After last year's rally in financial markets - a bounce-back after the pandemic-related losses of 2020 - things are returning to normal for active asset managers.
For Coronation Fund Managers, growth in assets under management (AUM) is tapering off, fund management fees are starting to fall - and so are earnings.
"When Covid-19 hit, the market responded quite negatively. So, we were able to find some good opportunities in 2020 that resulted in the portfolios outperforming in 2021. But we did say that in the current year, we don't expect those performance fees to repeat," said Coronation CEO Anton Pillay, at the release of the company’s results for the six months to March.