The asset management landscape is still changing, but at a glacial pace. According to Alexander Forbes’s annual retirement survey, there were no changes in 2020 to the composition of its most popular survey, the "Large Manager Watch" (LMW) — it remains the playground of the Allan Grays and Coronations of the world.

The LMW still has no true BEE managers, though technically Sanlam Investments now ticks all the boxes, as it is 25% owned by African Rainbow Capital...

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