South Africa has issues to address around transformation and economic empowerment for it to create a more normal and equal society. Therefore it is important to keep abreast on the latest news from different corners. In this article we gain insight on a measurement of transformation in the financial sector especially in the asset management industry.
The Financial Sector Charter Council, which oversees transformation and black economic empowerment in the financial services sector, wants new targets set to encourage retirement funds to appoint black principal officers and service providers such as asset managers.
The industry has a parlous transformation record with a new survey revealing on Tuesday that black firms manage just R415.5bn of the R4.6-trillion industry.