Coronation’s profit rises 17% despite client outflows

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Global institutional funds increased almost 20% to R79bn after a strong performance in offshore markets

Coronation Fund Managers reported a 17% increase in annual profits despite suffering net outflows of 7% as both retail and institutional clients withdrew money in response to the economic devastation caused by Covid-19.

The Cape Town-based investment firm said after tax profit for the year climbed to R1.39bn in the 12 months to September 30, from R1.19bn in the corresponding period the previous year...A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, ProfileData financial data, and digital access to the Sunday Times and Sunday Times Daily.

 

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