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    The Retirement Funding Industry in South Africa 2022

    Yasmin Mahomedy | South Africa | 30 September 2022

    The Retirement Funding Industry in South Africa 2019

    Carole Veitch | South Africa | 30 May 2019

    The Retirement Funding Industry in South Africa 2017

    LOUISE MITCHELL | South Africa | 22 June 2017

    The Retirement Funding Industry in South Africa 2015

    Elaine de Villiers | South Africa | 31 July 2015

    Report Info

    Report Summary Table of Contents
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    Report Coverage

    This report on retirement funding in South Africa includes information on the state and size of the industry, its major players and various corporate actions and developments, as well as regulatory and other developments that affect the sector. There are profiles of 26 companies including all the notable pension funding players such as Sanlam, Ninety One, Old Mutual, Coronation, Allan Gray and the state-owned Public Investment Corporation

    Introduction

    • South Africa’s retirement industry, with assets in excess of R4.6tn, has one of the highest assets to GDP ratios in the world.\r\n
    • However, only 7 to 10 million individuals have retirement savings products, out of an employed labour force of about 15 million. \r\n
    • The retirement funding industry is going through major changes with a new two-pot retirement savings system where all pension, provident and retirement funds will have to allocate contributions to a retirement pot (two thirds) and a savings pot (one third). \r\n
    • A retirement survey showed an increasing number of South Africans are unsure if they can afford to retire.

    Strengths

    • The industry is well-established, stable, and financially sound.
    • The regulatory environment is well governed.

    Weaknesses

    • High barriers to entry.
    • Low financial literacy.
    • South Africans generally lack a savings and investment culture.
    • There is a lack of meaningful pre-retirement advice and overall communication could be improved.
    • Under-saving for retirement remains a significant challenge in South Africa.

    Opportunities

    • Development of online retirement planning platforms and mobile technologies.
    • Increased retirement fund membership, which remains at a low level.
    • Two-pot system will present a balance between ensuring preservation of retirement savings and allowing some withdrawals through a savings vehicle.

    Threats

    • Domestic and global economic pressures.
    • Fraud, misconduct, and mismanagement.
    • The rising cost of living makes it difficult for investors to balance their short-term income needs with longer-term savings.
    • Volatile markets.

    Outlook

    • South Africa’s new two-pot system has been welcomed by the industry as it will lead to increased preservation of retirement savings, which will ultimately lead to better retirement outcomes. \r\n
    • Industry sources say the outlook is promising as the industry has scale and the skills to provide cost efficient and secure vehicles for saving for retirement.\r\n
    • However, the volatile market environment, weakened GDP outlook, and pressures on household finances are affecting consumer savings.

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    The Retirement Funding Industry in South Africa
    The Retirement Funding Industry in South Africa 2022

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    The Retirement Funding Industry in South Africa 2017-06-22

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    The Retirement Funding Industry in South Africa 2015-07-31

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    Table of Contents

    [ Close ]
    PAGE
    1. INTRODUCTION 1
    2. DESCRIPTION OF THE INDUSTRY 1
    2.1. Industry Value Chain 4
    2.2. Geographic Position 5
    2.3. Size of the Industry 5
    2.4. Key Success Factors and Pain Points 8
    3. LOCAL 8
    3.1. State of the Industry 8
    3.2. Key Trends 13
    3.3. Notable Players 14
    3.4. Corporate Actions 17
    3.5. Regulations 18
    3.6. Enterprise Development and Social Economic Development 21
    4. AFRICA 24
    5. INTERNATIONAL 25
    6. INFLUENCING FACTORS 27
    6.1. COVID -19 27
    6.2. Economic Environment 27
    6.3. Labour 29
    6.4. Retirement Reform 30
    6.5. Corruption 30
    6.6. Technology, Research and Development (R&D) and Innovation 31
    6.7. Complaints and the Office of the Pension Funds Adjudicator 32
    6.8. Environmental, Social and Corporate Governance (ESG) 33
    7. COMPETITIVE ENVIRONMENT 33
    7.1. Competition 33
    7.2. Ownership Structure of the Industry 35
    7.3. Barriers to Entry 35
    8. SWOT ANALYSIS 36
    9. OUTLOOK 36
    10. INDUSTRY ASSOCIATIONS 37
    11. REFERENCES 37
    11.1. Publications 37
    11.2. Websites 38
    Appendix 1 39
    Summary of Notable Players 39
    COMPANY PROFILES 42
    Absa Asset Management (Pty) Ltd 42
    Alexander Forbes Investments Ltd 44
    Allan Gray (Pty) Ltd 46
    Aluwani Capital Partners (Pty) Ltd 49
    Argon Asset Management (Pty) Ltd 51
    Camissa Asset Management (Pty) Ltd 53
    Coronation Fund Managers Ltd 55
    Foord Asset Management (Pty) Ltd 59
    Futuregrowth Asset Management (Pty) Ltd 61
    MandG Investments Southern Africa (Pty) Ltd 63
    Marriott Asset Management (Pty) Ltd 66
    Mazi Asset Management (Pty) Ltd 68
    Mergence Investment Managers (Pty) Ltd 70
    Momentum Outcome-Based Solutions (Pty) Ltd 72
    NBC Holdings (Pty) Ltd 74
    Ninety One SA (Pty) Ltd 77
    Oasis Group Holdings (Pty) Ltd 79
    Old Mutual Investment Group (Pty) Ltd 81
    Prescient Investment Management (Pty) Ltd 84
    Public Investment Corporation SOC Ltd 86
    Sanlam Multi Manager International (Pty) Ltd 93
    Sesfikile Capital (Pty) Ltd 95
    Stanlib Asset Management (Pty) Ltd 97
    Sygnia Asset Management (Pty) Ltd 100
    Taquanta Asset Managers (Pty) Ltd 102
    Truffle Asset Management (Pty) Ltd 104

    Introduction

    The South African retirement funding sector, with assets in excess of R4.26-trillion, has the fifth highest assets-to-gross domestic product (GDP) ratio in the world. However, research reveals that less than 10% of retirement fund members are able to maintain their standard of living when they stop working. Moreover, 41% of economically active South Africans have not made any provision for their retirement, prompting role players to warn that the nation is on the cusp of a crisis. While recent retirement reforms have been widely welcomed, many stakeholders have rejected a proposal put forward by the ruling African National Congress (ANC) to introduce prescribed investments for retirement funds. Some commentators warn that pension funds could collapse if the government is allowed to dictate to fund managers how to invest retirement assets.

    Strengths

    • South Africa’s retirement fund assets-to-GDP ratio is the fifth highest in the world,
    • The regulatory environment is sound and good governance is actively promoted.
    • The retirement fund industry is well-established, with strong domestic capabilities.
    • The sector is stable, robust and financially sound.

    Weaknesses

    • A savings and investment culture is lacking in South Africa.
    • Financial literacy is low.
    • High barriers to entry.
    • South Africa’s social security system does not provide an adequate safety net for individuals when they reach retirement age.
    • The majority of people cannot maintain their standard of living when they retire.
    • The retirement savings network is very small relative to the total population.
    • There is a lack of meaningful pre-retirement advice and overall communication could be improved.

    Opportunities

    • Expansion into African markets.
    • The development of innovative retirement products that comply with the Treasury’s pension reforms.
    • The development of online retirement planning platforms and mobile technologies.
    • The expansion of South Africa’s retirement fund membership pool which remains at a very low level.

    Threats

    • Cyber-attacks, fraud, misconduct and mismanagement.
    • Domestic and global economic pressures.
    • Domestic political instability and policy uncertainty.
    • The escalation of geopolitical tensions.
    • The government’s proposal to introduce prescribed investments for pension funds.

    Outlook

    The South African general elections of 8 May 2019 saw the African National Congress returned to power with a reduced majority. With its support declining to around 57.5% of votes cast nationally, the ruling party’s position has been weakened. However, with the support of opposition parties such as the Economic Freedom Fighters, Cyril Ramaphosa’s new government will be able to amend the constitution to allow for the implementation of land expropriation without compensation. Commentators have warned that tensions relating to the land issue are set to intensify, which could have a negative impact on the property investments of retirement funds. The failure of South Africa’s social security and retirement funding systems to provide an adequate safety net for its senior citizens is one of the many grievances voiced by citizens. Analysts say that the challenges facing the sector are likely to be compounded by the low return environment on both domestic and global markets, coupled with weak returns on property investments. In the absence of meaningful economic growth, analysts warn that the nation is unlikely to lighten its socio-economic burden and that the ‘golden years’ of retirement will remain an elusive dream for the average South African.

    The Retirement Funding Industry in South Africa
    The Retirement Funding Industry in South Africa 2019

    Full Report

    R 1 900.00(ZAR) estimated $107.74 (USD)*

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    Industry Landscape

    R 1 330.00(ZAR) estimated $ 75.42 (USD)*

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    Historical Reports

    The Retirement Funding Industry in South Africa 2022-09-30

    R 6 500.00(ZAR) estimated $368.60 (USD)*

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    The Retirement Funding Industry in South Africa 2017-06-22

    R 1 900.00(ZAR) estimated $107.74 (USD)*

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    The Retirement Funding Industry in South Africa 2015-07-31

    R 1 900.00(ZAR) estimated $107.74 (USD)*

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    Table of Contents

    [ Close ]
    PAGE
    1. INTRODUCTION 1
    2. DESCRIPTION OF THE INDUSTRY 1
    2.1. Industry Value Chain 2
    2.2. Geographic Position 3
    3. SIZE OF THE INDUSTRY 4
    4. STATE OF THE INDUSTRY 7
    4.1. Local 7
    4.1.1. Corporate Actions 11
    4.1.2. Regulations 12
    4.1.3. Enterprise Development and Social Economic Development 15
    4.2. Continental 16
    4.3. International 18
    5. INFLUENCING FACTORS 19
    5.1. Social Security System 19
    5.2. Economic Environment 20
    5.3. Retirement Reform 20
    5.4. Technology, Research and Development (R&D) and Innovation 21
    5.5. Labour 23
    5.6. Complaints and the Office of the Pension Funds Adjudicator 24
    5.7. Environmental, Social and Corporate Governance (ESG) 25
    6. COMPETITION 25
    6.1. Barriers to Entry 26
    7. SWOT ANALYSIS 27
    8. OUTLOOK 28
    9. INDUSTRY ASSOCIATIONS 28
    10. REFERENCES 29
    10.1. Publications 29
    10.2. Websites 29
    APPENDIX 1 31
    Types of Funds Subject to the Pension Funds Act 31
    APPENDIX 2 34
    Summary of Notable Players 34
    APPENDIX 3 36
    Market Indices and Statistics as at 31 December 2018 36
    COMPANY PROFILES 37
    ABSA ASSET MANAGEMENT (PTY) LTD 37
    AHI ASSET MANAGEMENT (PTY) LTD 39
    ALEXANDER FORBES INVESTMENTS LTD 41
    ALLAN GRAY (PTY) LTD 43
    ALUWANI CAPITAL PARTNERS (PTY) LTD 46
    ARGON ASSET MANAGEMENT (PTY) LTD 48
    CORONATION FUND MANAGERS LTD 50
    FOORD ASSET MANAGEMENT (PTY) LTD 54
    FUTUREGROWTH ASSET MANAGEMENT (PTY) LTD 56
    INVESTEC ASSET MANAGEMENT (PTY) LTD 58
    KAGISO ASSET MANAGEMENT (PTY) LTD 60
    MARRIOTT ASSET MANAGEMENT (PTY) LTD 62
    MAZI ASSET MANAGEMENT (PTY) LTD 64
    MERGENCE INVESTMENT MANAGERS (PTY) LTD 66
    MOMENTUM OUTCOME-BASED SOLUTIONS (PTY) LTD 68
    NBC HOLDINGS (PTY) LTD 70
    OASIS GROUP HOLDINGS (PTY) LTD 73
    OLD MUTUAL INVESTMENT GROUP (PTY) LTD 75
    PRESCIENT INVESTMENT MANAGEMENT (PTY) LTD 79
    PRUDENTIAL PORTFOLIO MANAGERS (SOUTH AFRICA) (PTY) LTD 82
    PUBLIC INVESTMENT CORPORATION SOC LTD 85
    SANLAM MULTI MANAGER INTERNATIONAL (PTY) LTD 92
    SESFIKILE CAPITAL (PTY) LTD 94
    STANLIB ASSET MANAGEMENT (PTY) LTD 96
    SYGNIA ASSET MANAGEMENT (PTY) LTD 99
    TAQUANTA ASSET MANAGERS (PTY) LTD 101
    TRUFFLE ASSET MANAGEMENT (PTY) LTD 103

    Report Coverage

    The detailed Pension Funding report focuses on currents conditions as well as developments in the industry, including National Treasury’s pension reforms that could stimulate the development of innovative retirement products. Included are profiles for 27 companies ranging from well-known companies such as Coronation Fund Managers Ltd and Allan Gray (Pty) Ltd, to relative newcomer Truffle Asset Management (Pty) Ltd which was recently nominated for the 2017 Morningstar Fund Awards as one of South Africa’s top three fund houses with a smaller fund range.

    Introduction

    The importance of pension funds lies in the stimulation of the economy through investment and in establishing a means for citizens to become financially self-sufficient during retirement. Members of the Association for Savings and Investment South Africa (ASISA) managed total assets worth R8.6-trillion in 2015, according to the Association’s latest Annual Review published in 2015. The South African retirement industry today manages assets of around R1.8-trillion. This excludes the Government Employees Pension Fund (GEPF) with assets under management of over R1.6-trillion. Financial illiteracy remains a challenge that prevents citizens from preparing adequately for retirement and analysts believe that only 6% of the population will have enough money to retire comfortably, without having to change their standard of living. One of the sector’s growth drivers is National Treasury’s pension reforms that could stimulate the development of innovative retirement products.

    Strengths

    • The regulatory environment is sound and good governance is actively promoted.
    • The sector is stable, robust and financially sound.
    • The South African retirement fund industry is well-established, with strong domestic capabilities.

    Weaknesses

    • A savings and investment culture is lacking in South Africa
    • Financial literacy is low.
    • High barriers to entry.
    • There is a lack of meaningful pre-retirement advice and overall communication could be improved.

    Opportunities

    • Expansion into African markets.
    • The development of innovative retirement products that comply with the Treasury’s pension reforms.
    • The development of online retirement planning platforms and mobile technologies.
    • The expansion of South Africa’s retirement fund membership pool which remains at a very low level.

    Threats

    • Fraud and mismanagement.
    • The high rate of unemployment.
    • The slowing of economic growth in South Africa.
    • The use of pension funds by Government to help implement its “radical economic transformation” policies.

    Outlook

    Drivers for growth in the relatively well-developed and pension fund sector will be the ageing population and increasing wealth, which will see the unbanked population decreasing. However, Diane Radley of Old Mutual Investment Group views South Africa as a mature market and therefore “does not foresee huge development in this market.” Industry commentators believe funded pension arrangements are likely to play an increasingly important role in delivering retirement income security and the investment of pension assets will increasingly affect securities markets in future years. PricewaterhouseCoopers predicts AuM in South Africa to reach R2.95-trillion by 2020 while EY sees retirement as one of the fastest growth areas in the global wealth and asset management industry. Due to demographic shifts in developed markets, the retirement planning and pension space is expected to draw more and more attention from major industry players.

    Read More..
    The Retirement Funding Industry in South Africa
    The Retirement Funding Industry in South Africa 2017

    Full Report

    R 1 900.00(ZAR) estimated $107.74 (USD)*

    Buy Now +

    Industry Landscape

    R 1 330.00(ZAR) estimated $ 75.42 (USD)*

    Buy Now +

    Historical Reports

    The Retirement Funding Industry in South Africa 2022-09-30

    R 6 500.00(ZAR) estimated $368.60 (USD)*

    View Report Add to Cart

    The Retirement Funding Industry in South Africa 2019-05-30

    R 1 900.00(ZAR) estimated $107.74 (USD)*

    View Report Add to Cart

    The Retirement Funding Industry in South Africa 2015-07-31

    R 1 900.00(ZAR) estimated $107.74 (USD)*

    View Report Add to Cart

    Table of Contents

    [ Close ]
    PAGE
    1. INTRODUCTION 1
    2. DESCRIPTION OF THE INDUSTRY 1
    2.1. Industry Value Chain 2
    2.2. Geographic Position 2
    3. SIZE OF THE INDUSTRY 3
    4. STATE OF THE INDUSTRY 8
    4.1. Local 8
    4.1.1. Corporate Actions 12
    4.1.2. Regulations 13
    4.1.3. Enterprise Development and Social Economic Development 15
    4.2. Continental 17
    4.3. International 19
    5. INFLUENCING FACTORS 21
    5.1. The National Social Security Fund 21
    5.2. Economic Environment 22
    5.3. Retirement Reform 24
    5.4. Technology, Research and Development (R&D) and Innovation 25
    5.5. Labour 25
    5.6. Complaints and the Office of the Pension Funds Adjudicator 27
    5.7. Fraud 28
    5.8. Environmental, Social and Corporate Governance 29
    6. COMPETITION 30
    6.1. Barriers to Entry 31
    7. SWOT ANALYSIS 31
    8. OUTLOOK 32
    9. INDUSTRY ASSOCIATIONS 32
    10. REFERENCES 33
    10.1. Publications 33
    10.2. Websites 34
    APPENDIX 1 35
    Kinds of funds subject to the Pension Funds Act 35
    APPENDIX 2 37
    Top 100 FSB-registered Funds in 2015 Ranked in Order of Number of Members 37
    APPENDIX 3 40
    Top 100 FSB-registered Funds in 2015 Ranked by Total Assets 40
    COMPANY PROFILES 43
    ABSA ASSET MANAGEMENT (PTY) LTD 43
    ALLAN GRAY (PTY) LTD 45
    ALUWANI CAPITAL PARTNERS (PTY) LTD 48
    ARGON ASSET MANAGEMENT (PTY) LTD 50
    CADIZ ASSET MANAGEMENT (PTY) LTD 52
    CORONATION FUND MANAGERS LTD 54
    FOORD ASSET MANAGEMENT (PTY) LTD 58
    FUTUREGROWTH ASSET MANAGEMENT (PTY) LTD 60
    INVESTEC ASSET MANAGEMENT (PTY) LTD 62
    INVESTMENT SOLUTIONS LTD 65
    KAGISO ASSET MANAGEMENT (PTY) LTD 68
    MARRIOTT ASSET MANAGEMENT (PTY) LTD 70
    MAZI ASSET MANAGEMENT (PTY) LTD 72
    MERGENCE INVESTMENT MANAGERS (PTY) LTD 73
    MOMENTUM OUTCOME-BASED SOLUTIONS (PTY) LTD 75
    NBC HOLDINGS (PTY) LTD 77
    OASIS GROUP HOLDINGS (PTY) LTD 80
    OLD MUTUAL INVESTMENT GROUP (PTY) LTD 82
    PRESCIENT INVESTMENT MANAGEMENT (PTY) LTD 87
    PRUDENTIAL PORTFOLIO MANAGERS (SOUTH AFRICA) (PTY) LTD 90
    PUBLIC INVESTMENT CORPORATION SOC LTD 93
    SANLAM MULTI MANAGER INTERNATIONAL (PTY) LTD 101
    SESFIKILE CAPITAL (PTY) LTD 103
    STANLIB ASSET MANAGEMENT (PTY) LTD 105
    SYGNIA ASSET MANAGEMENT (PTY) LTD 109
    TAQUANTA ASSET MANAGERS (PTY) LTD 111
    TRUFFLE ASSET MANAGEMENT (PTY) LTD 113

    Report Coverage

    The report on the South African Pension Funding sector describes the current market, Government’s proposed regulations and discusses factors influencing the success of the sector. The report also profiles 20 South African-based companies, ranging from Old Mutual Investment Group (Pty) Ltd which is structured as a multi-boutique business and employs 569 people, to unlisted Cadiz Asset Management (Pty) Ltd which employs 30 people and as at March 2015, managed assets in excess of R14bn.

    Introduction

    This report focuses on pension funding in South Africa. The retirement funding industry has undergone numerous changes over the past couple of years and further changes are expected in the near future through government’s reform process. The magnitude of the challenge facing government was highlighted by statistics recently released by the South African Revenue Service (SARS) which indicated that in 2014, of the 54 million people living in South Africa, only 2.2 million claimed tax deductions for pension fund contributions, while just 1.5 million taxpayers claimed deductions for retirement annuity contributions.

    Strengths

    • Portfolio managers are generally very highly skilled.
    • The regulatory environment is sound and good governance is actively promoted.
    • The sector is stable, robust and financially sound.
    • The sector, particularly the asset management industry, is highly competitive.
    • The South African retirement fund industry is well established, with strong domestic capabilities.

    Weaknesses

    • A savings and investment culture is lacking in South Africa and financial literacy is low.
    • The management fee structures and administrative costs associated with retirement funds are prohibitive.
    • The surrendering of funds remains high.
    • There is a lack of meaningful pre-retirement advice and overall communication could be improved.
    • There is a shortage of professionals with actuarial skills and trustees are difficult to retain.

    Opportunities

    • Expansion into African markets.
    • The development of innovative retirement products that comply with the Treasury’s proposed pension reforms.
    • The development of online retirement planning platforms and mobile technologies.
    • The expansion of South Africa’s retirement fund membership pool which remains at a very low level.

    Threats

    • Excessive interference from Government and major legislative reforms
    • Fraud and mismanagement, which continue to undermine confidence in the industry.
    • Longevity risk and its associated liabilities.
    • The high rate of unemployment.
    • The slowing of economic growth in South Africa and globally

    Outlook

    As mentioned, reform in the retirement industry is ongoing and although Wayne van Rensburg, CEO of The Institute of Retirement Funds (IRF), believes, “They are a brave step in creating a better pensions environment”, he thinks they “fall far short of what is ultimately needed.” However, the implementation of the remaining reforms has been postponed, most likely until 2016/2017. Analysts believe this postponement will lead to even more uncertainty and a loss of momentum in the much needed reform process.

    Read More..
    The Retirement Funding Industry in South Africa
    The Retirement Funding Industry in South Africa 2015

    Full Report

    R 1 900.00(ZAR) estimated $107.74 (USD)*

    Buy Now +

    Industry Landscape

    R 1 330.00(ZAR) estimated $ 75.42 (USD)*

    Buy Now +

    Historical Reports

    The Retirement Funding Industry in South Africa 2022-09-30

    R 6 500.00(ZAR) estimated $368.60 (USD)*

    View Report Add to Cart

    The Retirement Funding Industry in South Africa 2019-05-30

    R 1 900.00(ZAR) estimated $107.74 (USD)*

    View Report Add to Cart

    The Retirement Funding Industry in South Africa 2017-06-22

    R 1 900.00(ZAR) estimated $107.74 (USD)*

    View Report Add to Cart

    Table of Contents

    [ Close ]
    PAGE
    1. INTRODUCTION 1
    2. DESCRIPTION OF THE INDUSTRY 1
    2.1. Industry Value Chain 3
    2.2. Geographic Position 4
    3. SIZE OF THE INDUSTRY 4
    4. STATE OF THE INDUSTRY 8
    4.1. Local 8
    4.1.1. Corporate Actions 10
    4.1.2. Regulations and Government Programmes 11
    4.1.3. Environmental, Social and Corporate Governance (ESG) Factors in Investing 12
    4.1.4. Black Asset Management Companies 13
    4.2. Continental 14
    4.3. International 15
    5. INFLUENCING FACTORS 16
    5.1. Economic Environment 16
    5.2. Proposed Retirement Sector Reform 17
    5.3. International Impact 18
    5.4. Longevity 19
    5.5. Fraud 20
    5.6. Labour Resources 21
    5.7. High Costs 22
    6. COMPETITION 23
    6.1. Barriers to Entry 24
    7. SWOT ANALYSIS 25
    8. OUTLOOK 25
    9. INDUSTRY ASSOCIATIONS 26
    10. REFERENCES 26
    10.1. Publications 26
    10.2. Websites 27
    APPENDIX 1 28
    Top 100 FSB Registered Funds Ranked In Order of Membership 28
    APPENDIX 2 31
    Top 100 FSB Registered Funds Ranked by Total Assets 31
    APPENDIX 3 - 34
    FSB-Registered Administrators as at 5 November 2013 34
    COMPANY PROFILES 39
    ABSA ASSET MANAGEMENT (PTY) LTD 39
    ALLAN GRAY (PTY) LTD 41
    CADIZ ASSET MANAGEMENT (PTY) LTD 44
    CORONATION FUND MANAGERS LTD 46
    FOORD ASSET MANAGEMENT (PTY) LTD 50
    FUTUREGROWTH ASSET MANAGEMENT (PTY) LTD 53
    INVESTEC ASSET MANAGEMENT (PTY) LTD 56
    INVESTMENT SOLUTIONS LTD 60
    MOMENTUM ASSET MANAGEMENT (PTY) LTD 63
    MOMENTUM OUTCOME-BASED SOLUTIONS (PTY) LTD 66
    NBC HOLDINGS (PTY) LTD 68
    OASIS GROUP HOLDINGS (PTY) LTD 71
    OLD MUTUAL INVESTMENT GROUP (PTY) LTD 73
    PRESCIENT INVESTMENT MANAGEMENT (PTY) LTD 78
    PRUDENTIAL PORTFOLIO MANAGERS (SOUTH AFRICA) (PTY) LTD 81
    PUBLIC INVESTMENT CORPORATION SOC LTD 84
    SANLAM MULTI MANAGER INTERNATIONAL (PTY) LTD 92
    STANLIB ASSET MANAGEMENT LTD 94
    SYGNIA ASSET MANAGEMENT (PTY) LTD 97
    TAQUANTA ASSET MANAGERS (PTY) LTD 99

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