FINANCIAL TRANSFORMATION
Black-owned asset managers earn their seats at the top table
There are black-owned asset managers managers who are determined to take their rightful place in the market, writes Masimo a Badimo Magerman
The release of the draft report on transformation in the financial services sector by Parliament’s standing committee on finance comes at a time when the rumblings in the black-owned asset management sector are growing louder. The report’s completion dovetails with the release of the annual BEE.conomics survey compiled by 27four Investment Managers. This ninth iteration of the survey found that growth in assets managed by black-owned fund managers increased by a lacklustre 1.7% year on year, to R415.5bn in 2017. To say that there is dissatisfaction about the lack of transformation in the sector is to put it mildly. More importantly, this figure is unfathomable. It is impossible to digest because there are at least 13 black-owned asset management companies in SA that have been around for more than 10 years, some of which show all the attributes of cutting-edge entrepreneurial activity and have diversified into areas other than traditional equity. For these companies to have bagged le...
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