Like Afrikaner capital, black business needs to be cultivated
The 10% representation threatens SA’s rainbow nation vision
The creation of a multiracial capital distribution system in SA is no longer an option but an imperative against in facing the existential threat to the vision of a rainbow nation founded from 24 years ago. It is a pity that even though the asset management industry is at the heart of capital flows in our country, only 10% of assets are in the hands of black-owned managers. History has proven repeatedly that for dominance or oppression to endure the oppressors or colonisers need effective control over the means of production, particularly the flow of capital. The result has been the perpetuation of an economically unequal society as we see it today, in some cases by portraying whiteness as an automatic confirmation of investment management skills. For example, when the 27four Investment Managers BEE.conomics annual survey found that the asset management industry was not making meaningful progress in transforming itself, Business Day columnist Stephen Cranston described the black eco...
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