Financial sector transformation is superficial, study shows
Ownership among the top 20 managers in the country has not shifted over the past 10 years
Despite a myriad policies aimed at fast-tracking transformation in the financial sector, black investment firms still manage just 7% of SA’s savings pool, the latest survey on transformation in the sector shows.
On Tuesday, 27Four Investment Managers, which has been spearheading transformation in SA’s asset management industry, said while the number of assets being managed by black-owned firms rose by 18% at the end of June compared to the same time in 2018, this was skewed by the inclusion of Prescient Investment Management in which former Liberty CEO Thabo Dloti’s venture Sithega bought a 75% controlling stake. Sithega and Prescient announced the conclusion of their empowerment deal in April...