Black asset managers stymied by own goal
Black-owned firms don’t market their businesses, and most don’t have ambitions to become a household name
Growth in assets managed by SA’s black-owned fund managers has stalled, according to the 9th annual BEE.conomics survey, compiled by 27four Investment Managers. They rose just 1.76% from R408.3bn in 2016 to R415.5bn in 2017, having leapt by almost a third between 2015 and 2016. Since the survey’s inception, the number of black asset managers has grown from 14 to 45. But the concentration of assets among a handful of firms shows that managers aren’t yet hitting hoped-for scale. According to the survey, those firms that are older than five years manage 82.4% of assets under black firms’ control. The biggest is 18-year-old Taquanta, with R122.3bn under management — which is more than double the next biggest — in this case, Aluwani Capital Partners.Between them, 12 black-owned firms have less than R100m in assets under their control. While Taquanta is predominantly retail-focused, Akona Mlamleli, head of transformation at 27four says the smaller firms have largely struggled to break int...
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