Janina Slawski, Executive, Investment Consulting at Alexforbes

Alexforbes has published the results of its December 2025 Manager Watch™ Survey of Retirement Funds Investment Managers, providing an annual snapshot of the South African retirement fund investment management landscape. The survey analyses key statistics and findings across 30 surveys covering 15 balanced, 14 specialist and a multi-manager survey, alongside insights drawn from Alexforbes’ June 2025 Assets under Management (AuM) survey.

Key highlights from the 2025 survey cycle

• The June 2025 Alexforbes AuM survey shows Ninety One as the largest single asset manager, while Alexander Forbes Investments leads among multi-managers.
• Multi-managers continue to gain share: in 2019, for every R1 managed by single managers, multi-managers held 15 cents; by 2025 this increased to 30 cents.
• Total assets reported by survey participants increased by 13% versus June 2024. The top 10 managers account for 62% of total assets across the 78 managers included.
• Transformation progress: 54 of 78 managers in the AuM survey were rated level 1 contributors in 2025 (up from 52 in 2024); the top 22 managers all achieved a level 1 rating.
• All managers in the SA Best Investment View (BIV) category delivered positive returns for the year; of 19 managers, 10 outperformed the category median return of 31.9%.
• The Global BIV category recorded a median return of 21.1%, below the domestic-mandate median of 31.9%; 29 of 53 portfolios outperformed the Global BIV median.
• Global allocation: as at December 2025, 40 of 53 managers in the Global BIV category held more than 30% of portfolios in global assets (with 8 exceeding 40%); average international exposure was 33.5%.
• The Manager Watch™ publication also includes editorial features on industry change, allocator decision-making and investment-business resilience, including a CEO conversation with Dawie de Villiers and Hendrik du Toit (Ninety One’s 35th anniversary).

Survey scope and participation – The December 2025 Manager Watch™ Survey analyses key statistics and findings across 30 surveys (15 balanced, 14 specialist and a multi-manager survey). In 2025, the survey universe covered 94 asset managers and 875 strategies, representing year-on-year increases of 2.2% and 9.8% respectively versus 2024.

Participation continued to broaden across categories. Notably, strategies participating in the BEE survey recorded the most significant year-on-year increase in 2025 versus 2024, growing by 17%.

Number of strategies (portfolios) across some surveys

AuM survey highlights (June 2025)

According to the June 2025 Alexforbes AuM survey, Ninety One remains the largest asset manager in South Africa, increasing assets under management by 6% year on year. STANLIB AM retained second place with 13% growth in assets over the same period.

In the battle for third place, Coronation rose from fourth place after growing assets by 17%, while SIM moved to fourth despite reporting 9% growth. Allan Gray remained in fifth place, with assets under management increasing by 14%.

Among multi-managers, Alexander Forbes Investments strengthened its position as the leading multi-manager in South Africa. It remained in sixth place overall, supported by a 10% increase in assets under management over the past year.

Market and performance highlights

In the SA Best Investment View (BIV) category, all participating managers delivered positive returns for the year. Of the 19 managers in this category, 10 outperformed the median return of 31.9%.

In the Global BIV category, the median return was 21.1% and 29 of 53 portfolios outperformed the category median. Portfolio construction remained meaningfully global. As at December 2025, 40 of 53 managers held more than 30% in global assets, with 8 exceeding 40%; average international exposure was 33.5%.

SA Equity Manager Watch™: strong year for domestic equities

The South African equity sector was the best-performing asset class in 2025. Supported by higher gold and PGM prices, and strong technology stocks, the FTSE/JSE All Share Index (ALSI) returned 42.4%, up from 13.4% in 2024.

Within the SA Equity Manager Watch™ survey universe, managers delivered an average return of 44.1% for the year. 34 portfolios outperformed the ALSI, and the top-performing fund returned 48.9%.

Benchmarks of portfolios participating in the Equity survey as a percentage of the survey are:

This benchmark mix will change in 2026 as the JSE Index Harmonisation Project concludes, simplifying index structures and reducing overlap across FTSE/JSE indices.

Fees: standardised fee survey approach

As part of the survey cycle, asset managers were asked to standardise base fees using a sliding scale across different AuM levels to support comparability. Alexforbes notes that this standardised approach may differ from individual managers’ actual fee structures.

Maximum, minimum and average base fees charged

For retirement fund trustees, consultants and institutional allocators, the Manager Watch™ research provides a comparative view of market structure, asset growth, performance outcomes and evolving portfolio construction trends – including the continued rise of multi-manager solutions and increasing use of global assets.

You can view the full survey here.

ENDS