STEPHEN CRANSTON: Black fund managers have a big voice
Grouping manages 7% of SA savings and investments
The black-owned fund-management sector may employ just 668 people, but it is a powerful lobby group. No other tiny grouping, which would not even take up a floor of one of the bank head offices, would merit the glossy annual survey BEEconomics, produced by Fatima Vawda at 27four.
It is a fragmented group as 50 firms manage R579bn of client assets, or 7% of SA savings and investments. A third of these businesses are unprofitable, primarily because their assets are subscale.