Ninety One displaced Old Mutual Investment Group (OMIG) as South Africa’s biggest asset manager last year, with total assets under management (AUM) of R690.6 billion on behalf of South African clients at 30 June last year, according to the AlexForbes AUM survey.
The results of the survey were included in the latest AlexForbes Manager Watch Annual Survey, which was released last week.
Ninety One moved up from second spot in June 2020, with AUM increasing by 14%.
OMIG dropped to sixth position, with a 41% decrease in assets since June 2020, to R357.5bn. The survey attributed the decrease in AUM to a restructuring last year that has resulted in OMIG operating independently from its affiliates (Old Mutual Alternative Investments, Old Mutual Specialised Finance, Futuregrowth and Marriott).
Stanlib Asset Management moved from third to second place, with a 15% increase in AUM to R652.1bn, less than R40 million shy of Ninety One.
Coronation Fund Managers jumped from fifth to third place, with AUM increasing by 20% to R540.8bn.
Sanlam Investment Managers (AUM of R530bn) retained its fourth place, while Allan Gray (R484.8bn) moved from sixth to fifth place.
Since June 2020, the total AUM of the 72 managers that participate in the survey increased by 7.5%, from R6.2 trillion (R5.4 trillion excluding multi-managers) to R6.7 trillion (R5.7 trillion).
The 10 next-biggest managers hold 20% of AUM, the same as in 2017 despite slight decreases in the intervening periods.
Of the 72 managers, 36 were Level 1 BEE contributors compared to 21 last year.
There were 13 Level 1 contributors in the top 20 managers ranked by size, an increase of 85.7% since 2020.
The total AUM of the top five black-owned asset managers has grown by 119% since June 2020.
SIM is by far the biggest black-owned manager. Its assets constitute more than 50% of the total assets for the top five black-owned asset managers.