Black asset managers push for bigger industry stake

ABSIP winners : image provided

ABSIP winners : image provided

by GIFT NDOLWANE
JOHANNESBURG, (CAJ News) – THE inspirational men and women who have excelled in the financial services sector in 2017 have raised hopes the gap between black asset managers and other counterparts in terms of stakes controlled can be closed.
Among those the Association of Black Securities and Investment
Professionals (ABSIP) have honoured include Fatima Vawda, Polo Leteka and Geoffrey Qhena.
ABSIP CEO of the Decade, Qhena has placed the Industrial Development
Corporation (IDC) at the centre of South Africa’s economic development,
providing businesses with access to finance to boost growth, stimulate
investment and create jobs.
Vawda Managing Director of 27four Investment Managers and recipient of
ABSIP Woman of Significance is hailed as a “glass-ceiling-breaker” who has made a significant contributions towards growing a sustainable financial sector.
Leteka is Chief Executive and Co-Founder of Venture Capital and Private
Equity firm, IDF Capital and is the recipient of the ABSIP Special
Recognition Award. The executive has been working hard to influence
women’s contribution in the financial services sector.
Standard Bank has been honoured as “The Company with Significant Progress towards Transformation in the Financial Services Sector.”
“The recipients of the awards are trendsetters,” said ABSIP President,
Sibongiseni Mbatha.
Qhena was delighted to be recognised.
I believe the outlook of the IDC’s mandate is positive. It is not easy. It requires a lot of work and a lot of commitment, from the government side and also from the private sector side. Overall we believe we are
delivering on our mandate,” Qhena said.
As at the end of March this year, the IDC had created more than 20 000 new jobs.
Leteka said being honoured by peers was probably one of the highest
accolades any professional could receive.
“I therefore take responsibilities that comes with this award seriously
and will continue to work hard so that this recognition can have a lasting meaning,” she said.
South Africa has recorded a significant 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.
It is against this background that the ABSIP convened the awards.
Mbata said if South Africa was to achieve true transformation and growth in this sector, “drastic change” was required.
“We need the courage to create conditions that entice people to come out of their comfort zone and venture onto the critical path of
transformation,” he said.
Established in 1995, ABSIP is a lead custodian of black professional
interests and black business in the financial services sector.
CAJ News

Short URL: http://cajnewsafrica.com/?p=23591

Posted by on Nov 6 2017. Filed under Africa & World, Featured, Finance, Investing, National, News, Regional. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

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