SOUTH AFRICA - Multi-manager Investment Solutions (IS) saw its assets boosted by R3.6bn ($374.5m) in the six months to September 30, 2001 to R38bn ($3.9bn).
Revenue rose 27% to R177.4m ($18.4m) on the same period last year. But operating expenses also climbed 17% to R116m ($12m), a figure in line with costs for the second half of last year, according to IS managing director Rael Gordon.
Financial director John Vickers said IS’s embedded value calculation to the end of September shows a valuation of R1,745bn ($181.4m). The value of new business written during the interim period was R146m ($15.1m).
Commenting on the outlook for the group, Gordon added that the continued volatility being experienced in both the South African and international equity markets represented an opportunity for multi-managers as the process is “designed to reduce relative risk and volatility in portfolios.”
By Janet Du Chenne
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