Johannesburg – The 27four Investment Managers’ 2019 edition of BEE.conomics, an annual survey aimed at gauging the rate of transformation in the asset management sector, showed that assets managed by black firms surged 18 percent from last year to R579 billion.
This is still way below the more than R4.5 trillion managed by the savings and investment industry. None of the top 10 asset managers in South Africa is black-owned.
Akona Mlamleli, investment executive at 27four Investment Managers, said the results of the survey showed that merger and acquisition activity has increased across the sector, with established firms doing deals to become black-owned and transforming their investment team composition.
“This is a positive signal of normalisation within the asset management sector,” Mlamleli said.
Taquanta Asset Managers, iAluwani Capital Partners, Mazi Capital, Mergence Investment Managers, Argon Asset Managers and Vunani Fund Managers are regarded as the foremost black-owned asset managers in the country.