, up almost R20 billion ($2.95 billion) to R82-billion from R63.7 billion last year. International assets under management at the year-end totalled $1.1 billion. According to Coronation chief executive officer Thys du Toit, South African investors have largely avoided investments in global markets, although Coronation has continued to build a robust and credible international fund of funds business. Retail domestic unit trust assets under management recorded a very healthy 76 per cent rise to R13.7 billion. Institutional assets under management also increased, but by a comparatively meagre 24 per cent, to R61.4 billion. According to Mr Du Toit, the increase was the result of positive market conditions and strong support from clients. Net inflows approaching R1.5 billion have come into the group's managed funds, and almost R 1.0 billion into the Coronation Strategic Income Fund. There have been only marginal outflows experienced from its rand-denominated international funds. Coronation plan to launch a range of Coronation retirement products and endowment plans early in 2006.