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In some respects, the black-owned fund management sector seems to have been a success story. Since 2009, the sector’s assets have increased fourfold to R408bn. In the most recent edition of the authoritative BEEconomics survey produced by 27four Investment Managers, the growth in assets was 32% over 12 months, compared with barely 3% from the all share index. A number of firms are also well out of the incubator stage, and would be considered mainstream. These include Kagiso, Mazi and Taquanta, with Vunani and Argon knocking at the door. But 27four boss Fatima Vawda says the industry is skewed, with 24 firms offering SA active equity, only 11 offering SA active fixed income and just four providing offshore assets. And BEE managers still run less than 5% of the R8.9trillion total savings industry pool. Vawda says time is no guarantee of success, as six of the 14 firms that are older than 19 years still have less than R5bn under management. She says one of the clear trends is the split...

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