Latest news with #AllanGray
AU Financial Review
21-05-2025
- Business
- AU Financial Review
Three ‘unpopular' ASX giants veteran fundies are backing
Veteran Australian equity investors are backing companies in the healthcare and energy sectors – names that may be out of favour with the market, but ones that the fund managers are adamant are still a good bet. Speaking on the second day of the Morningstar Investment Conference in Sydney, well-known stockpickers from Pendal, First Sentier, and Allan Gray shared their top tips and pointed to underperforming ASX giants that they said were poised for a turnaround.
The Star
17-05-2025
- Business
- The Star
Veteran journalist Stephen Cranston explores the giants of South Africa's asset management sector in his book debut, 'The Mavericks'
Stephen Cranston has been writing about South Africa's financial world for years, earning recognition along the way with awards like the Citadel and Citigroup journalism prizes. So it's no surprise that his first book, The Mavericks , takes a closer look at the country's biggest names in asset management. In it, he digs into the stories behind Coronation, Ninety One and Allan Gray - firms that have shaped the industry and built their reputations on strong partnerships and long-standing relationships with asset consultants. Cranston doesn't just chart their rise; he also asks whether these giants can keep growing in a sluggish economy, and what the future might hold for local fund managers trying to break through. At the heart of the book, he takes a look at the crucial concept of partnerships, a notable feature of the Big Three firms, and details that the key to their success can be traced back to the solid relationships that these companies have established with asset consultants. 'If there is one single explanation for the dominance of the CIA, or Big Three, it is the relationships that they built with the 'consultants'. These are not the men in suits from McKinsey and Bain, but the powerful group of asset consultants who were, and remain, key gatekeepers for money management shops. The domination of the Big Three owes a lot to the trust and credibility that they built up with consultants, perhaps no one more than Ant Lester, whose business started as Old Mutual Actuaries and Consultants (OMAC) before splitting to become Fifth Quadrant and eventually,' he writes. Looking back at these companies' backgrounds, he notes that Allan Gray's early days as a partnership established a standard for its business culture. However, Coronation has distinguished itself by sustaining this culture of collaboration even after going public in 2003. Meanwhile, Ninety One, which was formerly a member of Investec, is changing its model to resemble successful collaborations by taking cues from Baillie Gifford and its own history. 'One common denominator between Coronation, Ninety One, and Allan Gray is that all three refer to the partnership concept. Allan Gray, in its early days as Allan Gray Investment Counsel, was a partnership. Coronation also likes to use the term, though it has been a listed company from day one, initially as part of the Coronation Holdings conglomerate and, from 2003, in its own right as Coronation Fund Managers,' the book reveals. Cranston additionally takes into account what happened to the once-dominant Syfrets and BOE, whose fame faded in the late 1990s, as well as other independent fund managers like RMB Asset Management and African Harvest, who failed to achieve comparable success. His study includes observations from seasoned professionals in the field, such as Delphine Govender and Peter Major, who draw attention to the difficulties the industry faces, particularly its growing complexity and the slowing down of its dynamic nature. According to the book, Major asserts that from the late 1980s to the early 2000s, South Africa's financial markets had international acclaim, attributing this impression to the partnership model that was common among leading independent managers at the time. Cranston further highlights the understanding of the dynamics between large players and independent managers, which he says illuminates the challenges and opportunities within South Africa's asset management industry. He then also studies the current state of growth within the industry, noting that economic stagnation and rising unemployment could pose significant challenges for large asset management firms. In his writing he warns, 'But what about the future of the CIA themselves? All three are mature businesses in South Africa with negative net client cash flows every year. Unless economic growth recovers to at least 3% and unemployment falls, this is likely to continue. The CIA certainly has a great deal more potential internationally. Coronation is barely out of the starting gates, except in its Global Emerging Markets and Africa Frontiers strategy.' He does, however, bring up an important issue about the lack of diversity and representation in the industry, suggesting that diversity should be defined more broadly than just demographics. Cranston comes to the conclusion that building credibility and trust among asset consultants, some of whom have influenced the financial environment for decades, is another factor contributing to the Big Three's dominance. Saturday Star
IOL News
07-05-2025
- Business
- IOL News
Daughter challenges stepfather after he inherits majority from her mother's R7. 9 million death benefit
An aggrieved chartered accountant took the Pension Fund Adjudicator and Allan Gray to the Financial Services Tribunal after her stepfather was allocated a major portion from her mother's death benefit. Image: Pexels An aggrieved chartered accountant took the Pension Fund Adjudicator (PFA) and Allan Gray to the Financial Services Tribunal (FST) after her stepfather was allocated a major portion from her mother's death benefit. Hayley Marie Ward who was 25 years when her mother died, was unhappy after Allan Gray Retirement Fund (AGRF) and Allan Gray Pension Preservation Fund (AGPE) nominated Waynne Millard, 63, to receive 58% from her mother's R7.9 million death benefit. The deceased, Gail Pamela Millard, 58, died in August 2023. She was married to Waynne for 18 years. In her first marriage, she had three daughters, Hayley, Andrea Lynne Ward and Michelle Robin Ward. Gail had over R7.9 million in the AGPE and over R24,000 in the AGRF. In the AGPE, she nominated Waynne to receive 10%, Hayley 30%, Michelle 28%, and Andrea was allocated 32%. In respect of the AGRF, her nominations were 20% each for three beneficiaries except for Michelle who was allocated 40%. Before releasing the funds, Allan Gray conducted an investigation and determined that Wayne and the deceased's mother were factually her dependents. Even though daughters are legally her dependants, they were not dependent on their mother at the time of her death. Based on information gathered after the investigation, Allan Gray re-allocated the death benefit as follows: Allan Gray Retirement Fund (AGRF) and Allan Gray Pension Preservation Fund (AGPE) nominated Waynne Millard to receive 58% from her mother's R7.9 million death benefit. Image: Screenshot Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Next Stay Close ✕ Disenchanted, Hayley lodged a complaint with the PFA in April 2024. The crux of the complaint was that Allan Gray used the incorrect life expectancy for Waynne hence an excessive portion of the death benefit had been re-allocated him. She argued that he was unjustly enriched, and this prejudiced her and her siblings. She said had the correct facts and figures been used, Allan Gray ought to have allocated at most 19% of the total death benefit to Waynne and not 58%. The PFA dismissed her complaint, and she sought relief at the FST. Amongst other things, the FST looked at the evidence used by Allan Gray to allocate the funds.
AU Financial Review
01-05-2025
- Business
- AU Financial Review
Allan Gray, Spheria slam Ainsworth board over takeover bid
Ainsworth Game Technology's largest minority investor has accused its board of failing to act in the interest of shareholders after it endorsed plans to hand control to Novomatic, an Austrian family-owned business. Allan Gray and Spheria Asset Management, which together own about 13 per cent of the poker machine maker's shares, claimed they were 'snookered' by Ainsworth's board and alleged it had ultimately supported the path of 'least resistance'.
