LETTER: Asset managers’ expertise is what matters, not skin colour
BUSINESS DAY/ 3Oth OCTOBER 15.26 / GAVIN BARNETT
There was yet another bleat about the asset managers "club" in the article, History locks black asset managers out of the club (October 26).
There is an admission that “clients choose the bigger, well-known companies” but blames a “club” for the lack of transformation.
The so-called club is a hardnosed bunch of experts whose investment acumen helps them survive in the fiercely competitive environment. Their successes and failures have nothing to do with their skin colour.
The VBS Mutual Bank scandal is an example of what happens when efforts are made to persuade “clients” to put their business in a direction advocated on a racial preference. The bad history of racial bias cannot be wiped out by perpetuating racial quotas or squealing about perceived discrimination.
Some of the concocted “structural challenges” referred to in the article are meaningless babble. Take for example the "vertical integration of incumbents”. Is that a reference to supply chain structures in the manufacturing industry or the upward mobility of employees?
In the interests of all clients, specialist services are best provided by specialists and race should have nothing to do with that choice.
The article also says “black asset managers need track records. However, to get track records they have to demonstrate capability and this is where race matters.” That sounds like an insult to many competent black managers, and perhaps the tough experience that is being denounced is precisely the track record that would-be experts require
Disclaimer - The views expressed here are not necessarily those of the BEE CHAMBER