Last Updated on 12/05/2025 by Carl-Peter Lehmann
Deciding who the best asset managers in South Africa are is, admittedly, a bit subjective. Some investors swear by track record, others by reputation, and a few just stick with whoever has the slickest factsheet. But when you’re investing real money, personal bias needs to take a back seat to data. So, in an effort to cut through the noise (and ruffle a few spreadsheets), we brought in some AI backup to help us analyse long-term performance, consistency, and breadth of skill across investment styles. In this article, we look at what asset management actually is, unpack the biggest players in the South African market, and reveal who we believe are the top five asset managers today — based not on hype, but on hard numbers. Watch out, human fund analysts. The machines are coming for your league tables.
What is Asset Management?
Asset management — sometimes called fund management — refers to the professional handling of investments like shares, bonds, property, and alternative assets on behalf of individuals and institutions. In South Africa, asset managers offer a variety of collective investment schemes to the public, including unit trusts, ETFs, and hedge funds. These funds are often accessed through different investment ‘wrappers’ such as retirement annuities, pension funds, living annuities, endowments, or offshore platforms — each with its own rules, tax treatments, and regulatory considerations.
Every fund is governed by a specific mandate that determines how it is managed and into which ASISA category it falls — for example, SA Equity, Balanced (High Equity), or Income. These peer groups make it easier to evaluate and compare performance across similar strategies.
While this is a simplified overview, the core idea is clear: asset managers play a crucial role in helping South Africans grow and protect their capital — whether it’s for retirement, wealth preservation, or long-term financial independence. And when we invest, we’re effectively handing them the keys to our future. So, choosing the right one matters.
The Largest Asset Management Firms in South Africa
South Africa’s asset management landscape is dominated by a mix of independent firms and those affiliated with major financial institutions. Many of these firms manage substantial institutional pension fund assets and benefit from extensive distribution networks, contributing to their significant assets under management (AUM).
Based on the 2024 Alexforbes Manager Watch Survey, the leading asset managers in South Africa by AUM are:
Ninety One: Emerging from Investec, Ninety One has established itself as a standalone entity with a strong presence in both local and international markets. It retained its position as the largest asset manager in South Africa, with a 4% increase in AUM compared to the previous year.
Stanlib: Affiliated with Standard Bank and Liberty Life, Stanlib maintained its second-place ranking, experiencing a 10% rise in assets. The firm offers a wide range of funds across various categories.
Sanlam Investment Management (SIM): Part of the larger Sanlam group, SIM saw a significant 20% growth in assets, moving up to third place. This surge was partly due to its acquisition of Absa’s asset management business.
Coronation Fund Managers: Known for its strategic insights and long-term performance, Coronation now holds the fourth position, with a 2% growth in assets over the past year.
Allan Gray: As a pioneer among independent asset managers in South Africa, Allan Gray boasts a history spanning over 50 years. The firm now ranks fifth, managing significant assets and maintaining a reputation for consistent fund performance.
How We Assessed the Best Asset Managers in South Africa
Let’s be upfront: while we’ve done our best to take a data-driven approach, there’s still some subjectivity in any analysis like this. The data we used comes from Morningstar, focused on South African retail funds with at least a 7-year track record, and ranked within their respective ASISA categories. Some managers use different share classes for different platforms, and participation in peer surveys (like Alexander Forbes) is voluntary, so no dataset is ever perfect.
Still, we think this analysis provides valuable insights — and we’re not alone. A whole industry of DFMs (Discretionary Fund Managers) and asset consultants has grown around the challenge of identifying which managers genuinely add value, especially across diverse client needs. This is our contribution to that conversation, and as the in-house investment nerds at Henceforward, we decided to go a step further this year by layering in AI-assisted screening and a structured scoring model.
Here are the key factors we considered:
1. Breadth of Skill
We looked at how many distinct ASISA categories a manager has excelled in — not just local equity, but balanced, income, global, and more. The more diverse the outperformance, the more robust we considered the manager’s overall capability.
2. Difficulty of the Peer Group
Not all wins are created equal. Topping the MA High Equity category (which has over 160 funds) is a much tougher feat than leading a smaller 30-fund peer group. So we gave more credit to managers who performed in the most competitive categories.
3. Hit-Rate Across the Shelf
This is the percentage of a manager’s qualifying funds that landed in the top quartile of their peer group over 7 years. It filters out the “one-hit wonders” and reveals who consistently delivers across their full range.
These three elements were combined into a composite score — weighted 40% to breadth, 30% to difficulty, and 30% to hit-rate — to determine which asset managers stand out for their consistent performance and diverse strengths.
| Factor | What changed vs 2024 | Why we weight it |
|---|---|---|
| Breadth (40 %) | Must win in more than one ASISA style (balanced, equity, income, global). | Avoid the “one-trick pony.” |
| Difficulty score (30 %) | Crowded peer groups (e.g. MA High Equity, 163 funds) score higher than niche ones. | Beating 160 funds is statistically harder than beating 40. |
| Hit-rate (30 %) | % of the manager’s whole shelf that lands top-quartile (we used decile last year). | Stops big brands coasting on a handful of stars. |
The Top 5 Asset Managers in South Africa (2025 Edition)
Based on the scoring framework we outlined above, these are — in our view — the five most consistently high-performing asset managers in South Africa today. While this isn’t a definitive or permanent list (we’ll update it annually), it’s a rigorous attempt to strip away noise and look objectively at long-term investment outcomes across multiple categories.
The methodology leans heavily on hard data, including:
- 7-year annualised returns
- Peer-relative rankings within ASISA categories
- The manager’s breadth of capability across different mandates
- Difficulty weighting based on how competitive each category is
- A manager’s overall strike rate — how many of their funds consistently outperform
The table below summarises the composite scores for our Top 5, combining all three metrics into a single ranking.
Top 5 Asset Managers – Composite Scoring Summary
| Rank | Asset Manager | Breadth (40%) | Difficulty (30%) | Hit-rate (30%) | Composite Score (/10) |
|---|---|---|---|---|---|
| 1 | Fairtree | 10.0 | 10.0 | 7.5 | 9.1 |
| 2 | Truffle (incl. Nedgroup & Amplify mandates) | 8.3 | 8.3 | 10.0 | 9.0 |
| 3 | PSG | 6.7 | 7.0 | 5.0 | 6.4 |
| 4 | ABAX | 5.0 | 4.4 | 10.0 | 6.2 |
| 5 | Sygnia | 6.0 | 7.0 | 6.5 | 6.1 |
Scoring is based on Morningstar performance data as at 6 May 2025, across ASISA categories with more than 20 peer funds. Money market funds excluded. Only one share class per fund used, and white-label funds (e.g. Nedgroup and Amplify) Managed) are attributed to the actual investment manager.
🥇 #1: Fairtree – The Most Consistent Outperformer Across the Board
With approximately R150 billion in assets under management, Fairtree remains — in our view — the top asset manager in South Africa today. And it’s not even close.
What sets Fairtree apart isn’t just one or two flagship funds performing well — it’s the depth and consistency across their entire range. Whether you’re looking for equity, multi-asset balanced solutions, income funds, or global equity exposure, Fairtree has proven its ability to outperform in nearly every ASISA category it competes in.
Their Balanced Fund is among the top 3 out of over 160 competitors, their SA Equity Fund ranks #1 in its category, and even their Global Equity feeder fund holds its own in a notoriously tough peer group. Fairtree also runs what many consider the best hedge fund franchise in South Africa, though that’s outside the scope of this retail-focused comparison.
In short, Fairtree isn’t just participating — they’re dominating.
🏆 Fairtree’s Top-Performing Funds (7-Year Returns to 6 May 2025)
| Fund | 7-yr % p.a. | Rank | Peer-group size | ASISA Category |
|---|---|---|---|---|
| Fairtree SA Equity Prescient | 14.01% | 1 / 44 | 44 | SA Equity General |
| Fairtree Balanced Prescient | 12.68% | 3 / 163 | 163 | MA High Equity |
| Fairtree Global Equity Prescient Feeder | 15.00% | 8 / 49 | 49 | Global Equity General |
| Fairtree BCI Select Cautious | 10.52% | 2 / 112 | 112 | MA Low Equity |
| Fairtree ALBI Plus Prescient | 8.90% | 3 / 26 | 26 | IB Variable-Term |
| Fairtree BCI Income Plus | 8.81% | 6 / 75 | 75 | MA Income |
Why Fairtree Earns the Top Spot
✅ Six different ASISA categories represented amongst the top of their peer group.
✅ Best-in-category performance in flagship sectors like SA Equity and Balanced.
✅ High hit-rate: nearly 90% of Fairtree’s qualifying retail funds are top quartile over 7 years.
✅ Clear evidence of a robust investment process across mandates — not just lucky outcomes.
Whether you’re building retirement portfolios, income strategies, or global growth solutions, Fairtree has shown that they deserve a place at the top table.
🥈 #2: Truffle – The Quiet Overachiever Behind the Scenes
With around R80 billion in AUM, Truffle Asset Management might not be the most recognisable name to the average investor — but among industry insiders, it has quietly earned a reputation as one of the most consistent and skilled managers in South Africa.
What makes Truffle unique is that it not only manages its own branded funds but also runs money on behalf of other big-name platforms, including Nedgroup Investments and Amplify. While the label might say something else, the performance behind several top-tier funds is powered by Truffle’s team and process.
And that process works.
Truffle’s funds rank in the top quartile across five major ASISA categories, including short-term income, low equity, flexible multi-asset, balanced, and SA equity. Their flagship Income Plus and Flexible funds continue to deliver excellent long-term returns, while the Nedgroup Balanced Fund and Amplify Wealth Protector both outperform in large, competitive peer groups.
🏆 Truffle’s Top-Performing Funds (7-Year Returns to 6 May 2025)
| Fund | 7-yr % p.a. | Rank | Peer-group size | ASISA Category |
|---|---|---|---|---|
| Truffle SCI Income Plus | 9.31% | 1 / 24 | 24 | IB Short-Term |
| Amplify SCI Wealth Protector (managed by Truffle) | 11.51% | 1 / 112 | 112 | MA Low Equity |
| Nedgroup Inv Balanced (managed by Truffle) | 11.07% | 5 / 163 | 163 | MA High Equity |
| Truffle SCI Flexible | 11.67% | 2 / 33 | 33 | MA Flexible |
| Truffle SCI SA Equity | 12.79% | 3 / 44 | 44 | SA Equity General |
✅ 100% hit-rate – every qualifying fund they manage landed in the top quartile over 7 years.
✅ Strength across both income and equity, making them highly useful in real-world portfolio construction.
✅ Proven behind multiple brands – performance is Truffle’s, even if the label says Nedgroup or Amplify.
✅ Second-highest composite score in our framework, narrowly behind Fairtree.
For investors looking beyond the usual household names, Truffle represents the best of boutique asset management — focused, disciplined, and consistently excellent.
🥉 #3: PSG – Broad Shelf, Solid Strike Rate
PSG Asset Management earns a strong #3 ranking in 2025 thanks to a wide product shelf and consistent top-quartile performance across income, equity, and global mandates.
PSG is a well-established name in the South African retail and adviser space, offering a diverse range of unit trusts that cater to most investor profiles — from income-focused solutions to aggressive growth strategies. Their product lineup also includes several global feeder and fund-of-funds solutions, which have held up remarkably well in a volatile offshore landscape.
What pushed PSG into the top five this year — and up from just outside the top tier last year — was not only a strong showing in multiple categories, but also a notable improvement in hit-rate across their large catalogue. Their Global Flexible and Global Creator funds were particularly impressive, while their Income and SA Equity funds also delivered competitive performance.
PSG replaces Sygnia, who ranked #3 in our 2024 analysis. While Sygnia’s equity index funds still do well (especially the Skeleton 70 and Global Equity), their lack of strength across multiple categories and a declining hit-rate dropped them just outside the top five this time around.
🏆 PSG’s Top-Performing Funds (7-Year Returns to 6 May 2025)
| Fund | 7-yr % p.a. | Rank | Peer-group size | ASISA Category |
|---|---|---|---|---|
| PSG Income | 7.77% | 3 / 24 | 24 | IB Short-Term |
| PSG Diversified Income | 8.26% | 13 / 75 | 75 | MA Income |
| PSG Wealth Creator FoF | 10.25% | 12 / 80 | 80 | SA Equity General |
| PSG Wealth Global Flexible FF | 11.68% | 6 / 23 | 23 | Global MA Flexible |
| PSG Wealth Global Creator | 15.05% | 7 / 49 | 49 | Global Equity General |
✅ Strong showing across both local and global mandates, particularly in balanced FoFs and global equity.
✅ Wide range of retail-friendly unit trusts that cater to all risk levels.
✅ Big shop with solid discipline — shows that scale doesn’t have to mean dilution of quality.
✅ Replaces Sygnia in this year’s top five, thanks to a higher breadth score and improved composite ranking.
While PSG might not have the boutique prestige of Fairtree or Truffle, they offer something few managers do: a well-diversified shelf with reliable performers across most investor needs — and that’s exactly what many clients need.
🏅 #4: ABAX – Boutique Precision, Balanced Excellence
ABAX Investments enters our top five for the first time in 2025, replacing Aylett Asset Management from last year. While Aylett still runs a high-quality, concentrated book — ABAX edges ahead thanks to its exceptional balanced fund performance and consistency, high hit-rate, and clean execution across key multi-asset and equity mandates.
It’s worth noting that ABAX also manages a number of institutional mandates that don’t appear in retail rankings like ASISA or Morningstar. So while our analysis only reflects the funds visible to individual investors, it likely understates their broader capability as a manager.
Still, even within the limited retail shelf, ABAX shines. The ABAX Balanced Fund ranks #2 out of more than 160 funds in the MA High Equity category — South Africa’s most competitive retail fund peer group. Alongside that, they manage two other top funds on behalf of Nedgroup and Amplify, both of which perform strongly in their respective sectors.
🏆 ABAX’s Top-Performing Funds (7-Year Returns to 6 May 2025)
| Fund | 7-yr % p.a. | Rank | Peer-group size | ASISA Category |
|---|---|---|---|---|
| ABAX Balanced Fund | 12.42% | 2 / 163 | 163 | MA High Equity |
| Nedgroup Opportunity (managed by ABAX) | 10.96% | 1 / 73 | 73 | MA Medium Equity |
| Amplify Flexible Equity (managed by ABAX) | 10.32% | 5 / 33 | 33 | SA MA Flexible |
✅ Three top funds across core categories — balanced, medium equity, and equity.
✅ Strong performance in the most competitive category (Balanced MA High Equity).
✅ High hit-rate across its smaller, focused retail shelf.
✅ Proven sub-adviser for major platforms like Nedgroup and Amplify.
ABAX exemplifies what great boutique managers often do best: run a tight product suite, stick to their process, and quietly outperform. If you’re looking for high-quality balanced and equity exposure with minimal noise, ABAX is a name that deserves a seat at the table.
🏅 #5: Sygnia – Low-Cost Passive Excellence (Plus an AI Edge)
Sygnia has built its reputation on ultra-low fees and passive, rules-based portfolios that still manage to outperform. Their Skeleton range combines broad diversification with minimal cost, and over a full market cycle their core funds sit firmly in the top quartile. What’s more, Sygnia’s FANG.AI Fund (focused on tech giants and AI innovators) is currently the #1 global equity fund over 5 years, even though it hasn’t yet hit a 7-year track record.
🏆 Sygnia’s Top-Performing Funds (7-Year Returns to 6 May 2025)
| Fund | 7-Year % p.a. | Rank | Peer-group size | ASISA Category |
|---|---|---|---|---|
| Sygnia Skeleton Balanced 40 | 9.27% | 5 / 112 | 112 | MA Low Equity |
| Sygnia Skeleton Balanced 60 | 9.69% | 6 / 73 | 73 | MA Medium Equity |
| Sygnia Skeleton Worldwide Flexible Fund | 13.23% | 5 / 71 | 71 | Worldwide MA Flexible |
| Sygnia Skeleton Balanced 70 | 9.92% | 17 / 163 | 163 | MA High Equity |
✅ Breadth of passive skill across low-, medium- and high-equity multi-asset mandates.
✅ Top-quartile in every core Skeleton fund over 7 years — a 100% hit-rate.
✅ Rock-bottom TERs make outperformance even more impressive.
✅ Innovation edge: the FANG.AI Fund leads all global equity peers over a 5-year window, tapping into AI and tech megatrends.
If you’re building a cost-efficient core and don’t want to sacrifice long-term returns, Sygnia’s Skeleton series — plus their forward-looking FANG.AI strategy — offer hard-to-beat value.
Special Mentions: Other top asset management companies
Camissa: A fast-rising boutique with four high-performing funds in their stable, Camissa came close to cracking our Top 5. Their focus on quality, consistency, and long-term fundamentals is paying off. If they continue to grow their retail shelf and maintain this hit-rate, they’ll be hard to ignore in future rankings.
36ONE: Still one of the most consistent active managers in the SA equity space. Both their Equity and SA Equity funds rank in the top decile, and while the PPS Managed Fund (which they run) hasn’t yet reached the 7-year mark, it’s already showing strong results. Their hedge fund credentials also remain among the best in the business.
Granate: While not enough of their funds have a full 7-year track record to qualify for this analysis, the early signs are impressive. Their Balanced Fund in particular is a standout, and the boutique is quietly building a diverse and top-performing range. A name to watch closely.
Aylett: One of our top-ranked managers last year, Aylett slips off the list this year due to a narrower fund range. But make no mistake — their Bravata Flexible Fund and Balanced Fund remain excellent, and what they do, they do extremely well. A high-conviction boutique for the active allocation sleeve.
Centaur: With one of the top-performing flexible funds in the market and a balanced fund that consistently ranks in the upper quartile, Centaur continues to deliver across core mandates. Their equity fund is also gaining traction and may emerge as a future leader.
Read Next: The Best Performing Balanced Funds to Consider For Your Retirement Annuity
What About the ‘Big 3?’ Allan Gray, Coronation, and Ninety One
The largest and most recognisable asset managers in South Africa — Ninety One, Allan Gray, and Coronation — continue to carry significant influence. Their reputations are well earned, and they remain household names with broad fund ranges, deep resources, and strong institutional heritage. Many of their funds still feature in our client portfolios, and several continue to perform well.
That said, when you look at relative performance today — especially over the past 7 years — these managers no longer sit at the very top of the rankings. While they each have standout funds, and many remain in the top quartile, the consistency and breadth of outperformance just hasn’t been as strong as it once was. That’s not to say they’re no longer relevant — far from it — but rather a reminder that strong performance now often lies outside of the traditional favourites.
Further Reading: Ranking the Best Performing SA Equity Unit Trust Funds in South Africa
Final Thoughts: Performance Matters, But So Does Portfolio Craftsmanship
Choosing the best asset management firm isn’t just about chasing rankings — it’s about aligning your selection with your long-term goals, investment philosophy, and personal risk profile. While performance is a key input, it’s only one piece of the puzzle.
All of the managers highlighted in this review have funds we respect and often use in our client portfolios. But portfolio construction is as much an art as it is a science. It’s not just about identifying top performers in isolation — it’s about understanding different investment styles, factor exposures, and how to blend complementary funds together to create diversified, resilient strategies tailored to each client.
In that context, our analysis helps surface where consistent skill is showing up — across different mandates, peer groups, and market cycles. But building the right portfolio means going beyond the scoreboard, and knowing how each manager fits within a broader, purpose-driven strategy.
The key is to remain curious, open-minded, and willing to look past the familiar names when necessary. Because in today’s market, finding the best investment outcomes often means expanding the field of vision.
Now Read: Who are the Top Performing Global Equity Funds in SA Today?
Curious about how your current portfolio stacks up?
If you have R5 million or more to invest (professional or entrepreneur)— or R10 million+ as a retiree looking to secure and draw from your capital — we’d be happy to offer a second opinion. At Henceforward, we’re fully independent and operate on a transparent flat-fee model, so our advice is always aligned with your goals — not driven by product sales or hidden costs.
Carl-Peter Lehmann
Carl-Peter Lehmann is a CERTIFIED FINANCIAL PLANNER® and investment professional with over 20 years of experience in helping clients navigate complex financial decisions. He is a Director and Partner at Henceforward, where he leads portfolio strategy and manager research. Carl-Peter specialises in constructing evidence-based investment solutions that blend global thinking with local insight — always grounded in what matters most to clients: achieving financial independence with clarity and confidence.
