The South African Reserve Bank said in its Quarterly Bulletin that the outflows were primarily due to Anglo American spinning off its platinum unit, which is now called Valterra Platinum. Portfolio investments switched mainly due to the distribution of shares in Valterra Platinum to non-resident shareholders of Anglo American. This marked the complete exit of Anglo American from Valterra Platinum, which is now a fully independent party. Anglo American Platinum was founded in 1995 after the unbundling of Johannesburg Consolidated Investments (JCI) following its takeover from the Anglo American Group. Although Valterra Platinum was a key player for its parent company, Anglo American announced that it would cut back its platinum group metal (PGM) holdings in South Africa.