In March of 2002, Umbono and Deutsche Securities surveyed the investment houses, institutional pension funds and the asset consultants. The aim of the survey was to highlight the most important issues facing the formation of an official pension fund benchmark. This survey, together with research done by the JSE Advisory Committee, concluded that there was strong market demand for a benchmark where the weighting of the larger companies is limited. The market, however, was divided on the most appropriate benchmark construction methodology to use. Eventually, the FTSE/JSE decided to add two new indices to the Africa Index Series. The Capped Index and the Shareholder Weighted Index were officially launched on the 1st of July 2003. Both benchmarks have a Top 40 and an All Share equivalent.
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