the coronation client charter · client charter we strive to always put clients first ... jan-09...

The Coronation

Client Charter

We strive to always put clients first

We have an unwavering commitment to the long term

We focus on producing top performance over all meaningful periods

We are uncompromising about ethics

Peter Kempen

March 2019

A presentation prepared for the

Allan Gray Fund Provider roadshow

Financial planning

challenges in 2019

FINANCIAL PLANNING

CHALLENGES

Regulatory environment

Disappointing returns

Growth-asset dilemma

Discretionary savers

Retirement crunch

Looking forward

5

How was your year?

Regulatory

environment in 2019

7

So, what’s changed in your business?

2001 CGT introduced in SA

2002 CISCA More powers to the FSB to make rules FAIS Fit & proper, compliance, exams , ombud

2003 TER Total expense ratio disclosure introduced

2004 Retirement reform DP Reduce costs, increase access FSC Voluntary empowerment framework agreed

2005 FAIS New rules for compliance & auditor reporting to FSB

2006 FAIS Fit & Proper requirements tightened up

2007 Retirement fund reform NSSF formally on the agenda

2008 GFC Global Financial Crisis leads to step-change in regulatory intent

2009 FAIS PI cover requirements tightened up FAIS Capital adequacy rules expanded

2010 Reg 28 overhauled; requires member-level compliance Retirement fund reform Industry consolidation process starts

2011 Red Book Initiative New regulatory framework proposed Living annuities Disclosure campaign to make DDs more sustainable CISCA First regulations for white-labelled funds

2012 Retirement fund reform NSSF DP published Retirement fund reform Phasing out of provident funds proposed

2013 Retirement fund reform 4x detailed Treasury DPs BBBEE Act adopted: Generic codes now binding DWT Introduction of divdend withholding tax announced

2014 Retail Distribution Review First DP published Retirement fund reform Cap on contr. deduction introduced TCF DP launched introducing outcomes principles

2015 TFSA/TFI New tax-free savings vehicle introduced Retirement fund reform Phasing out of provident funds postponed CISCA Hedge funds declared CIS

2016 Retirement fund reform 2012 NSSF DP issued 2nd time Retirement fund reform Phasing out of provident funds postponed EAC Industry-wide standardised total cost of ownership disclosure

2017 Parliamentary hearings on transformation Retirement fund reform Phasing out of provident funds postponed FAIS New Fit & Proper Rules FSC Revised BEE code adopted

2018 FSR Sets framework for FSCA & PA Retirement fund reform Phasing out of provident funds postponed FAIS New General Code of Conduct

2019 Retirement fund defaults Effective March 2019 COFI Draft bill circulated for comment RDR Awaiting DP on categorisation of advisers, investment issues

SELECTED REGULATORY INTERVENTIONS, 2001-2019

8

Retirement fund defaults

Still in consultation as at 1 March 2019– Member guidance

• Tell members what their options & trade-offs are before they access their retirement capital

• Likely written / web-based communication as the most typical option

– Trustee-endorsed opt-in annuity strategy• FSCA Conduct Standard for Living Annuities

• Requirements: Suitable, reasonable cost

• Prescribed, age-related drawdown rates

• Member opts out by

• Transferring

• Choosing own drawdown or assets

• Likelihood is that most trustees will implement

conservatively

Source of current financial

planning anxiety

10

Annus horribilis

2018 was the worst year on record – even worse than 1920

63 of 70 assets globally ended with negative dollar returns

Only 7 assets with positive returns– T-Bills

– China, US, Korea, Japan and Thailand bonds

– Wheat (only commodity)

Not a single equity market had a positive return

Source: Deutsche Bank (end 2018)

Percentage of assets with a negative return in US dollar terms

11

Negative returns were broad-basedOnly resources provided any reprieve

0%-7%

-26%13%

-13%-18%

-19%55%

-35%-2%

0%0%

-2%-12%

-44%9%

-7%-8%

6%-39%

-6%8%

-50%-1%

-7%-12%

-13%4%

4%4%

-9%-3%

42%-3%

-10%-12%

-15%13%

-5%-40%

-5%3%

-31%2%

-4%2%

32%-15%

28%-16%

-60% -40% -20% 0% 20% 40% 60% 80%

Pick N Pay Stores / Holdings

Investec Ltd

Barloworld Ltd

Impala Platinum Holdings Ltd

Glencore Xstrata Plc

RMI Holdings

Reinet Investments Sca

Anglo American Platinum Ltd

Fortress REIT Ltd

AVI Limited

Exxaro Resources Ltd

Life Healthcare Group Holdings

Truworths International Ltd

The Foschini Group Ltd

NEPI Rockcastle PLC

Netcare Ltd

Gold Fields Limited

PSG Group

Spar Group Ltd

Tiger Brands Ltd

Sappi Ltd

Clicks Group Ltd

Aspen Phamacare Holdings Ltd

Redefine Income Fund

Investec Plc

Woolworths Holdings Ltd

Discovery Holdings Ltd

RMB Holdings Ltd

Capitec Bank Holdings Ltd

Mr Price Group Ltd

Growthpoint Properties Ltd

Bidvest Group Ltd

ANGLOGOLD ASHANTI HOLDINGS

Vodacom Group

BID CORP LTD

Shoprite Holdings Ltd

Remgro Ltd

Nedbank Group Ltd

Absa Group Ltd

British American Tobacco Plc

Sanlam

Mondi

MTN Group Ltd

Firstrand Limited

Standard Bank of SA Ltd

Sasol Ltd

Anglo American Plc

Compagnie Financiere Richemont

BHP Group PLC

Naspers Ltd

Top 50

Source: Bloomberg (end 2018)

12

Coming after a miserable few yearsThere’s just no sugar-coating it…

2018 was preceded by several mediocre years– 5-year real returns are now c.0% for both SA equity & property

– If the JSE flat-lines to June 2019 - then 5-year nominal equity returns will be zero • -5% p.a. (-23% cumulative) in real terms

Life has been really tough for clients– Day-to-day life in SA not easy

• Ramaphoria evaporated as realities of SA challenges exposed through the year

• Land debate creating anxiety over property rights

• Emigration quoted as reason for selling your home rose threefold to 9% (from five years ago)

– Unlike previous tough cycles the rand didn’t weaken enough to insulate rand returns• Ugly combination of low investment returns & stubborn inflation (negative jaws)

• Resulting in ever-rising draw-down rates for living annuities as markets go nowhere

13

We are on the verge of making history

BEAR MARKET OF

THE 70s

EM CRISIS

DOMESTIC

RECESSION FINANCIAL CRISIS

WEAK MARKET OF

EARLY 90s PRE

DEMOCRACY

Rolling 5 year SA equity returns

We are 6 months

away from testing

zero…

14

Savings industry under stress

We can all take a challenging year or two

But 5 tough years is historically rare and has put our industry into stress

Clients are losing faith in– The growth asset classes (equity & property)

– Active management

– South African assets

– Market-linked living annuities

We get it

Growth asset dilemma

16

Coronation Strategic Income

Coronation Balanced Defensive A

Coronation Capital Plus

Coronation Balanced Plus





Strategic Income

Balanced DefensiveCapital Plus Balanced Plus

-8%

-6%

-4%

-2%

0%

2%

4%

6%

8%

10%

12%

14%

0.00% 2.00% 4.00% 6.00% 8.00% 10.00% 12.00%

2018

2016

10 Year





Strategic Income

Balanced Defensive

Capital Plus

Balanced Plus

-8%

-6%

-4%

-2%

0%

2%

4%

6%

8%

10%

12%

14%

0.00% 2.00% 4.00% 6.00% 8.00% 10.00% 12.00%

2018

2016

10 Year

An inverted risk curveThe recent past vs the LT history

Strategic Income

Balanced Defensive

Capital Plus

Balanced Plus

-8%

-6%

-4%

-2%

0%

2%

4%

6%

8%

10%

12%

14%

2018

2016

10 Year

INDUSTRY SWITCHING DOWN THE RISK CURVE

17

And flows continue to track ST performanceLast 10 year returns vs flows in Balanced Plus

As at 31 January 2019. Source: Morningstar

-R1,000

-R500

R0

R500

R1,000

R1,500

R2,000

-20%

-10%

0%

10%

20%

30%

40%

Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18 Jan-19

Millions

Total Net Flows (RHS) Balanced Plus rolling 12-month return

A sure way to erode

wealth over time

18

Meeting financial planning assumptionsCoronation Balanced Plus to 31 December 2018

Source: Morningstar, Coronation research as at 31 December 2018

0%

2%

4%

6%

8%

10%

12%

14%

16%

2014 2013 2012 2011 2010 2009

Actual return Required return to make 10 year assumption Required return to make 20 year assumption

45% of the time

Avg fund: 27% of the time

75% of the time

Avg fund: 57%

19

Coronation Balanced Plus – absolute terms

Start End# of

Monthsdrawdown

Subsequent

1 year

Subsequent

3 years

Subsequent

5 years

Largest

drawdownMay 1998 Aug 1998 4 -34,3% 29,1% 68,9% 94,4%

2nd largest

drawdownNov 2007 Feb 2009 16 -16,8% 34,7% 71,8% 154,5%

3rd largest

drawdownJune 2002 March 2003 10 -12,2% 35,7% 156,5% 246,1%

4th largest

drawdownFeb 2000 May 2000 4 -8,8% 24,9% 34,8% 132,9%

5th largest

drawdownSep 2018 Dec 2018 4 -7,8%

Average 11 -16,0% 24,9% 66,4% 125,6%

Source: Morningstar, Coronation Research

Start End# of

Monthsdrawdown

Subsequent

1 year

Subsequent

3 years (p.a)

Subsequent

5 years (p.a)

Largest

drawdownMay 1998 Aug 1998 4 -34,3% 29,1% 19,1% 14,2%

2nd largest

drawdownNov 2007 Feb 2009 16 -16,8% 34,7% 19,8% 20,5%

3rd largest

drawdownJune 2002 March 2003 10 -12,2% 35,7% 36,9% 28,2%

4th largest

drawdownFeb 2000 May 2000 4 -8,8% 24,9% 10,5% 18,4%

5th largest

drawdownSep 2018 Dec 2018 4 -7,8%

Average 11 -16,0% 24,9% 21,6% 20,3%

20

Coronation Top 20 – relative to benchmark

Start End# of

Months

Relative to

benchmark

Subsequent 1

year relative

Following 3

years relative

Following 5

years relative

Largest

drawdownFeb 2007 June 2008 17 -25,7% 30,2% 48,7% 72,9%

2nd largest

drawdownOct 2013 Dec 2015 27 -22,9% 14,3% 9,3%

3rd largest

drawdownSep 2005 Sep 2006 13 -14% 4,2% 34,1% 48,4%

4th largest

drawdownNov 2017 Dec 2018 14 -7,4%

5th largest

drawdownSep 2009 Nov 2009 3 -5,9% 5,2% 11,3% 25,2%

Average 15 -15,2% 13,5% 25,9% 48,8%

Source: Morningstar, Coronation Research

Opportunity for

discretionary savers

22

Rand cost averaging: the positive side to lower pricesA 20-year study

0%

50%

100%

150%

200%

250%

300%

350%

400%

450%

500% Percentage Change on Invested Capital

4 years

4 years

4 years

Source: Bloomberg, Coronation Research as at 31 December 2018

23


0.000

0.002

0.004

0.006

0.008

0.010

0.012

0.014

0.016

0.018

0.020

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Number of shares that R100 p.m. can buy on the JSE


24

0

20000

40000

60000

80000

100000

120000

140000 How much was invested vs how much it’s worth

Portfolio Growth Amount invested



25

Remember: Equities deliver spectacularly over the LTReal returns – Jan 1930

As at 31 December 2018 | Source: Coronation

538 times your money vs <4 in bonds

26

As one extends time horizon the peaks & valleys

smooth themselves out

-60%

-40%

-20%

0%

20%

40%

60%

80%

100%

120%

140%

Jan-70 Jan-74 Jan-78 Jan-82 Jan-86 Jan-90 Jan-94 Jan-98 Jan-02 Jan-06 Jan-10 Jan-14 Jan-18

1 year 3 years 5 years 10 years

Rolling return of SA equity over varying periods

Retirement crunch

29

But the birthdate lottery made things challenging

6% initial drawdown increasing at 6% p.a. (5 years)

Source: Morningstar, Coronation Research, as at 31 December 2018

Remember the birthdate lottery? Slide from 2014

31

Looking forward – all is not lostChanging your risk profile could exacerbate the issue


0%

2%

4%

6%

8%

10%

12%

14%

R500,000

R600,000

R700,000

R800,000

R900,000

R1,000,000

R1,100,000

R1,200,000

R1,300,000D

ec 1

3

Apr

14

Aug 1

4

Dec 1

4

Apr

15

Aug 1

5

Dec 1

5

Apr

16

Aug 1

6

Dec 1

6

Apr

17

Aug 1

7

Dec 1

7

Apr

18

Aug 1

8

Dec 1

8

Apr

19

Aug 1

9

Dec 1

9

Apr

20

Aug 2

0

Dec 2

0

Apr

21

Aug 2

1

Dec 2

1

Apr

22

Aug 2

2

Dec 2

2

Apr

23

Aug 2

3

Dec 2

3

Apr

24

Aug 2

4

Dec 2

4

Apr

25

Aug 2

5

Dec 2

5

Apr

26

Aug 2

6

Dec 2

6

Apr

27

Aug 2

7

Dec 2

7

Apr

28

Aug 2

8

Dec 2

8

Capital Plus

Strategic Income

De-risking

Capital Plus withdrawalas %

Strat Incomewithdrawal as %

Forecast

Capital Plus: 11% p.a.

Strat Income: 8% p.a.

32

Looking forward – all is not lostChanging your risk profile could exacerbate the issue


0%

2%

4%

6%

8%

10%

12%

14%

R500,000

R600,000

R700,000

R800,000

R900,000

R1,000,000

R1,100,000

R1,200,000

R1,300,000D

ec 1

3

Apr

14

Aug 1

4

Dec 1

4

Apr

15

Aug 1

5

Dec 1

5

Apr

16

Aug 1

6

Dec 1

6

Apr

17

Aug 1

7

Dec 1

7

Apr

18

Aug 1

8

Dec 1

8

Apr

19

Aug 1

9

Dec 1

9

Apr

20

Aug 2

0

Dec 2

0

Apr

21

Aug 2

1

Dec 2

1

Apr

22

Aug 2

2

Dec 2

2

Apr

23

Aug 2

3

Dec 2

3

Apr

24

Aug 2

4

Dec 2

4

Apr

25

Aug 2

5

Dec 2

5

Apr

26

Aug 2

6

Dec 2

6

Apr

27

Aug 2

7

Dec 2

7

Apr

28

Aug 2

8

Dec 2

8

Capital Plus

Strategic Income

De-risking

Capital Plus withdrawalas %

Strat Incomewithdrawal as %

Forecast

Capital Plus: 12% p.a.

Strat Income: 8% p.a.

33

How achievable is 11%+ in a post-retirement portfolio?

Asset class WeightExpected asset

class returnAlpha

Assumed net

return

SA equities & property 40% 10,5% 2,5% 13%

Fixed interest 35% 8% 1% 9%

Offshore 25% 8% 2% 10%

Total 100% 11%

Mid-point assumptions

34

How achievable is 11%+ in a post-retirement portfolio?

Asset class WeightExpected asset

class returnAlpha

Assumed net

return

SA equities & property 40% 12% 2,5% 14,5%

Fixed interest 35% 9% 1% 10%

Offshore 25% 9% 2% 11%

Total 100% 12%

Upper-end assumptions

35 As at 31 December2018 | Source: Coronation

Asset allocation is the most important decision you make in

investments

Better forward looking forecasts than you have seen from us in 5 years!!

Last 10 years p.a.

(ZAR)

10 year forecast p.a.

(ZAR)

Local equity 13.0% 9 – 12%

Global equity 14.7% 7 – 9%

Local property 11.0% 9 - 12%

Local bonds 7.7% 8 - 9%

Global bonds 6.8% 4 - 6%

Cash 6.4% 6 - 7%

Inflation 5.4% 5 - 6%

Expected asset class returns

Looking forward

37

Relentless sideways grind in hard currencies...

50

75

100

125

150

175

200

225

250

Dec 2

010

Feb 2

011

Apr

2011

Jun 2

011

Aug 2

011

Oct

2011

Dec 2

011

Feb 2

012

Apr

2012

Jun 2

012

Aug 2

012

Oct

2012

Dec 2

012

Feb 2

013

Apr

2013

Jun 2

013

Aug 2

013

Oct

2013

Dec 2

013

Feb 2

014

Apr

2014

Jun 2

014

Aug 2

014

Oct

2014

Dec 2

014

Feb 2

015

Apr

2015

Jun 2

015

Aug 2

015

Oct

2015

Dec 2

015

Feb 2

016

Apr

2016

Jun 2

016

Aug 2

016

Oct

2016

Dec 2

016

Feb 2

017

Apr

2017

Jun 2

017

Aug 2

017

Oct

2017

Dec 2

017

Feb 2

018

Apr

2018

Jun 2

018

Aug 2

018

Oct

2018

Dec 2

018

ALSI (ZAR)

ALSI (USD)

Source: Bloomberg, as at 31 December 2018

38

…has resulted in upside not seen since 2009

-20.0%

0.0%

20.0%

40.0%

60.0%

80.0%

100.0%

Aug-07 Dec-08 May-10 Sep-11 Jan-13 Jun-14 Oct-15 Mar-17 Jul-18

CAM Forecasts - SA Inc Upside to FV

Upside

-25.0%

-5.0%

15.0%

35.0%

55.0%

75.0%

95.0%

Aug-07 Aug-09 Aug-11 Aug-13 Aug-15 Aug-17

CAM Forecasts - Global SA stocks Upside to FV

Upside

39

-20%

-10%

0%

10%

20%

30%

40%

50%

60%

70%

80%

-10%

-5%

0%

5%

10%

15%

20%

25%

30%

35%

40%

Jun 0

6

Oct

06

Feb 0

7

Jun 0

7

Oct

07

Feb 0

8

Jun 0

8

Oct

08

Feb 0

9

Jun 0

9

Oct

09

Feb 1

0

Jun 1

0

Oct

10

Feb 1

1

Jun 1

1

Oct

11

Feb 1

2

Jun 1

2

Oct

12

Feb 1

3

Jun 1

3

Oct

13

Feb 1

4

Jun 1

4

Oct

14

Feb 1

5

Jun 1

5

Oct

15

Feb 1

6

Jun 1

6

Oct

16

Feb 1

7

Jun 1

7

Oct

17

Feb 1

8

Jun 1

8

Oct

18

Upside to FV (RHS) Following 24 months return (p.a.) Following 36 months return (p.a.)

Upside as an indicator of future returnsCoronation Top 20 Fund

Source: Morningstar and Coronation Research as at January 2019

40

History shows that this is a good time to invest

0

20

40

60

80

100

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

7.5-10 10-12.5 12.5-15 15-17.5 above 17.5

Coronation Balanced Plus total return over 12 months based on starting PE

Mean Maximum # Observations


41

History shows that this is a good time to invest


0

10

20

30

40

50

60

70

80

90

100

0%

5%

10%

15%

20%

25%

30%

7.5-10 10-12.5 12.5-15 15-17.5 above 17.5

Coronation Balanced Plus total return over 60 months based on starting ALSI PE

Mean Maximum # Observations

42

Valuation is strongly on your side

NameUpside to

fair valueFPE FDY

PE 3 years

ago

British American Tobacco 83% 8.0 8.3% 16.1

Naspers 74% 16.5 n/a 32.0

Anheuser Busch Inbev 45% 14.4 2.9% 22

Northam 104% 10.0 n/a 12.1

Anglo American 46% 9.1 4.5% n/a

Aspen 80% 8.3 2.5% 16.1

P/E’s and Dividend yields are crude measures of value, but they give one a sense

43

Conclusion

The 2019 challenge is dominated by low returns of the recent past.

Financial planning assumptions are under water.

With low returns and failed financial planning assumptions come difficult client conversations and

increased behavioral risks.

You do not require heroic returns going forward to get back on track.

It is tough, but there are silver linings to focus on.

Thank you

DISCLAIMER

45

All information and opinions provided are of a general nature and are not intended to address the circumstances of any particular individual or entity. As a result thereof, there may be limitations as to the

appropriateness of any information given. It is therefore recommended that the client/potential investor first obtain the appropriate legal, tax, investment or other professional advice and formulate an

appropriate investment strategy that would suit the risk profile of the client/potential investor prior to acting upon information. Neither Coronation Fund Managers Limited, Coronation Management

Company (RF) (Pty) Ltd nor any other subsidiary of Coronation Fund Managers Limited (collectively “Coronation”) is acting, purporting to act and nor is it authorised to act in any way as an advisor.

Coronation endeavours to provide accurate and timely information but we make no representation or warranty, express or implied, with respect to the correctness, accuracy or completeness of the

information and opinions. Coronation does not undertake to update, modify or amend the information on a frequent basis or to advise any person if such information subsequently becomes inaccurate.

Any representation or opinion is provided for information purposes only. Unit trusts should be considered a medium- to long-term investment. The value of units may go down as well as up, and is

therefore not guaranteed. Past performance is not necessarily an indication of future performance. Unit trusts are allowed to engage in scrip lending and borrowing. Performance is calculated by

Coronation for a lump sum investment with income distributions reinvested. All underlying price and distribution data is sourced from Morningstar. Performance figures are quoted after the deduction of

all costs (including manager fees and trading costs) incurred within the fund. Note that individual investor performance may differ as a result of the actual investment date, the date of reinvestment of

distributions and dividend withholding tax, where applicable. Where foreign securities are included in a fund it may be exposed to macroeconomic, settlement, political, tax, reporting or illiquidity risk

factors that may be different to similar investments in the South African markets. Fluctuations or movements in exchange rates may cause the value of underlying investments to go up or down. The

Coronation Money Market fund is not a bank deposit account. The fund has a constant price, and the total return is made up of interest received and any gain or loss made on any particular instrument, in

most cases the return will merely have the effect of increasing or decreasing the daily yield, but in the case of abnormal losses it can have the effect of reducing the capital value of the portfolio. Excessive

withdrawals could place the fund under liquidity pressures, in such circumstances a process of ring-fencing of redemption instructions and managed pay-outs over time may be followed. A fund of funds

invests in collective investment schemes that levy their own fees and charges, which could result in a higher fee structure for this fund. A feeder fund invests in a single fund of a collective investment

scheme, which levies its own charges and could result in a higher fee structure for the feeder fund. Coronation Management Company (RF) (Pty) Ltd is a Collective Investment Schemes Manager approved

by the Financial Services Board in terms of the Collective Investment Schemes Control Act. Unit trusts are traded at ruling prices set on every trading day. Fund valuations take place at approximately

15h00 each business day, except at month end when the valuation is performed at approximately 17h00 (JSE market close). Forward pricing is used. Additional information such as fund prices, brochures,

application forms and a schedule of fund fees and charges is available on our website, www.coronation.com. Coronation Fund Managers Limited is a Full member of the Association for Savings &

Investment SA (ASISA). Coronation Asset Management (Pty) Ltd (FSP 548) and Coronation Investment Management International (Pty) Ltd (FSP 45646) are authorised financial services providers.

FAIS REQUIREMENTS

46

CORONATION ASSET MANAGEMENT (PTY) LTD

Registration No. 1993/002807/07

Herein after referred to as ‘Coronation’

INFORMATION IN TERMS OF THE FINANCIAL ADVISORY AND INTERMEDIARY SERVICES ACT

Coronation is a licensed Category II and Category IIA Financial Services Provider in terms of section 8 of the Financial Advisory and Intermediary Services Act 37, 2002 (licence number 548).

Coronation is not authorised to provide advice in terms of the Financial Advisory and Intermediary Services Act 37, 2002. Coronation has been authorised to render discretionary intermediary services.

Coronation is authorised to provide financial services for the following financial products:

Long-Term Insurance : Category C; Pension Funds Benefits (excluding retail pension benefits); Securities and Instruments : Shares; Securities and Instruments : Money market instruments; Securities and Instruments : Debentures and securitised debt; Securities and Instruments : Warrants, certificates and other

instruments; Securities and Instruments : Bonds; Securities and Instruments : Derivative instruments; Participatory interests in Collective Investment Schemes; Short Term Deposits; Long Term Deposits

Coronation is a licensed Hedge Fund Financial Services Provider.

The following exemptions are applicable to the licence:

Exemption of investment managers and linked investment services providers and their related functionaries from fit and proper requirements (Board Notice 97 of 2003).

Exemption of financial services providers as regards to representatives (Board Notice 95 of 2003).

The following employees have been appointed as Key Individuals and/or Authorised Representatives:

Key individuals

Anton Pillay; Karl Leinberger; Kirshni Totaram; Neville Chester; John Snalam; Louis Stassen; Llewellyn Smith

Authorised representatives

Adrian van Pallander; Hendrik Groenewald; Alistair Lea; Karl Leinberger; Anton de Goede; Kirshni Totaram; Pranay Chagan; Quinton Ivan; Charles de Kock; Sarah-Jane Morley (married Alexander); Dirk Kotzé; Sean Morris; Duane Cable; Mark le Roux; Louis Stassen; Neill Young; Siphamandla Shozi; Gavin Joubert;

Neville Chester; Stephen Peirce; Pallavi Ambekar; Suhail Suleman; Peter Leger; Tracy Burton; Nishan Maharaj; Nicholas Hops; Steve Janson; Mauro Longano; Harry Moolman; Alex Dearman; Gus Robertson; Sinovuyo Ndaleni (supervised), Greg Longe (supervised); Adrian Zetler; Kanyane Matlou (supervised); Neil

Padoa (supervised); Nicholas Stein; Anthony Gibson, Seamus Vasey (supervised), Liesl Abrahams (supervised); Steven Barber (supervised); Humaira Surve (supervised); Godwill Chahwahwa; Joseph Taboola (supervised)

All Key Individuals and Representatives meet the fit and proper requirements as set out in the Board Notices to the Financial Advisory and Intermediary Services Act 37, 2002.

Coronation holds professional indemnity and fidelity insurance cover as stipulated in the General Code of Conduct and Board Notices to the Financial Advisory and Intermediary Services Act 37, 2002. Coronation accepts responsibility for its actions and the actions of its authorised representatives in rendering the

financial services.

Any information disclosed to any of Coronation’s Authorised Representatives in their professional capacity will be treated as confidential unless written consent is obtained to disclose such information, or the disclosure of such information is required in the public interest or under a particular law.

The appointed Compliance Officers are:

Jamie Rowland Stephan Kemp

Tel: 021 680 2809 021 680 7703

Fax: 021 680 2859 021 680 7753

Cell: 082 434 4622 082 351 2401

E-mail: [email protected] [email protected]

Coronation’s Conflicts of Interest Management Policy, in terms of General Code of Conduct Regulations issued in terms of the Financial Advisory and Intermediary Services Act, No 37 of 2002, is available on Coronation’s website, www.coronation.com, or on request from the Compliance Officer.

All complaints are taken seriously and Coronation’s aim is to ensure that all complaints are investigated and addressed in a timely and fair manner.

To lodge a complaint, please contact either your Fund Manager or one of the compliance officer’s listed above.

mailto:[email protected]


FAIS REQUIREMENTS

47

CORONATION INVESTMENT MANAGEMENT INTERNATIONAL (PTY) LTD

Registration No. 2014/111656/07

Herein after referred to as ‘Coronation’

INFORMATION IN TERMS OF THE FINANCIAL ADVISORY AND INTERMEDIARY SERVICES ACT

Coronation is a licensed Category II Financial Services Provider in terms of section 8 of the Financial Advisory and Intermediary Services Act 37, 2002 (licence number 45646).

Coronation is not authorised to provide advice in terms of the Financial Advisory and Intermediary Services Act 37, 2002. Coronation has been authorised to render discretionary intermediary services.

Coronation is authorised to provide financial services for the following financial products:

Long-Term Insurance : Category C; Pension Funds Benefits (excluding retail pension benefits); Securities and Instruments : Shares; Securities and Instruments : Money market instruments; Securities and Instruments : Debentures and securitised debt; Securities and Instruments :

Warrants, certificates and other instruments; Securities and Instruments : Bonds; Securities and Instruments : Derivative instruments; Participatory interests in Collective Investment Schemes; Short Term Deposits; Long Term Deposits

The following exemptions are applicable to the licence:

Exemption on Services under Supervision in terms of Requirements and Conditions obtaining experience (Board Notice 104 of 2008).

Exemption of licensees as regards display certified copies of licenses (Board Notice 40 of 2004).

The following employees have been appointed as Key Individuals and/or Authorised Representatives:

Key individuals

Louis Stassen

Authorised representatives

Louis Stassen; Gus Robertson; Gavin Joubert; Karl Leinberger; Kirshni Totaram; Peter Leger; Stephen Peirce; Suhail Suleman; Greg Longe (supervised); Neil Padoa (supervised); Anthony Gibson, Liesl Abrahams (supervised); Steven Barber (supervised) ; Humaira Surve (supervised)

All Key Individuals and Representatives meet the fit and proper requirements as set out in the Board Notices to the Financial Advisory and Intermediary Services Act 37, 2002.

Coronation holds professional indemnity and fidelity insurance cover as stipulated in the General Code of Conduct and Board Notices to the Financial Advisory and Intermediary Services Act 37, 2002. Coronation accepts responsibility for its actions and the actions of its authorised

representatives in rendering the financial services.

Any information disclosed to any of Coronation’s Authorised Representatives in their professional capacity will be treated as confidential unless written consent is obtained to disclose such information, or the disclosure of such information is required in the public interest or under a

particular law.

The appointed Compliance Officers are:

Jamie Rowland Stephan Kemp

Tel: 021 680 2809 021 680 7703

Fax: 021 680 2859 021 680 7753

Cell: 082 434 4622 082 351 2401

E-mail: [email protected] [email protected]

Coronation’s Conflicts of Interest Management Policy, in terms of General Code of Conduct Regulations issued in terms of the Financial Advisory and Intermediary Services Act, No 37 of 2002, is available on Coronation’s website, www.coronation.com, or on request from the

Compliance Officer.

All complaints are taken seriously and Coronation’s aim is to ensure that all complaints are investigated and addressed in a timely and fair manner.

To lodge a complaint, please contact either your Fund Manager or one of the compliance officer’s listed above.



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