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
The Pensions Regulator (TPR) and Labour MP Stephen Kinnock and will listen to the experiences of steelworkers when transferring their pensions away from the British Steel Pension Scheme (BSPS) next week in Port Talbot.
Just Group has acquired a 75% stake in the holding company of Corinthian Pension Consulting in a bid to strengthen its professional defined benefit (DB) advisory services.
The Pensions Regulator (TPR) has exercised its production order power under the Proceeds of Crime Act 2002 for the very first time as part of a fraud investigation.
The ITN Limited Pension Scheme has named Trafalgar House as its administrator for an initial term of five years.