Stanlib warns exit of the rich is hurting SA asset managers
One of SA biggest asset managers says the sector faces headwinds as wealthy individuals emigrate
06 July 2023 - 05:00
Stanlib, one of SA biggest’s asset managers with more than R600bn of clients’ money under its custody, has flagged the flight of wealthy individuals as one of the reasons the industry will in the next two to three years face more headwinds than tailwinds.
Stanlib CEO Derrick Msibi painted a bleak picture for the industry over the next few years, saying how well the sector does depends on how much savings there are for them to manage and this is influenced by how fast the economy grows, how many people have jobs, returns from capital markets and whether money is being saved or taken out of SA...
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