STEPHEN CRANSTON: Futuregrowth in a political power play
With R170bn under management, Futuregrowth covers the full spectrum of fixed income
What would Michael Leeman think about the recent developments at Futuregrowth, which he set up in 1993? If he ever comes across Gupta-owned The New Age in California, where he now lives, he would see his old shop described as white capital indulging in a political power play. Futuregrowth, originally a suite of funds within Southern Life, was founded to put Leeman’s doctoral thesis to life. And that was on how to invest in disadvantaged communities and still make money. Leeman has since been a serial entrepreneur, not necessarily always investing in the poor. Futuregrowth was the first suite of products focused on social development and empowerment. When it was controlled by Gloria Serobe’s Wiphold it was SA’s largest black-controlled asset manager. Futuregrowth has enjoyed the halo effect from its past, even though it is no longer black controlled (it is part of Old Mutual) and even though its range goes way beyond feel-good developmental products.With R170bn under management Futur...
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.