Alec Hogg: SA’s financial services Empire strikes back – true motive exposed

In 1985, a group of ambitous young money managers left Old Mutual to start Syfrets Asset Management. Led by Leon Campher as CEO and with client funds managed by Tony Gibson, it wasn't long before these innovators attracted some of the industry's best talent. Eight years later, when Syfrets bureaucracy became overbearing, Campher led his team to a new home, creating Coronation Fund Managers. CFM is now an industry giant managing over R500bn on behalf of clients..Also read: Alec Hogg: Dirty secret behind SARB backpedal on RAs.Campher now gets his kicks as CEO of Asisa, an umbrella body representing SA's savings, investment and insurance industries. Given the F-You money he accumulated through CFM's success, I expected something different from what he delivered during our interview (click here). Forgive me for wondering what has happened to the once disruptive entrepreneur. Clearly, independent thought does not always follow independent wealth..Despite the obvious, highlighted by Sygnia's Magda Wierzycka in her piece on BizNews, Campher steadfastly maintains innocence. He repeats the party spin: Asisa's intervention (which put breakthrough exchange control relaxation on hold) was merely a request for clarity. But correspondence to the authorities clearly states Asisa supports "the gradual relaxation of exchange controls". Something very different to what the new regulation introduced..___STEADY_PAYWALL___.Also read: Asisa CEO: Money managers didn't lobby for suspending retirement excon relief, we just wanted clarity..During our interview yesterday, Campher briefly lost it, asking me what would happen if 100% of SA citizens' retirement savings were invested offshore. How then, he added, could asset managers support the ANC's proposed infrastructure fund to rebuild the economy? Outsiders may well ask why SA's savers should be co-orced into injecting their (already taxed) retirement savings to subsidise another socialist Grand Plan. Wierzycka suggested Pretoria's backtracking was due to blackmail by the asset managers on that infrastructure fund. Sure looks that way, doesn't it?.TO LISTEN….Latest audio on BizNews Radio.…..(click on the link to access).Leon Campher: Money managers didn't lobby for excon suspensionEditor's Desk: Joburg's corrupt mayor exposed through dirty EOH dealsBizBriefing: Motion of No Confidence in Ramaphosa.Inside Investing – Wierzycka, Heystek – Lobbying killed RA breakthroughUnpacking travel expenses scandal with the investigator Dr Leon Schreiber .TO WATCH…On the BizNews TV channel on Youtube….Modise's Thursday webinar: Trucks, petrol bombs, inability to respondOrbvest's 30th US property now open for investment from $5 000 BizBriefing: PIC gives Eskom a helping handThe Biznews Global share portfolio – November updateRational Radio: The Great Covid-19 Debate.DOWNLOAD THE FREE BIZNEWS.COM APPClick on the links below to download your own Biznews.com App:.Apple: https://apps.apple.com/za/app/biznews-com/id1517392839.Android: https://play.google.com/store/apps/details?id=com.goodbarber.biznews&hl=en

Alec Hogg: SA’s financial services Empire strikes back – true motive exposed

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