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Old Mutual’s Futuregrowth to boost its black ownership

The company says it will increase black shareholding from the current 28%.
Image: Moneyweb

Futuregrowth Asset Management, the Old Mutual Ltd. fixed-income unit, said it plans to boost the proportion of the R185 billion fund manager owned by black South Africans.

“We will also be taking pro-active steps to bring Futuregrowth’s black shareholding up from the current 28%,” Andrew Canter, the chief investment officer of the Cape Town-based company, said in a video giving his outlook for 2020.

Since the end of apartheid in 1994 South Africa’s government has passed legislation and worked with companies to boost black involvement in the economy to make up for discrimination during whites-only rule. Still, the country remains one of the most unequal on earth and its economy is dominated by the white minority.

“It is a strategic national imperative, a strategic industry imperative, a client concern, and thus a business concern and imperative,” Canter said in response to questions. “It’s not a big-bang, as much as a journey.”

© 2020 Bloomberg L.P.

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No doubt colossal value will be added through the new shareholders…

It is high time we moved on from our sick racial obsession and ask first and foremost ‘Are they delivering for clients?’ Racism all but destroyed the old South Africa and is set do the same with the new one in a process in which the previous victims become the enthusiastic current perpetrators.

End of comments.

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