JOHANNESBURG, (CAJ News) – SOUTH Africa has recorded a surge in the number of black asset managers but there is concern over the stake this group manages.
According to research, the number has doubled to 45 from 2009, indicating black asset managers operate R416 billion (R31,2 billion) of the South African savings and investments industry out of a total pool of R4,6 trillion currently managed by the private sector.
The statistics are according to ninth annual BEE.conomics survey, published by 27four Investment Managers.
The BEE.conomics survey is conducted annually to produce authoritative data and intelligence that measures the pace of transformation in South African asset management.
The theme of this year’s publication was on industrialisation of the financial services sector and how to grow progressive and competitive financial institutions that contribute to structural change in the economy, the continent’s most advanced.
The publication unpacks the factors that contribute towards the lopsided topography of the sector and identifies solutions to strengthen the virtuous cycle of inclusive economic growth.
“It is encouraging to have received such great participation from the industry survey participants this year,” says Akona Mlamleli, Head of Transformation at 27four.
“We have received strong feedback from the private and public sectors since our first edition, and the content has become integral to the formulation and debate around transformation policy.”
Key stakeholders such as the Department of Trade and Industry, Association of Black Securities and Investment Professionals and Association for Savings and Investment South Africa.
– CAJ News