Transformation is not optional in SA
- 8 September 2025
- 9 min read
Futuregrowth’s recently appointed CEO, Vuyolwethu Nogantshi, has stepped into the role at a pivotal time for both the business and the wider asset management industry. For Nogantshi, the move is about embedding transformation as a core driver of growth, sustainability and long-term impact, whether that relates to ownership structure, graduate pipelines, grassroots investments or boardroom decisions.
“The principle runs through every layer of the business. Transformation is about ownership, about where capital flows and about whether your investment philosophy is truly inclusive,” he says. “Futuregrowth is a firm with a strong reputation and a smart, capable team,” he explains. “But there are still areas where we can improve and add value. That excites me because I’m a person who thrives on relevance and the opportunity to make a real difference.”
Taking on the CEO role, Nogantshi emphasises authenticity, both internally and externally. “Once you’re in this position, your voice doesn’t just matter inside the business, it carries weight across the industry,” he notes. “It’s about being genuine, consistent and purposeful. Our responsibility is not only to lead Futuregrowth, but to help shape where the industry goes in the next five to ten years.”
That requires balancing hard metrics with human values. “It starts at home,” he says. “Let’s be nice as people. Let’s do a good job. And let’s hold ourselves to the same standards we expect from others.”
A seamless transition of leadership
Nogantshi’s appointment is part of a carefully planned succession process, with the outgoing CEO ensuring continuity. Rather than the abrupt leadership changes often seen in financial services, Futuregrowth is managing its transition in a way that safeguards both client confidence and business performance. “This isn’t about crisis management or holding statements,” he says. “It’s a visible, deliberate transition. We’ve got continuity, we’ve got new energy, and we’ve got a clear mandate to deliver value.”
With DEI (as it is called in the US) coming increasingly under the microscope globally, and not always for the right reasons, Nogantshi stresses that South Africa’s context makes transformation fundamentally different. “In South Africa, diversity, equity and inclusion aren’t optional. They’re an imperative,” he explains. “Our history means transformation is more than a social aspiration; it’s essential for future prosperity. Asset managers can’t operate in isolation from this reality. We are gatekeepers of capital that comes from the very people who need to see change.”
He believes strongly that global companies doing business in South Africa need to align with these values. For Nogantshi, this is about aligning fiduciary responsibility with social progress. “It was always seen as an either/or: you can deliver returns, or you can make an impact. But Futuregrowth has shown you can do both. Transformation, sustainability and returns are not mutually exclusive.”
Taking great credentials to new heights
Futuregrowth’s track record is already striking: close to 70% Black ownership, a staff complement that is more than 85% Black, and a philosophy of directing capital toward inclusive growth. While investments in affordable housing, healthcare, renewable energy and fintech are financial opportunities, they’re also channels for creating systemic change. One example is Sourcefin, a platform supporting Black- and youth-owned SMEs, where 90% of clients come from previously marginalised groups. “This is transformation at grassroots level,” says Nogantshi. “You’re creating value, but you’re also generating returns for clients. The two are not mutually exclusive.”
Clients driving change
Nogantshi notes that pension funds and institutional investors are increasingly demanding transformation as part of their investment mandates. “Clients are realising the agency they hold,” he says. “They control hundreds of billions of rands. That capital doesn’t have to drive change, but it can, and increasingly, it does. It’s becoming an unstoppable snowball.”
He believes every investment is effectively a vote for the kind of economy you want to build. This has often put Futuregrowth in the spotlight, such as in the mid-2010s when it challenged state-owned entities on governance grounds. “People ask me whether we’ll continue to be bold,” he says.
“The answer is yes but bold in a sensible way, always in service of our objective to be an engaged developmental investor. We’re not afraid to challenge conventional approaches when it matters.”
Building skills for the future
One of the greatest challenges for transformation is skills. Nogantshi acknowledges that within the entire asset management industry, talent pipelines remain thin, but he believes the solution lies in long-term thinking.
“Ours is an industry that talks constantly about the importance of long-term investing,” he says. “Yet when it comes to building skills, too often we default to short-term thinking. We worry about training young people only to see them leave. But if the industry grows talent collectively, we all benefit.” Futuregrowth is tackling this through graduate programmes, mentorship structures, and sustained investment in developing diverse future leaders. “Transformation must be systemic. It requires patience, persistence and industry-wide collaboration.”
Technology, accountability and the next generation
Nogantshi also sees digital transformation and generational shifts reshaping asset management. “Technology has democratised access,” he says. “Whether it’s remittances, education or financial services, digital platforms expand inclusion for those who were previously excluded.” Younger entrants into the industry, he adds, are also pushing the boundaries. “They demand accountability, transparency and authentic progress. If you’re superficial in your approach, they’ll call you out, publicly, and fast. That forces us all to be better.”
Convergence and authentic progress
The CEO sees the future of asset management shaped by a convergence of regulation, client demands and societal imperatives. “Transformation done well is powerful. Done poorly, it creates cynicism. But between regulation, client mandates and momentum, we are moving toward an industry that reflects the demographics and aspirations of the country.”
The task, he says, is not to fear transformation, but to embrace it as a driver of growth. “If we grow talent, grow corporates and allocate capital into opportunities that expand the economy, everyone benefits. We need to build a healthy, sustainable future where success is shared.”
Nogantshi acknowledges progress has been slow, but believes the trajectory is encouraging. “There are firms today that have broken through barriers that once seemed impossible. We’ve still got a way to go, but the momentum is there. And the legacy we leave will be measured not only in assets under management, but in how authentically we transformed the industry and the country.”
A bigger picture mindset
For Nogantshi, achieving transformation will mean staying relevant and resilient in a changing society. “This is a long game,” he says. “If we don’t commit to building skills, creating opportunity and investing in inclusion, we’ll be having the same conversation in 20 years’ time. But if we take the bigger-picture view, we can reshape the industry, and our country, for the better.”
This article was originally published in the September issue of MoneyMarketing SA and republished with permission.
