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And your clients that left – what did they say were the reasons for doing so? A lot of that money simply went into cash holdings or defensive developed-market bonds, or it was used to fund previous commitments to private asset classes. Remember, if you [use] private equity or private debt you have to commit upfront that you can invest. Then if markets fall and you have less, you still have to [meet] those commitments, so they go and take it off their liquid assets. It was a bit of a perfect storm over this reporting period.
Hendrik, I’m just looking at a news report quoting you today: ‘When you look at the state of affairs in South Africa, you just want to cry.’ Can you explain what you mean by that? fully agree with the president. I think we should all be trying to fix [things] in many, many ways. But when you look what business is doing on the electricity supply [front], with massive investments coming from business – you can’t connect to the grid or they take long to give licences. Private capital is ready to participate. Entrepreneurs are ready to fill the gap.
France Dernières Nouvelles, France Actualités
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