...Growing Domestic Asset Management Industry: South African industry total assets under management (AuM) have grown by around 125% since the start of 2009, reaching ZAR1.4trn at end-March 2014. The industry is dominated by asset allocation funds (47% of assets), that have grown from 25% at the end of 2010. The share of equity and real estate funds, at 22% and 3% respectively, have remained stable, while the share of fixed income and money market fund assets has fallen to 10% and 18% respectively. Dominant Flows to Multi-Asset Funds: Multi-asset funds have seen large net inflows during the past three years to end-March 2014, totalling ZAR246bn. This sector accounts for over 75% of domestic industry fund flows over this period. The only sector to experience outflows over the past three years was money market funds, with net outflows of ZAR35bn to end-March 2014. Fitch believes this is due to the increasing institutionalisation of the asset class, mirroring the European industry. Concentration...
