There is pressure for pension funds to hire more black-owned fund managers. But it remains a shallow pool. Alexander Forbes publishes a BEE Manager Watch, but it would be a very short survey if it included only 100% black-owned and 100% black-managed businesses.

Take All Weather Capital, where half of the executive and half the portfolio managers are white. Only Cachalia Capital and Legacy Africa have a 100% black staff. Prescient, founded by Herman Steyn, could never be described as a BEE manager, but it made a marked transition after it received a capital injection from former Liberty CEO Thabo Dloti. Yet half of its executives and almost half its portfolio managers are white...

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