Top Coronation fund manager quit after inquiry found he profited from 'pricing inefficiency'

A high-profile portfolio manager resigned from Coronation after the investment giant found he profited from exploiting a "pricing inefficiency" in its global unit trusts.

Adrian Zetler was co-manager of the Coronation Balanced Plus Fund, Coronation Industrial Fund and Coronation Equity Fund. Together, these unit trusts contained pension fund savings and other investments of around R97 billion – roughly twice South Africa's defence budget, or close to retailer Shoprite's total market value.

Zetler, who had been with Coronation for more than 11 years, resigned in January after the company took legal advice and launched an inquiry into his trading activity in some of its unit trusts.