Multi-manager service launched in South Africa

Liberty Group, Standard Bank Investment Corporation and Investment Solutions are to form a multi-manager asset management company in South Africa. Liberty Group and Standard Bank will initially own the company. However, Investment Solutions will take a 40% stake on 31 March 31 2005. They also have the option to acquire up to 10% of the company by March 2001. Rael Gordon, managing director of Investment Solutions, said: "We estimate that the retirement funds market is currently around R600bn and the savings market (for instance unit trusts and life assurers) to be worth a further R1 tril...