SA Asset Management: The race to transform
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Next year marks the 20th anniversary of the Broad-Based Black Economic Empowerment Act 53 of 2003. The financial sector has made extensive advancements in achieving parity across multiple segments, but control and ownership remains largely uninterrupted. A report published by the FSCA in 2022 states that the South African financial sector is “concentrated and interconnected with the largest banks, insurers and fund managers controlling the majority of assets”. It is against this backdrop that the sector can expect a flurry of interventions designed to accelerate the adoption of B-BBEE and promote competition - some of which are explained below.