Even though we live in a small economy, SA’s investors have a bafflingly large choice of asset managers wanting to manage our money. I knew there was an extensive list of more than 40 black-owned asset managers. But according to a study just released by RMI Investment Managers, there are now 126 independent boutique managers running R2.4-trillion of assets. And this excludes all the asset managers attached to banks and life insurers. Investec Asset Management could be considered either a boutique or a tied business. It is part of a banking group but it has no captive business. RMI, itself part of a banking group, considers Investec a kindred spirit. About half the R2.4-trillion run by boutiques, as RMI defines them, has gone to Allan Gray and Coronation, which may be independent but are more like Makro stores than boutiques. Other large independents, such as Foord and Prudential, would be more comparable to Stuttafords in size, though rather better businesses. RMI Investment Manager...
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