South Africa’s biggest asset managers from 1994 to 2024

South Africa’s asset management landscape has transformed significantly over the past three decades, and the same companies that dominated in 1994 have now been overtaken.

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

This survey ranks the largest and best asset managers and outlines several investment trends 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.

The Alexforbes series of surveys has grown significantly since its launch in 1994. Initially, it covered only a few asset managers and a small number of balanced strategies. 

However, as investment needs evolved, the survey expanded to track a wider range of local and global asset classes and strategies, from bonds and equities to alternative investments. 

Today, the survey is considered a trusted benchmark for the industry. The 2024 report compared South Africa’s top 20 largest asset managers across 1994, 2004, 2014 and 2024.

This comparison showed the impressive growth of South Africa’s asset management industry over the past three decades.

Thirty years ago, South Africa’s asset management sector had only 26 large managers and 28 strategies, reflecting a small, concentrated market.

In 2024, the industry had grown to 92 large managers and 797 strategies, showing the growing investor demand for tailored, innovative investment solutions in South Africa.

In 1994, the list consisted of many asset managers that still exist today but have since been overtaken by companies that were only established or started growing in the past decade.

The top three were Sanlam, the Mineworkers Pension Fund, and Old Mutual Asset Managers.

Insurance giants dominated the asset management industry in 1994, with Sanlam, Old Mutual Asset Managers, Liberty Asset Management, and Liberty Life all in the top 20.

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 become prominent.

Biggest asset managers from 1994 to 2024

Alexforbes’ report pointed out that some firms, like Ninety One, Sanlam and STANLIB, have consistently ranked among the top managers. This shows their ability to deliver strong, long-term performance.

“Staying at the top requires innovation, adaptability, and strong governance, as well as the ability to navigate economic shifts and investor expectations,” it said.

“Others have moved in and out of the rankings, reflecting the competitive nature of the industry.”

“The rankings also highlight the impact of mergers, acquisitions, and shifting investment strategies, with some firms disappearing while new leaders emerge.”

In 2024, Ninety One, Stanlib, and Sanlam Investment Managers (SIM), in that order, were the top three largest asset managers in the country.

Ninety One has topped the ranking for years now and remained the biggest asset manager in South Africa in 2024, strengthening its position with a 4% increase in assets compared to 2023. 

Stanlib also retained its second-place spot, showing a strong performance with a 10% rise in assets. 

However, a surprise leap came from SIM, as the asset manager increased its assets by 20% and overtook both Coronation and Allan Gray in 2024. 

Coronation now holds fourth place, with a 2% growth in assets over the past year.

“These changes highlight the dynamic nature of the asset management industry,” the report said.

Two of the top three from 1994 are still featured in 2024’s top 20 list, but in different forms.

Sanlam Investment Managers and Sanlam Multi-Managers made it to the top 10, while Old Mutual, through the Old Mutual Investment Group and Old Mutual Multi-Managers, is represented in the top 20.

However, many of the top 20 largest asset managers in 1994 no longer existed in 2024, including the Mineworkers Pension Fund, Syfrets Managed Assets, Southern Life and Fedsure.

The top 20 asset manager rankings from 1994 to 2024 can be seen below.