{"id":49384,"date":"2023-06-06T20:31:49","date_gmt":"2023-06-06T20:31:49","guid":{"rendered":"https:\/\/www.africa-press.net\/south-africa\/all-news\/investors-are-withdrawing-savings-to-cover-rising-costs-and-solar-panels-says-sygnia"},"modified":"2023-06-06T21:56:20","modified_gmt":"2023-06-06T21:56:20","slug":"investors-are-withdrawing-savings-to-cover-rising-costs-and-solar-panels-says-sygnia","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/south-africa\/all-news\/investors-are-withdrawing-savings-to-cover-rising-costs-and-solar-panels-says-sygnia","title":{"rendered":"Investors are withdrawing savings to cover rising costs and solar panels, says Sygnia"},"content":{"rendered":"

Africa-Press – South-Africa. <\/strong><\/span>Asset manager Sygnia has seen net outflows of more than R5 billion in the six months to end-March as the company warns of increasing economic risks in South Africa.<\/p>\n

“Unsurprisingly, investors have increasingly withdrawn their savings to offset the increasing cost of living, solar power installations and emigration,” said Sygnia, led by chief executive Magda Wierzycka.<\/p>\n

“On the institutional side, withdrawals continued to exceed contributions, with unemployment and ongoing retrenchments showing no signs of abating.”<\/p>\n

Sygnia reported net outflows of R5.1 billion over the six months under review. However, its assets under management grew thanks to an upturn in the value of its investments, with market appreciation of R32.7 billion countering the outflows. The company reported 5.9% growth in assets under management to R312.7 billion in the period.<\/p>\n

Sygnia’s revenue rose 2.8% to R408.6 million, while net profit fell 0.5% to R138.4 million. Sygnia hiked its dividend 8.8% to 87 cents per share. It promised more of the same for the foreseeable future.<\/p>\n

It said:<\/p>\n

As we look ahead, we remain confident in our ability to grow assets under management by coupling competitive investment performance with low management fees. We are committed to innovation and to relentlessly pursuing customer service excellence.<\/p>\n

But the company warned of dire economic consequences for South Africa as it adds Russia to its growing list of “self-inflicted” economic woes.<\/p>\n

“Cosying up to Russia” will cost South Africa dearly, should the United States revoke its trade deals as a result of the alleged supply of arms to the European state that is at war with Ukraine, according to Sygnia.<\/p>\n

The other “self-inflicted economic woes” facing the country are electricity rationing, transport, logistic and water-governance crises, as well as the greylisting of South Africa in February by the Financial Action Task Force – a consequence of inadequate measures to combat money laundering and the financing of terrorism.<\/p>\n

For More News And Analysis About South-Africa<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – South-Africa. Asset manager Sygnia has seen net outflows of more than R5 billion in the six months to end-March as the company warns of increasing economic risks in South Africa. “Unsurprisingly, investors have increasingly withdrawn their savings to offset the increasing cost of living, solar power installations and emigration,” said Sygnia, led by […]<\/p>\n","protected":false},"author":84,"featured_media":49383,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[274,315,1975,5416,5417,1262,5415,1928,250,275,5418],"class_list":["post-49384","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-south-africa","tag-asset-management","tag-fund-managers","tag-johanesburg","tag-london","tag-magda-wierzycka","tag-sa-reserve-bank","tag-south-africa","tag-south-africa-2","tag-sygnia"],"yoast_head":"\nInvestors are withdrawing savings to cover rising costs and solar panels, says Sygnia - 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