The Progressive Smooth Bonus Fund works to smooth volatile investment returns by declaring guaranteed monthly bonuses. These monthly bonuses reduce the rollercoaster ride that investors experience in market-linked portfolios, ensuring a much smoother return profile. Such funds have performed particularly well for investors in the volatile and uncertain global economic context brought on by the 2008 financial crisis.
The fund is a ‘win-win’ solution that’s well suited for progressive retirement funds that see the transformation of the financial services industry as a national priority, and retirement fund members that value the benefit of smoothed returns. By supporting and allocating funds to black asset managers, the Sanlam Progressive Smooth Bonus Fund provides these managers with a platform to compete against established managers in the industry in order to transform the profile of the South African investment management landscape.
Since the advent of South Africa’s democracy in 1994, the asset management industry has been transforming at a disappointingly slow pace – a concern that was highlighted in the 2017 BEE.conomics survey. Despite the growth in the number of Black asset managers over the past couple of years, many of these firms have struggled to materially penetrate the retirement fund market.
Although many retirement funds do have a mandate to allocate assets to black asset managers, fund members fear investment volatility and are wary of dramatic drops in the value of their retirement funds during a market downturn. As a result, Sanlam has responded to this need by launching the Progressive Smooth Bonus Fund – a statement of our on-going commitment to prioritising empowerment as a national economic imperative and to using our skillset to help transform the industry.
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