Black professionals hold almost 50% of voting rights in asset management firms and occupy almost 60% of executive management positions.
Black ownership in one of the largest financial sectors is performing well above targeted levels.
The number of registered financial service providers increased by almost 40% in the last eight years, with black executive management having increased by 18% in the same time period.
Finance Minister Enoch Godongwana recently touched on the statistics when asked via a written parliamentary question about black ownership in the financial sector.
20% above transformation target
Quoting the Association for Savings and Investment South Africa (Asisa) transformation report, Godongwana stated that black professionals held 49.35% of exercisable voting rights and 42.72% of economic interest in the asset management industry.
Voting rights and economic interest representation had increased from 44% and 40.63% in 2022, respectively, well above the 25% target for each category.
Deputy Minister of Finance David Masondo in June described the financial services sector as the “cornerstone of our economic architecture” which contributed roughly 22% of the country’s GDP.
Asisa’s annual report also stated that black executive management in the life office industry had increased from 29% in 2018 to 47% in 2023, with the asset management metric up from 39% to 59%.
Additionally, black junior management was up from 78% to 84%.
“Approximately R12 billion was invested in the upskilling of historically disadvantaged individuals, underscoring the ASISA members’ commitment to an inclusive, diverse and globally competitive,” stated the report.
All in top 30 above 51%
In the Asisa report and Godongwana’s reply, “black” refers to the Broad-Based Black Economic Empowerment (B-BBEE) Act definition for African, Coloured, and Indian South Africans.
Life Offices provide financial protection products and wealth management solutions, while asset managers oversee hedge funds, bonds, equities and other asset classes.
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A 2025 27four DEI Invest Annual Survey stated that the top 93 asset managers collectively oversaw roughly R6.8 trillion in assets.
Godongwana confirmed that of the top 30 asset management firms in South Africa, 21 had black ownership levels above 51%.
“Nine firms are majority black-owned, with ownership exceeding 75%, predominantly comprising empowered boutique and mid-sized managers,” stated the minister’s reply.
The Financial Sector Conduct Authority (FSCA) stated that the number of registered asset management companies had increased from 800 in 2017 to 1 104 as of 31 August this year.
The minister explained that while the FSCA collected information on company ownership and control, it was not classified by race, for now.
“The FSCA is implementing its Integrated Regulatory Program to strengthen its ability to collect and analyse such information in the future,” said the minister.
Progress ‘undeniable’
Ramaphosa on Monday echoed statements he made earlier in the year, where he said it was “undeniable” that transformation progress had been made.
“We have seen real changes in ownership patterns, including more businesses owned by women. We have seen changes in management control, enterprise development and skills development,” he said in June.
At the ANC’s National General Council (NGC), he called on the party to increase its transformation efforts.
“[This is] a moment to reaffirm the ANC as the only organisation capable of leading meaningful social and economic transformation in South Africa,” said Ramaphosa.
Some have been calling for an end to BEE, with the Institute of Race Relations (IRR) stating its survey had found that only 4% of respondents cited BEE as a pressing concern.
“A strong majority of 73% agree that with better education and more jobs, the present inequality between the races will steadily disappear.
“Race remains a lived experience, but it is no longer the axis on which issues ought to be decided,” the IRR stated in November.
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