
Sanlam partnership helps Ninety One grow to record AUM
The completed transaction added scale, while a recovery in client demand pushed the asset manager back into net positive flows after last year’s outflows.

The completed transaction added scale, while a recovery in client demand pushed the asset manager back into net positive flows after last year’s outflows.

Retail investors are increasingly shaping South Africa’s hedge fund industry, driving inflows and pushing retail portfolios into the lead for the first time.

For the first time since 2020, a meaningful share of the quarterly inflows came from new capital rather than reinvested income.

Only R23bn of the R146.13bn in annual net inflows was fresh capital, yet reinvested dividends and interest helped push AUM to R4.16 trillion.

Despite a turbulent first quarter marked by political discord and trade-tariff shocks, CIS managers attracted R48bn in net inflows – the highest quarterly figure since 2020.

Reinvested income and strong interest-bearing portfolio performance led to net inflows of R85.82 billion in 2024.

The stronger rand has shifted the focus back to domestic equities and property. Managers leaning into local value and shedding expensive offshore assets are reaping the rewards of this pivot.