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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.
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