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.
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.
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