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ASISA's Campher: Money managers didn't lobby for suspending retirement excon relief, we just wanted clarity.
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A new regulation issued last month by South Africa's financial regulators removed the 30% cap on foreign investment of local retirement funds. On Monday, Pretoria suspended the change. Firebrand Magda Wierzycka, founder of independent asset manager Sygnia, and outspoken independent financial advisor Magnus Heystek are blaming lobbying by large money managers for forcing the backpedalling. Alec Hogg caught up today with Leon Campher, head of ASISA, the industry body whose letter to the authorities sparked their decision to suspend what had been hailed as a breakthrough in the relaxation of SA's foreign exchange controls.