The difficulty black asset managers have breaking into the boys' club
Asset consultants are seen to be reluctant to funnel retirement money to firms that aren’t established players
Black asset managers now control about R416bn of SA’s savings and investments industry, a 27four Investment Managers survey set for release next month will show. That may sound like a lot, but it’s still less than 10% of the total R4.6 trillion pool managed by the private sector. Between 2016 and 2017, assets managed by black-owned firms grew by less than R8bn. For Aeon Investment Management chief investment officer Asief Mohamed, this slow growth indicates that asset consultants are still reluctant to funnel retirement money to firms that aren’t establishment players such as Coronation, Allan Gray, Investec or Prudential. Says Mohamed: "The private sector has been very absent and they’ve not really moved money to black asset managers at all. And I would say it’s the consultants — the gatekeepers in this industry."
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.