Black asset management firms still manage only 6% of all savings and investments, and 0.8% of unit trust assets in SA, according to the latest survey on transformation in the asset management industry released on Wednesday. The report is an indictment on SA’s financial sector and shows that 24 years since the official end of apartheid, the sector is still structured to prevent meaningful participation of black firms and is not supporting the country’s developmental agenda, said Fatima Vawda, founder and MD of 27four Investment Managers, which published the report. Asset managers take individual investors’ and pension funds’ money and invest it in asset classes such as stocks, bonds and private equity. 27four is one of the investment managers that has been vocal about the lack of transformation in the sector and holds a seat on the Association for Savings and Investment SA (Asisa) board. It has conducted this survey for 10 years. "Apart from the large funds like the PIC [Public Inves...

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