Stephen Cranston Associate editor

The development of black-owned stockbrokers has, if anything, been even more disappointing than the development of black-owned fund managers. There are a number of profitable black fund managers such as Taquanta and Kagiso; even a hedge fund specialist, Independent Alternatives. The most promising black empowered stockbroker was Macquarie First South before its messy divorce. But there is some movement at last. The new Mazi Macquarie Securities owes its existence to two of the godfathers of BEE. Malungelo Zilimbola runs Mazi Asset Management, with R49bn under management. He has several industry awards. It will be useful for him to pay cut-price fees to a vertically integrated securities business and pass on the benefits to clients. The other strong personality is a star from the past, Zenzo Lusengo, one of the founders of African Merchant Bank (AMB). He is known as the Pele of private equity and the Johan Cruyff of corporate finance. His business is now just AMB, a much cooler name ...

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