Frustration about lack of transformation in the financial services sector is reaching a tipping point. The Financial Sector Charter Council was even renamed to Financial Sector Transformation Charter to try and reassure players of colour that the industry is committed to transforming. Some of the speakers at the recent Morningstar conference warned that if nothing changes, the industry might struggle to be relevant in a few years’ time. Business Day spoke to Fatima Vawda, MD of 27four Investment Managers, who has been championing the transformation cause for years. Some say black-owned companies are quick to point fingers, but most of their problems are self-made. These include not wanting to collaborate and failing to specialise and finding their own niche. How would you react to that? This is not correct. It creates an “us” and “them” discourse without wanting to understand the structural challenges faced by black asset managers. The current concentrated structure makes it vulnera...

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