South Africa’s largest pension funds administrator, Alexforbes, says that from 1 July 2025, any asset manager and asset consultants who want to deal with the company and manage money on behalf of its pension funds clients will need to at least be certified as a Level 3 BEE contributor. Fin24 reports that this is still less transformed than Alexforbes’ and many other big asset managers’ Level 1 BEE status. But Alexforbes wants to push the envelope more on black and female representation in the investment teams. “Any asset manager that wants Alexforbes to invest its clients’ monies with it must have at least 40% black investment professionals and 40% women in its investment teams. They also need their senior management to be 40% black,” the company said, stressing that “the industry must accept that the carrot is gone”.