Stephen Cranston Writer & columnist

The most deserving beneficiaries of the financial sector charter should be black panelbeaters. They are finally getting preferential access to clients of insurers such as Santam and Old Mutual Insure. But they do not have the same powerful lobby as the far more prosperous BEE fund managers and probably would never get deputy finance minister David Masondo to speak on their behalf.

BEE fund managers have a grievance: they manage just 9% of SA’s private sector pension assets, though this will increase to about 15% when Sanlam Investments ticks enough boxes to be admitted to the club. One of the big consultants, which can’t be named, preferred to invest with white turkeys such as Steyn Capital when BEE managers such as Sentio and Mergence would have done a better job...

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