(Bloomberg) -- Futuregrowth Asset Management, South Africa's biggest specialist fixed-income investor, said it is almost half owned by Black investors after Old Mutual Plc agreed to sell part of its holding to African Women Chartered Accountants Investment Holdings Ltd.
AWCA bought the 21.2% stake in Futuregrowth for an unspecified amount, the fund manager, which oversees 193 billion rand ($13 billion), said in a statement. AWCA is owned by Black women, with the majority of its 53 shareholders being chartered accountants and business leaders.
South Africa's government is pushing companies to boost Black participation in the economy after apartheid, which ended in 1994, locked the majority of the population out of the economy. Today South Africa is still the world's most unequal nation with White South Africans, on average, significantly richer than their Black counterparts.
This transaction “will move Futuregrowth significantly towards its long-stated goal” of being more than 50% Black-owned, said Paul Rackstraw, the company's managing director, in the statement.
Old Mutual now owns 55.6% of Futuregrowth, staff 17.9% and the Imfundo Enhle Education Trust 5.3%. Of the stake owned by employees, two thirds is held by the Management Trust, open to employees of any color, while one third is owned by the Black Management Trust, which is only open to Black employees.
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