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...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, ProfileData financial data, and digital access to the Sunday Times and Sunday Times Daily.

Already subscribed? Simply sign in below.

Questions or problems? Email or call 0860 52 52 00. Got a subscription voucher? Redeem it now