Coronation Fund Managers

From Wikipedia, the free encyclopedia
Jump to: navigation, search
Coronation Fund Managers
Type Public Company
Traded as JSE: CML[1]
Founded Cape Town, 1993 (1993)
Headquarters Cape Town
Area served South Africa, Botswana, Ireland, United Kingdom and Namibia
Key people
  • Anton Pillay (Chief Executive Officer)
  • Karl Leinberger (Chief Investment Officer)
Products Institutional segregated and pooled products on African equities, Retail unit trust products, Retirement products, Hedge funds
Revenue R3 635 million (2013)
Website www.coronation.com

Coronation Fund Managers is a South-African third-party fund management company, headquartered in Cape Town.[2] The company has locations in all South African major centers and offices in Botswana, Ireland, United Kingdom and in Namibia where it is represented by Namibia Asset Management a strategic partner. As of September 2013 the company had Assets under management of R492 billion.

History[edit]

Coronation Fund Managers commenced operations in Cape Town in 1993, with 15 staff and no assets under management.[3]

In 1996 Coronation's unit trust business, Coronation Management Company,[4] was launched. It also launched South Africa’s first international fund of hedge funds: Coronation Global Equity Fund.

In 1997, Coronation launched the country’s first retail international fund of hedge funds, the Coronation International Active Fund of Funds, and was instrumental in the formation of Namibia Asset Management and Namibia Unit Trust Managers.[citation needed]

In 1998 Coronation Fund Managers established in Dublin, Ireland and in 1999 opened an office in London. This was also the year in which Coronation pioneered the launch of absolute return products to the[5] South African market.

In June 2003, Coronation Fund Managers was listed separately on the Johannesburg Stock Exchange (JSE) after it was unbundled from Coronation Holdings with a total staff complement of 133.[6] It became the first[citation needed] asset manager in South Africa to gain Global Investment Performance Standards (GIPSTM) compliance.[clarification needed]

Since its formation, Coronation has developed a number of black-controlled enterprises in the asset management industry. This includes Namibia Asset Management and Namibia Unit Trust Managers in Namibia and African Harvest in 1997, Kagiso Asset Management in 2002, and in 2005 launched Coronation Fund Managers[7] Botswana.

In 2007, Coronation became a signatory to the United Nations Principles of Responsible Investments[8] and began formulating their global emerging markets (GEM) product offering. Coronation’s Africa unit was launched in 2008.[9]

Business activities[edit]

Coronation is an investment-led business specialising in emerging market. It is a long-term valuation-driven investment house.

Product range: Emerging Market Equity; Global Equity, Fixed Interest and Multi-Asset; South African Equity, Fixed Interest and Multi-Asset; African Equity; Retirement Products and Hedge Funds.

Regulators[edit]

Coronation engages with the following regulatory bodies in the various jurisdictions in which they operate on an ongoing basis:

  • Financial Services Board (South Africa)
  • Financial Conduct Authority (UK)
  • Central Bank of Ireland (Ireland)
  • Non-Bank Financial Institutions Regulatory Authority (Botswana)
  • Securities and Exchange Commission (USA)
  • Financial Services Regulatory Authority (Swaziland)

Stewardship[edit]

Coronation is committed to the principles of sustainable development, which require the incorporation of all environmental, social and governance (ESG) factors into their investment process in a manner that is fully consistent with the long-term investment horizon of its clients. As a signatory to the United Nations’ Principles for Responsible Investment since 2007, Coronation considers any factor that may materially affect the sustainable long-term performance of an investment.

Coronation fully supports the Code for Responsible Investing in South Africa (CRISA). We endorse the objectives that underpin the Financial Reporting Council (FRC) UK Stewardship Code[10] and comply, where appropriate, with the code in respect of the delivery of investment management services.

The framework and guiding principles of all Coronation’s corporate social investment engagements are governed by a clearly defined policy aligned to the business’s objectives. Coronation’s approach establishes and contributes to sustainable programmes that will result in meaningful community, economic and social upliftment.[11]

Transformation[edit]

As a South African company, Coronation is committed to Broad-Based Black Economic Empowerment (B-BBEE). Coronation’s approach to transformation is based on the ideal that people are their greatest asset. This is reflected in their choice of a B-BBEE partner, the Imvula Trust, of which the beneficiaries comprise all black staff. Imvula was created in April 2005[12] and on 28 February 2013 acquired a direct ownership of 10% in the listed Coronation business.[13]

In terms of their procurement processes, Coronation applies strict consideration rules in order to create the opportunity for enhanced economic activity.[14]

References[edit]

External links[edit]