/ 31 March 1999

OLD MUTUAL SUSPENDS OFFSHORE FUND

OLD Mutual Unit Trusts temporarlity suspended its R2,9-million Global Equity Fund on Wednesday, and will not accept new investments. MD Pieter van Niekerk told a press conference in Johannesburg that the move follows a decision by the Reserve Bank to limit offshore investment to 15% of financial institutions’ South African-based assets, rather than total assets under management. He said this effectively cut the amount available for investment to 12,75% — removing access to foreign exchange of R350-million for Old Mutual Unit Trusts.