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There is some irony in the general moaning and dire predictions that accompanied the weakening rand last year, and the general moaning and dire predictions that now accompany a strengthening rand, with some asset managers now saying we need a weaker rand to help us grow! There is some truth in that, and little argument that given our place in the world economy the rand will, and should, weaken as a long-term trend. However, there are no long term favours from a currency that is too undervalued - it merely allows inefficiencies in our economy to flourish. We should welcome the strengthening rand as an opportunity for our companies to concentrate on really developing a globally competitive edge, and not relying on a weak currency to provide that edge. In fact, if the large rand-hedge stocks that dominate our indices are taken out, our markets, and the companies in it, have not done too badly at all. Spring fever seems to have hit the fund managers, with a host of new funds being brought forth from the nurseries, including new Absolute funds launched by Investec (now available to Equinox investors) and Metropolitan, as well as Sage's new Industrial fund. The bug has also bitten the top guys at Allan Gray and Old Mutual Asset Managers who are leaving, and Liz Still examines the credentials of their replacements. Deadlines and guidelines for institutions and financial advisors to comply with the Financial Advisors and Intermediaries Act (FAIS) have finally been agreed, so we should at last see the benefits of this new legislation filtering through to the market. Sage Launches Industrial Fund Sage Unit Trusts has launched its 14th unit trust, the Sage Industrial Fund. The fund is the fifth industrial fund to become available to unit trust investors after the Coronation, RMB, Metropolitan and Liberty Industrial funds. More at http://www.equinox.co.za/article_499.html Decreasing interest rates, declining inflation good for construction industry: Alexander Forbes The anticipated upsurge in the South African construction industry is already in evidence, according to Neal Helps, director of the Construction Division at Alexander Forbes Risk Services. This is taking place against a backdrop of other positive economic factors, such as the strengthening of the rand against the dollar, decreasing interest rates and declining inflation. More at http://www.equinox.co.za/article_496.html Metropolitan launch new Property Absolute Income Fund Metropolitan have filled a gap in their unit trust stable by launching a unit trust fund which will invest in property stock and fixed interest investments. More at http://www.equinox.co.za/article_498.html Investec Asset Management new funds now available through EQUINOX.co.za Two new absolute return funds launched by Investec Asset Management in early July are available on our site. More at http://www.equinox.co.za/article_495.html Outflows from foreign currency-denominated unit trusts slowdown Outflows from foreign currency denominated unit trusts slowed sharply to R1.5 billion from R2.5 billion in the June quarter, the Association of Collective investments said yesterday. More at http://www.equinox.co.za/article_500.html Financial Advisers to be registered by March 2004 The Financial Services Board (FSB) has set a deadline of March 2004, for all providers of financial services to apply for licences and to comply with all the provisions of the Financial Advisory and Intermediary Services Act (FAIS). More at http://www.equinox.co.za/article_497.html Changing of the Guard: OMAM and Allan Gray Old Mutual Asset Manager's (OMAM) has announced that managing director Tim Cumming is handing over the reigns to Sello Moloko. Allan Gray has announced that their Chief Operating Officer Mark Herdman, will be relocating to Australia, in January 2004, where he will be joining Orbis in their newly established office. More at http://www.equinox.co.za/article_494.html Frater Asset Management: Clocking in good three-year performances Frater Asset Management, one of the new comers to the asset management business was launched by James Frater in 1998. Before starting his own company, his work experience included stints at Deloitte & Touche as well as blue-blood asset management company Allan Gray. More at http://www.equinox.co.za/article_492.html Best Regards 
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