STEPHEN CRANSTON: Moves towards BEE parity in a tough asset management sector
Survey reveals empowerment slice is less than 10% of the funds available to private sector
A great deal of work goes into the 27four BEE.conomics survey of transformation in asset management. The sector undeniably needs transformation — and not just in the specific SA meaning of the word. Smaller businesses that don’t necessarily tick the correct boxes should also be encouraged to take on the giants such as Coronation, Allan Gray and Investec. We should be cheering on PSG Asset Management, still about a 10th of the size of the three mammoths, even if its main contribution to diversity is Anet Ahern, the first female asset management CEO. Unlike sectors such as information technology, it is not acceptable in fund management to bring in black equity partners and declare that the company is transformed. It is harder to feel as sorry for a professional in a suit than it is for the widow of a Marikana mineworker. Many professionals in the asset management sector would be snapped up by corporates and institutions if their shops fail. They also have a captive allocation from the...
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