Fund managers predict IFA consolidation and the rise of the DFM
06 March 2025
South Africa’s fund management landscape has undergone a remarkable transformation over the years, shaped by regulation, market dynamics, and the evolving needs of investors. One can follow its path from the wild-wild west of pre-1980s brokering, to the rise of indexation and unit trusts, to the advent of multi managers, to an era during which most asset managers and financial advisers were building portfolios on what you might call a core-satellite approach, to the multi-asset or balanced fund years, and finally, to the rise of discretionary fund managers (DFMs).