Over the past 50 years, the South African asset management industry has evolved substantially. When Allan Gray was founded in 1973, the industry was grappling with increasing prescribed asset requirements as the government sought to fund budget deficits, the aftermath of a stock market crash in 1969 and rising inflation and interest rates. Today, and despite not growing in US dollar terms over the last decade, the South African pension market is ranked 11th largest in the world. Excluding the Public Investment Corporation (PIC), and the life insurers, we estimate that the total size of the private asset management industry is c. R6tn.

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