South African pension fund regulation only allows a maximum of 30% of assets to be invested outside of the country and a further 10% into African markets. South Africa is classified as an emerging market. All our products that comply with pension fund regulation locally therefore have a minimum of 60% invested locally. In addition we have some mandates that exclude offshore allocations altogether.
Our global products that invest primarly in the developed market only are less than 10% of our total assets under management