STEPHEN CRANSTON: Pension funds have an uphill battle finding black-owned fund managers
Most BEE managers are found in domestic equity, and there are only four contenders in the global balanced category
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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