Editorials

FIRST WORD

The meaning of “save” is abused by retailers. It confuses the public and undermines efforts of savings institutions to spread their message. They should lodge a complaint with the Advertising Standards Authority.
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RETIREMENT REFORM

Another promising jump-start from National Treasury but a fly in the ointment from the Department of Social Development.
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UNCLAIMED BENEFITS

The FSB might be asking too much of fund administrators by its well-intentioned initiative for them to pay former mineworkers. Unfortunately, in the way the FSB has proposed, there’s potential for fraud.
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ASSET MANAGERS

Q&A with ABSIP president Sibongiseni Mbatha in the ongoing debate over transformation in the financial sector. It’s too slow, he contends. Black-owned firms argue for more to manage.
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CURRENTS

Numsa fires Sam Tsiane; Adjudicator wants investigation into Akani; Unhappiness with tracing agents that fleece; How black-owned firms stack up on assets under management; UK prime minister softens stance on company boards.
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COVER STORY

The bogey of ‘white monopoly capital’ strikingly resembles the racist ‘Hoggenheimer gevaar’ invented by the old National Party for propaganda. Imitation is the sincerest form of flattery, but WMC simply doesn’t withstand scrutiny. It cannot when pension funds predominantly own the capital.
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FUND COSTS 1

When is a 0,4% management fee not a 0,4% management fee? Sygnia explains, and is challenged.
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FUND COSTS 2

Cap on costs and charges at UK pension funds. How it works. Experiences that could help guide SA.
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FUND CANCELLATIONS

Court rules against Rosemary Hunter. Ambiguities in judgment face possible appeal.
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INSIDER TRADING 1

Much easier to track spikes in equities than bonds, not only in SA but also in UK and US where prison sentences are being handed down.
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INSIDER TRADING 2

First, a hypothetical situation. Then, a situation less hypothetical. The latter concerns a former Regiments Capital executive who deserves to have his name cleared. Or not.
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LOCAL AUTHORITIES

Supreme Court of Appeal rules in favour of Natal Joint Municipal Pension Fund against Municipal Employees Pension Fund.
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RESPONSIBLE INVESTMENT

No problem to include ‘sin stocks’, such as alcohol and tobacco, in fund portfolios. But think first.
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BANKORP LIFEBOAT

A crazy diversion, after all these years, unless there’s a sinister political motive. Craziest of all is the implication that, as today’s Absa shareholders, pension funds would have to pay back the money.
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GRAVY

How the vat rate could have been reduced.
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Expert Opinions