SA’s asset management industry has been slow to transform, with black asset managers handling less than 5% of industry assets, says Alexander Forbes. Just 42 of SA’s 130 asset managers were black-owned, Rob Southey, head of asset consultants at Alexander Forbes, said on Monday. "None of the top 10 asset managers are black-owned." The top 10 managers at June 2016, ranked in order of total assets under management, were: Old Mutual Investment Group, Coronation, Investec Asset Management, Allan Gray, Sanlam Investment Management, Stanlib, Investment Solutions, Prudential, Futuregrowth and Sanlam Multi-Manager International. The top five asset managers control 52% of the industry’s funds under management. The bulk of these managers are subsidiaries of listed companies, which would be owned primarily by institutional shareholders, such as pension funds. The country’s largest pension fund by far is the Government Employees Pension Fund, with about R1.6-trillion in assets. Just two black as...

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