Coronation lifts assets and earnings


Coronation lifts assets and earnings

Published Date: 2020-10-15 | Source: Stephen Gunnion | Author: Stephen Gunnion

Coronation lifts assets and earnings

Fund under management have recovered from March, when equity markets toppled due to Covid-19.

Coronation Fund Managers will report an increase in full-half earnings and a welcome rise in assets under management (AUM) after markets recovered from a sharp decline in March.

In a trading statement, the fund manager said AUM amounted to R569 billion at the end of September, 12% higher than the R508 billion recorded six months earlier when global equity markets toppled as the world went into lockdown in response to Covid-19. It expects earnings and headline earnings per share for the year to end-September to be 10-20% higher than the 341.9c reported last year.

While it didn't disclose its operating performance for the period, Coronation said earnings were also boosted by unrealised fair value gains of 15.4c per share, compared to gains of 5.7% previously.

Alongside its trading statement, it announced the appointment of three new independent non-executive directors to its board, including former Eskom and Barclays Africa Corporate and Investment Bank CEO Phakamani Hadebe, Hollard Insurance CEO Saks Ntombela and experienced fund manager and equity analyst Neil Brown.

Coronation's shares rose 3.7% to R42 yesterday.

Similar Stories