Editorials
First Word
The need for intelligible financial communication is emphasised throughout in the King code.
Yet, when Old Mutual announced its recent black economic empowerment (BEE) transactions, its official announcements were a quagmire of legalese, officialese and jargon.
Read full article...
Fund versus Adjudicator
Pension Funds Adjudicator Vuyani Ngalwana’s order regarding a paid-up
retirement annuity policy is to be contested in court on the grounds that his determination is
incorrect and outside his jurisdiction. The outcome has ramifications for thousands of aggrieved
policyholders and the industry as a whole. Read full article...
Ready for battle
The dispute over the apportionment of the R9 billion actuarial surplus of two Seifsa funds is heating up.
Deputy registrar of pensions funds Dube Tshidi, who is championing the employee-elected trustees in their dispute
with the employer-nominated trustees, fires a broadside as the matter heads for the High Court.
Broker under investigation
Les Zulberg, a "strategic partner" of Fedsure and its largest broker, has to account to
the Financial Services Board for the whereabouts of some R11 million.
The big issue
Skillful public relations has magically turned Old Mutual into New Mutual. But, although a number
of important questions can be asked, the group has taken a giant stride.
Hard days for RAs
Retirement annuities have had a lot of bad press as a result of recent rulings of the Adjudicator. Robyn Hodges
points to valuable lessons trustees can learn from these rulings.
The importance of style
Around 90 percent of the performance of typical equity
funds is due to the overall style of the fund. Robert
Schwob explains the Style concept and its advantages.
As the glister fades
The era of double-digit hedge-fund returns may be over. But internationally, the
stagnant prospects of the equity market suggest these funds continue to look attractive.
Gravy
Retired actuary Peter Milburn-Pyle bemoans the fact that a trustee’s
lot is not a happy one – with apologies to Gilbert & Sullivan.
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