Transformation in the asset management industry is not moving fast enough and is hampering skills development, according to black-owned firms.
Mothobi Seseli, managing director of Argon Asset Management, a black-owned and managed firm with nearly R2 billion worth of assets under its control, said that "more opportunities for black firms" were needed in order to help to build a meaningful skills base in the industry.
Out of about 43 asset management companies in the country, about eight of them are black owned. This is about 20percent of the industry, according to Mothobi.
"Hopefully the Financial Services Charter and the codes [of good practice] will accelerate the pace of transformation," said Mothobi.
Anton Pillay, chief operating officer at Coronation Asset Managers, did not believe that transformation within the industry was lagging, but noted that there was an increased need to train individuals in order to grow the sector.
He said that transformation could not be forced on the industry because of its professional nature and the fact that there was a global reputation to uphold.
Pillay said that the skills required to effectively transform the sector were dependent on attracting people who were passionate and committed.