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    Newsletter:
There are a number of interesting views this week that revolve around the global investing picture: Martin Jankelowitz of Investment Solutions looks at the implications of a lot more money floating around as the major central banks try and stimulate their economies, fund managers Interneuron give a provocative angle on oil, currencies and the US led invasion of Iraq, and the ACI comment on the increased global inflows into equity funds. Domestically, James Frater discusses the rand strength implications, and we look at changes in Absa, Nedbank - and of course, Nedcor. Also on the local scene, if you are a Liberty or Standard Bank investor, StanLib has announced that they are to chop 30 of their 79 unit trusts in mergers next year. Investors should look out for ballot docs from next month. More details below, and as we get them.
'Til next time....
Boardman to take the helm at Nedcor Tom Boardman (53), the former chief executive of BoE and head of Nedcor's retail and wealth management division, has emerged as Nedcor's chief executive designate. Considered an outsider, he has been an executive director of Nedcor since last year. He will take over from outgoing chief executive, Richard Laubscher in January 2004. More at http://www.equinox.co.za/article_534.html Fraters celebrate R1.2 billion under management As of October 1st, Frater Asset Management has now been operating for five years and have reached a milestone in the last quarter of R1.2 billion under management. Frater Asset Management is an independent, management-owned asset management company that provides investment management advice to individuals, institutions and retirement funds. More at http://www.equinox.co.za/article_536.html The Link between Oil and Currencies This article is published with permission from Interneuron, managers of the Metropolitan Flexible Managed Fund. Back copies of previous newsletters can be viewed on the company website http://www.interneuron.co.za. This month, the focus is on the various links between oil and currencies. More at http://www.equinox.co.za/article_538.html Absa Fund Managers: Changes to Unit Trust Funds Absa Fund Managers has announced that the Absa Aggressive Fund of Funds will now be the Absa All Rounder Fund of Funds, the Absa Institutional Rand Protector Fund is to be the Absa Rand Protector Fund and the Absa Institutional International Fund of Funds is to become the Absa International Fund of Funds. More at http://www.equinox.co.za/article_540.html Global Money Supply described as 'A Sea Of Easy Money'. Third quarter highlights, as noted by Martin Jankelowitz of Investment Solutions include a trend to the increase of global money supply, the suggestion of a synchronised global recovery. He also describes a possible defining moment in global currency dynamics, looks at the performance of the Rand and notes the downtrend of SA inflation and interest rates. More at http://www.equinox.co.za/article_533.html 'Strong Rand will negatively impact SA economy,' says James Frater. According to the FRATERS quarterly report for the 3rd quarter of 2003, the South African market continues to be dominated by issues relating to the Rand, which is the best performing currency of the year and is beginning to pose some serious problems to the overall economy. In an edited version of the Frater Asset Management Quarterly Report, Director and Fund Manager James Frater outlines the growth drivers and market valuations that have brought us to this position. More at http://www.equinox.co.za/article_535.html Herman Steyn to manage the Nedbank Gilt Fund Nedcor Retail Investments has announced the appointment of Herman Steyn of Cape Town based Prescient Investment Management to manage the Nedbank Gilt Fund from 1 November 2003. More at http://www.equinox.co.za/article_537.html World-wide equity fund assets up 18,4 percent A press release from the ACI quotes figures that indicate that global appetite for equity investments has increased. This is in contrast with recent South African figures which indicate that strongest investment flows are into money market funds. More at http://www.equinox.co.za/article_539.html Stanlib announces unit trust consolidation Eighteen months after the merger between the asset management divisions of Standard Bank and Liberty, a consolidation plan has been announced for 79 unit trust funds. More at http://www.equinox.co.za/article_541.html Best Regards 
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