Issue: June 2005
Editorials

First Word

The need for intelligible financial communication is emphasised throughout in the King code. Yet, when Old Mutual announced its recent black economic empowerment (BEE) transactions, its official announcements were a quagmire of legalese, officialese and jargon. Read full article...


Fund versus Adjudicator

Pension Funds Adjudicator Vuyani Ngalwana’s order regarding a paid-up retirement annuity policy is to be contested in court on the grounds that his determination is incorrect and outside his jurisdiction. The outcome has ramifications for thousands of aggrieved policyholders and the industry as a whole. Read full article...


Ready for battle

The dispute over the apportionment of the R9 billion actuarial surplus of two Seifsa funds is heating up. Deputy registrar of pensions funds Dube Tshidi, who is championing the employee-elected trustees in their dispute with the employer-nominated trustees, fires a broadside as the matter heads for the High Court.


Broker under investigation

Les Zulberg, a "strategic partner" of Fedsure and its largest broker, has to account to the Financial Services Board for the whereabouts of some R11 million.


The big issue

Skillful public relations has magically turned Old Mutual into New Mutual. But, although a number of important questions can be asked, the group has taken a giant stride.


Hard days for RAs

Retirement annuities have had a lot of bad press as a result of recent rulings of the Adjudicator. Robyn Hodges points to valuable lessons trustees can learn from these rulings.


The importance of style

Around 90 percent of the performance of typical equity funds is due to the overall style of the fund. Robert Schwob explains the Style concept and its advantages.


As the glister fades

The era of double-digit hedge-fund returns may be over. But internationally, the stagnant prospects of the equity market suggest these funds continue to look attractive.


Gravy

Retired actuary Peter Milburn-Pyle bemoans the fact that a trustee’s lot is not a happy one – with apologies to Gilbert & Sullivan.

Edutorials