South Africa’s biggest asset managers revealed

Ninety One has retained its position as the largest asset manager in South Africa, with R860.1 billion of local assets under management (AUM). 

It is followed by Stanlib, with R714.4 billion under management and Sanlam Investment Managers, with R594.4 billion in AUM. 

The 2024 Alexforbes Manager Watch Annual Survey, released on 9 April, listed the country’s largest asset managers. 

It ranks the largest and best asset managers and gives other information, including their respective BBBEE ratings. The survey also outlines several investment trends that are impacting South African asset managers. 

The latest survey includes 30 comprehensive surveys – 15 balanced, 14 specialist and one multi-manager – and reveals key trends in asset manager performance, B-BBEE credentials, investment strategies, and environmental, social and governance (ESG) integration.

A notable shift in the investment management sector is the continued rise of multi-managers, who have gained ground on single managers over the past five years. 

In 2019, multi-managers managed just 15 cents for every R1 managed by single managers. By 2024, this had almost doubled to 29 cents.

Ninety One retained its position as South Africa’s largest single asset manager, showing a 4% increase in AUM compared to the previous year. 

Stanlib held onto second place with a strong 10% asset increase. A reshuffle occurred in third place, as Sanlam Investment Management surged ahead with a 20% asset growth, overtaking both Coronation and Allan Gray.

On the multi-manager front, Alexander Forbes Investments further strengthened its market-leading position, moving up to sixth place overall after a 10% rise in assets, overtaking Old Mutual Investment Group.

The makeup of the top 20 asset managers has changed dramatically over the past 30 years since the survey started.

In 1994, asset management was dominated by insurance giants, with Sanlam, Old Mutual, and Liberty taking up three of the top five spots.

Since then, these insurers have shifted much of their asset management business into standalone operations, while purpose-built asset managers such as Allan Gray and Coronation have grown in prominence.

Another shift is occurring in this regard, with the growing prominence of index-tracking exchange-traded funds propelling Sanlam’s Satrix towards the top ten.

The total AUM of all the managers surveyed grew by 6%, with the top ten accounting for 63% of all AUM. 

It must also be noted that the survey focuses on assets under management for South African clients only, so it does not include assets managed on behalf of clients from other countries.

This impacts the performance of asset managers such as Ninety One, which also operates in the United Kingdom and manages investments from clients in that country. 

The top 20 largest asset managers are listed in the table below.