Sygnia gets market boost, but net outflows double
Index-tracking asset manager Sygnia reported on Wednesday that a strong market performance more than offset a doubling in net outflows in its six months to end-March.
Assets under management and administration grew by 7.3% over the six months to R341.3 billion, the firm co-founded and helmed by Magda Wierzycka said on Wednesday, with the firm upping its profit just over 10% to R152.5 million, and its interim dividend by about 3.4% to 90c per share. Market appreciation of R35.1 billion more than countered net outflows of R11.2 billion, double the prior year, and over the six months the FTSE/JSE All Share Index rose by 4.5% and the JSE All Bond Index by 6.2%, the group said. Over 12 months, the FTSE/JSE All Share and All Bond indices were up 1.5% and 4.2%, respectively, while the rand depreciated by 6.7% against the US dollar. South Africans need to be in the know if we want to create a prosperous future.
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