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Alec Hogg believes that Andrew Canter's courage in halting funds to state-owned enterprises through Futuregrowth will spark a financial revolution in South Africa.
I like Andrew Canter not just because the bossman at Futuregrowth is an original. Also because he loves the country and really works hard at ensuring R170bn his team manages is invested in a way that has maximum impact. If all money managers were like him, the world would be a much better place.
So when Canter came out in public yesterday to say he will no longer risk investors’ funds in South African State Owned Enterprises, it was clear something serious is happening. His timing was impeccable, co-inciding with Eskom’s chairman and CEO’s attempts to schmooze Parliamentarians. It also came at the dawn of today’s scheduled meeting of money managers.
What happens at today’s forum is critical to the outcome of the economically debilitating battle between President Jacob Zuma and Finance Minister Pravin Gordhan. If other money managers follow Canter’s lead, the country will be well on its way to curtailing plundering by crony capitalists. If not, brace yourself for a new wave of gorging by the politically connected.
We’ll soon know whether Canter is an outlier or the advance party. I’m expecting his courage will spark a financial revolution, ushering in a brave new world. Hope springs.
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READ: SA's biggest debt manager halts loans to state firms
READ: Rand slumps as Futuregrowth suspends loans to state firms
