Chris Logan: Hulamin managers even worse than at former parent Tongaat

I met Chris Logan more than a quarter century back when he presided over South Africa's hottest unit trust management company in an era when these pooled investment funds were mushrooming. Under his watchful eye, the funds managed by Logan's star team at BOE Asset Managers (Jenny Ferrini, Anet Ahern, Tracey Chiappini, etc) topped most performance tables in SA's pre-Allan Gray era. After Nedbank acquired BOE, Logan moved on and after a short spell with HSBC, started his Cape Town-based Opportune Investments. Having his own business enabled the beach boy from KZN's Amanzimtoti to indulge his water-based hobbies – and get more involved in activist investing long before it became popular by attacking value traps like the Liberty and Pick 'n Pay pyramid structures. He has been a long-time and very public critic of accounting practices at Tongaat, and after proving his point there, has switched his attention to its former subsidiary Hulamin. He explained why on Rational Radio. – Alec Hogg

Chris Logan has been one of the strongest critics of Tongaat, but is now more occupied with its Pietermaritzburg-based former subsidiary Hulamin, which was unbundled in 2007. He sent Biznews a report on the business which is embedded as a PDF and republished below.

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