When a retirement fund member passes away, dependants are entitled to a death benefit of at least the late member's fund credit. Section 37C of the Pension Funds Act grants trustees discretion over both the allocation and mode of payment. In Mbatha v...
South Africa's retirement fund industry increasingly operates through interconnected service ecosystems. Boards of trustees rely on administrators, insurers, asset managers, technology platforms and consulting functions, whether delivered within the same...
The Conduct of Financial Institutions Bill (CoFI) has been quite the enigma. It first surfaced in draft form over seven years ago. It's been widely reported that CoFI is going to be enacted this year, but there has not been much public disclosure of the...
The retirement fund industry in South Africa is standing on the edge of a meaningful shift - one that will change not just the rules, but how trustees think about their role. The Conduct of Financial Institutions (COFI) Bill is expected to be tabled in...
South Africa's financial regulatory landscape is on the cusp of a significant transformation with the introduction of the Conduct of Financial Institutions Bill (COFI), expected to be promulgated in 2026. While early industry debate has largely centred on...
After several challenging years for investors, the outlook for 2026 appears more balanced than it has been in some time. Global growth is expected to remain resilient, inflation pressures are easing rather than re-accelerating, and financial conditions are...
Ray Dalio's The Changing World Order focuses on the central idea that the world moves through repeating cycles of debt, power and renewal. For me, it was not in the halls of empire that I was exposed to these serial cycles, but in the messy, exhilarating...
Following a strong but concentrated 42% rally in 2025 (Figure 1), investors are questioning whether SA equities have meaningful further upside in 2026. The answer lies in the interplay of global and local dynamics, with the market's diversity and resilience...
Factor investing is grounded in the idea that certain company characteristics like valuation, momentum, or operational quality tend to generate long-term excess returns. These traits, however, are not evenly distributed across markets. They cluster in...
South Africa's asset management industry is among the most sophisticated in the emerging-market world. More than R8.2 trillion is stewarded through professional investment managers. Beneath this depth lies a structural feature that has barely shifted in over...