Son of 2 farmers founds black-owned firm with R48 billion in assets
BRIEFLY / 23 APRIL 2019 -06.00 / CLAUDIO LENG
- Malungelo Zilimbola was a successful senior portfolio manager at Rand Merchant Bank
- He took a leap of faith and started his own asset management business 12 years ago
- His company, Mazi, is now the most successful black-owned asset management company with a whopping R48 billion in assets
To some, Malungelo Zilimbola had already “arrived” after his graduation from the University of Cape Town (UCT) and successful career at Rand Merchant Bank. However, that was just the start of even greater things. After graduating with a BCom Honours in finance at UCT,
Zilimbola found employment at Investec Asset Management. He then moved to Rand Merchant Bank and worked as a Senior Portfolio Manager for five years. He then decided to take the plunge and start his own investment firm.
Being the son of two farmers, Zilimbola named his company, Mazi, which is the Nguni word for cow. Mazi started in 2006 with two employees and no investor backing. Destiny Man reported that Zilimbola started his venture off the back of R2 million, which he saved in his personal capacity.
After twelve successful years at the helm, Zilimbola has grown Mazi to a staff compliment of 30. Briefly.co.za understands that Mazi now manages assets which amount to a staggering R48 billion. However, Zilimbola aims to grow this number to over R100 billion.
Zilimbola founded Mazi to showcase black talent and to dispel the notion that black people don’t know how to manage money. Considering their growth and numerous industry awards, it’s fair to say the mission has been accomplished.
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