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  • Welcome

    We thank you

    For joining us at the Investec Institutional Insights Forum held on the 10th of June 2016.

    The Forum offered the opportunity to engage directly with leaders of our globally-integrated investment team who are investing for a better tomorrow.

    The event brought together key decision-makers with seasoned business executives and senior investment professionals from our team in frank discussions about the opportunities and risks facing investors in 2016. 

    Judge Dennis Davis was joined in conversation by Fani Titi (Chairman of Investec Ltd, founder of investment firm The Tiso Group and also chairman of Armscor, Kumba Iron Ore and Tsiya Group). Mr Titi shares his perspectives about how South Africa can gather momentum and move forward. 

    Bronwyn Nielsen interviewed entrepreneurial business leader Brian Joffe (the outgoing CEO of South African success story, Bidvest) discussing what it takes to build an internationally successful business from South African roots. Under the “Viewpoints” link above you can access short summaries of the other insightful sessions held on the day. 

    We look forward to seeing you again next year!

  • Viewpoints

    Viewpoints

    Introduction

    Investec Asset Management is differentiated by its African roots.

    Building SA through entrepreneurship and education

    An overview of the conversation with Brian Joffe.

    Download viewpoint

    The future of SA Industrials

    A look at the future of SA industrials in a weak Rand environment.

    Download viewpoint

    Moving SA forward

    Can South Africa capture the momentum of moving forward?

    Africa in a low commodity world

    An overview of the talk on the case for Africa in a low commodity world.

    Real returns

    An overview on the talk on generating real returns in a low beta world.

  • Speakers

    Agenda

    Johannesburg

    Download PDF

     

    Speaker profiles

    Hendrik du Toit – Chief Executive Officer, Investec Asset Management

    Hendrik du Toit is Chief Executive Officer at Investec Asset Management and a director of Investec plc and Investec Ltd. Hendrik joined the Investec Group in 1991 as a Portfolio Manager and founding member of Investec Asset Management.

    Under his stewardship, Investec Asset Management grew from a small South African start-up to an international specialist asset management firm entrusted with over ZAR 1.6 trillion of client assets*.

    Hendrik holds a MPhil in Economics and Politics of Development from Cambridge University, as well as a MCom in Economics and International Finance (Cum Laude), BCom in Economics honours degree (Cum Laude) and a BCom (Law) from Stellenbosch University.

    In 2008 Global Investor (a Euromoney publication) named him Asset Management CEO of the Year. In 2011, he was named as one of Financial News’ top 10 most influential individuals in asset management and was awarded The European Asset Management Personality of the Year award by Funds Europe. In 2012, Hendrik was named Chief Executive of the Year at the Financial News 11th annual Awards for Excellence in Institutional Asset Management. In 2013 he was presented with a special recognition award by Funds Europe, marking his achievements as CEO.
    * As at end December 2015

    Read more

    Thabo Khojane - Managing Director, Africa

    Thabo is the managing director of Investec Asset Management Africa and has been with the firm since 1998.

    Prior to this role, he was managing director for South Africa. Previously, Thabo worked as a management consultant with Monitor Company, based initially in the US and later in South Africa.

    His focus was competitive strategy for aspiring global businesses; he had clients in telecommunications, healthcare and mining. Thabo graduated from Brown University in the US, with a BSc in Engineering and a BA in Economics.

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    Natalie Phillips – Head of SA Institutional

    Natalie is the head of the South African Institutional team. She began her career with the firm in 1997, initially as a legal advisor and later as an investment analyst in the industrial conglomerates sector.

    During 1999 she assumed responsibility for Investec Asset Management’s private client relationships.

    In 2002, Natalie changed her focus to institutional new business. Since 2002, Natalie has also been responsible for some of the firm’s largest institutional client and consultant relationships. Natalie holds a Bachelor of Laws degree (LLB) and a Masters degree in Economics (MA Econ), both from the University of Stellenbosch.

    Read more

    Chris Freund - SA Equities and Multi-Asset

    Chris is the Co-Head of SA Equities & Multi-Asset at Investec Asset Management and the lead portfolio manager for our SA mul-ti-asset strategies.

    He joined the firm in 2005 having left Futuregrowth Asset Management, where he served as head of equities and portfolio manager from 2001. When he first joined RMB Asset Management (RMBAM) in 1993, he spent nine years as an analyst, portfolio manager and ultimately, director.

    During this time, he managed a number of portfolios including balanced portfolios for many retirement funds, as well as the RMB General Equity Unit Trust. Still with RMBAM, he relocated to Cape Town in 2000 to take responsibility for the Public Investment Corporation equity portfolio outsourced by Futuregrowth, before formally joining Futuregrowth in 2001.

    Following the completion his articles, he joined JD Anderson stockbrokers as a banks/insurance analyst in 1990. Chris graduated from the University of Cape Town with a Bachelor of Commerce degree and holds a Bachelor of Computations (Hons) (Certificate in Theory of Accounting) degree from the University of South Africa. Chris is a Chartered Accountant (SA) and is also a CFA Charterholder.

    Read more

    Clyde Rossouw - Co-Head of Quality

    Clyde is Co-Head of Quality at Investec Asset Management. He is portfolio manager with a focus on multi-asset absolute return and low volatility real return equity investing. His portfolio manager duties include our flagship Opportunity strategy that he has run since 2003 and our equity oriented Global Franchise and Global Quality Equity Income strategies.

    Clyde joined the firm in 1999, initially as an asset allocation and sector allocation strategist. Prior to Investec Asset Management, Clyde was awarded a study bursary by Sanlam where he worked for eight years, including five years in asset management. His experience in investments there included fixed income analysis and portfolio management.

    Clyde graduated from the University of Cape Town with a Bachelor of Science degree in Statistics and Actuarial Science. He was awarded the Certificates in Actuarial Techniques in 1995, and Finance and Investments in 1997 by the Institute of Actuaries in London. Clyde is a CFA Charterholder.

    Read more

    Khaya Gobodo – Quality

    Khaya is the strategy leader for Africa within our Quality team at Investec Asset Management, where he is responsible for Pan Africa listed equity research and investments.

    He initially joined the firm in 1999 working on the frontier and emerging market equities team where he progressed to a portfolio manager. In 2005, Khaya left the firm to establish Afena Capital, an investment management firm operating in South Africa and Botswana, where he was chief investment officer and a senior portfolio manager being responsible for leading and managing the investment team.

    Khaya graduated with a Bachelor of Commerce from WITS University in 1999. Thereafter he became a CFA Charterholder in 2002 and obtained a Master’s degree (by distinction) in Investment Management at CASS Business School City University (London)in 2004.

    Read more

    John Biccard - Portfolio Manager

    John is a portfolio manager at Investec Asset Management with responsibility for our Value Equity Strategy. He joined the firm in 2000 as the sector head of Industrials, a position he held until early 2003. Prior to Investec Asset Management, John worked at HSBC Asset Management as a director of Institutional Asset Management for two years and prior to that, at Simpson McKie Stockbrokers (now HSBC Securities) as the head of financial and industrial research. He was also a director of the company.

    From 1990 to 1996, John was an analyst in the retail, construction, furniture, motor, media and general industrial sectors, and was ranked in the Financial Mail rankings between 1991 and 1996 in most of these sectors, achieving the top ranking in retail in 1994. John graduated from the University of the Witwatersrand with a Bachelor of Commerce degree in Economics and obtained his Honours through the University of South Africa. He is a CFA Charterholder.

    Read more

    John Stopford - Co-Head of Multi-Asset

    John is co-head of Multi-Asset at Investec Asset Management, responsible for all multi-strategy income. He is lead portfolio manager on our multistrategy income portfolios, as well as participating in the wider management of our multi-asset strategies. During his time at the firm John has held senior positions as co-head of Fixed Income & Currency, having previously been responsible for the management of our South African fixed income assets from 1998 to 2004.

    John joined Guinness Flight in 1993, which was later acquired by Investec Asset Management, and took responsibility for investments in emerging bond and currency markets. Previous to this, he worked in London and Tokyo as a specialist global bond and currency portfolio manager for Mitsui Trust Asset Management.

    John graduated from the University of Oxford with an honours degree in Chemistry in 1990 and he is a CFA Charterholder.

    Read more

    Nazmeera Moola - Co-Head of SA & Africa Fixed Income

    Nazmeera is a co-head of SA & Africa Fixed Income as well as economist and strategist for the Emerging Market Fixed Income team at Investec Asset Management. Nazmeera runs the top-down process for both the SA Rates and Credit teams. Nazmeera has been published extensively in the local media, including the Financial Mail and Business Times.

    Nazmeera graduated from the University of Cape Town with a Bachelor of Business Science degree and is also a CFA Charterholder. She is also a non-executive director of Mercedes-Benz South Africa and was a nonexecutive director of Transnet SOC from 2010 to 2015.

    She joined the firm in 2013 from Macquarie First South where she was Head of Macro Strategy. She began her career as an economist at Merrill Lynch in South Africa and London.

    Read more

    Rhynhardt Roodt - Co-Head of SA Equities & Multi-Asset

    Rhynhardt is a co-head of SA Equities & Multi-Asset and is a co-portfolio manager on the General Equity and SA Multi-Asset Balanced Strategies at Investec Asset Management. He is also responsible for driving the overall equity research agenda within these strategies.

    Rhynhardt began his career at the firm in 2004 and spent a year as a client service consultant and as an analyst in the risk, attribution and performance measurement team, before moving into equity analysis. Rhynhardt rejoined the firm in 2010 from Oryx Investment Management where he worked for two years as a research analyst and portfolio manager.

    Over the years he has been responsible for fundamental analysis of a broad range of listed companies in the South African equity market, particularly companies within the industrial-and resource sectors.

    He graduated from the University of Pretoria with a Bachelor of Commerce in Financial Management Sciences and a Bachelor of Commerce (Hons) in Investment Management (cum laude), before completing a Masters degree in Financial Management (cum laude) at the University of Cape Town. Rhynhardt is also a CFA Charterholder.

    Read more

    Rob Forsyth - Head of Research for Quality

    Rob is head of research for the Quality team and is responsible for design and implementation of the research process. Prior to this, he was head of the industrial, consumer and technology sector in our Frontier & Emerging Markets team, a position he assumed in 2003. Rob was previously a sector equity portfolio manager, whose responsibilities included the Momentum Industrial Fund (Unit Trust) and a building block of the SYmmETRY range called the Old Mutual Industrial and Consumer Fund. In addition, Rob managed the Investec Growth Fund unit trust for two years to 2001 and the Investec Global Consumer Fund for close to two years, after its launch in 1996.

    Rob joined Investec Asset Management in 1995 as an investment analyst. He has spent more than 15 years analysing global consumer branded companies. He graduated from the University of Cape Town with a Bachelor of Business Science degree in Finance.

    Read more

    William Alexander – Africa Private Equity

    William is an investment principal of the Investec Africa Private Equity Fund. He joined Investec Asset Management in 2007 from J.P. Morgan Investment Bank where he spent seven years working in both London and Johannesburg, initially as an analyst, and finally, as vice president covering clients in the natural resources sector.

    He has served on the board of several companies. William holds a Bachelor of Science degree in Economics and Politics from the University of Bristol in the United Kingdom.

    Read more

    Guest speakers

    Fani Titi – Chairman of Investec Group

    Fani Titi is non-executive Chairman of Investec Limited, Investec Plc and Kumba Iron Ore Company Limited. He also serves on the boards of other Investec Group companies.

    Fani is a former executive director of ABIL Limited, founding CEO of Kagiso Media Limited and founding director of Kagiso Trust Investments (Pty) Limited. He was the founding Chairman of the private equity firm Tiso Group (Pty) Limited. He has served on boards of numerous private and JSE top 100 companies.

    Fani has over 20 years’ experience in the private equity and banking sectors and general business. He has served on audit, remuneration and nomination committees of boards over this period. He offers seasoned judgement on issues of corporate governance, cooperate performance, strategy formulation and implementation and leadership.

    Read more

    Judge Dennis Davis

    Judge President of the Competition Appeal Court. Judge since 1998. Previously Professor of Law at UCT and WITS and now Hon Professor at UCT where he teaches Tax Competition Law, Legal Theory and Constitutional Law. Author / Co-Author of 11 books. Presently Chair of the South African Tax Review Committee.

    Married to Claudette, they have two children, Liat and Joshua. Very concerned Manchester United supporter.

    Read more

    Norbert Sasse - Chief Executive Officer for Growthpoint Properties

    Norbert is a qualified Chartered Accountant with over 25 years’ experience in corporate finance, funds management, and all aspects of listed property. Norbert earned his respected business leadership and deal-making acumen as a driving force behind the success story of Growthpoint, South Africa’s largest primary listed REIT and an ALSI 40 company with assets over R110bn.

    He gained his early career experience at Ernst & Young and Investec Corporate Finance and, at Investec Property Group, played a pioneering role in South Africa’s then fledgling listed property industry from 2001.

    As part of his industry leadership, Norbert was involved in the formulation of the South Africa’s internationally recognized REIT dispensation, which has had huge benefits for the publicly traded real estate sector. Norbert is a seasoned voice for the sector and an advocate for sustainable business. Growthpoint’s green building and resource efficiency initiatives are changing South Africa’s cities by creating better environments for businesses thrive and people to reach their full potential.

    Read more

    Brian Joffe – Chief Executive Officer, Bidvest

    Director of numerous Bidvest subsidiaries. Since founding Bid Corporation in 1988, Brian served as executive chairman until his appointment as chief executive in 2004. He has over 33 years of South African and international commercial experience.

    Brian was one of the Sunday Times’ top five businessmen in 1992 and is a past recipient of the Jewish Business Achiever of the Year award.

    He was listed as one of the top 100 Africans of the Year in the Africa Almanac in 2001, was voted South Africa’s Top Manager of the Year in 2002 in the Corporate Research Foundation’s publication “South Africa’s Leading Managers”, represented South Africa at the coveted “Ernst & Young World Entrepreneur of the Year” awards in 2003, voted the Sunday Times’ Businessman of the Year in 2007, awarded an honorary doctorate in May 2008 by Unisa and selected in 2010 by Wits Business School Journal as one of South Africa’s top 25 business leaders, having made a significant impact on business in South Africa over the last five years.

    Listed by Forbes Magazine as one of the 20 most powerful people in African business. Brian Joffe was appointed chairman of the board of Adcock Ingram and resigned as chairman of Bidvest Namibia in 2014.

    Read more

    Bronwyn Nielsen – Editor-in-Chief of CNBC Africa

    Bronwyn Nielsen has been with CNBC Africa since its launch in 2007. As one of the first faces to join the channel, Nielsen comes with over fifteen years in the African broadcasting industry. Some of her highlights at CNBC Africa include the hosting of the live CNBC Africa Debates at the World Economic Forum in Davos in January 2013, 2014, 2015 and 2016 as well as the “Äfrica Debate” at the Milken Institute Los Angeles Global conference 2014 and 2015.

    Bronwyn also presents Captains of Industry, a program that features weekly interviews with top leadership of African companies. Africa Business News (ABN) appointed Bronwyn Nielsen as the executive director to the group in 2012.

    Her role of executive director involves setting the content agenda for all the companies within the ABN Group (this includes CNBC Africa, Forbes Africa - ABN Publishing, ABN Pictures, ABN Digital and ABN Productions), as well as driving the group’s strategic growth opportunities. Bronwyn has a Bachelor of Commerce degree from the University of Cape Town and recently completed a financial course for senior executives at Harvard Business School in Boston.

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    Muitheri Wahome – Head: Technical Solutions for Investment Solutions

    Muitheri Wahome joined Investment Solutions in 2009 as head: technical solutions and is a member of the Exco. She has 20 years’ experience in the financial services industry, first working at Barnard Jacobs Mellet as an insurance sector analyst from 1996 to 2001 before joining Alexander Forbes Asset Consultants. Muitheri has many professional achievements to her credit.

    She was rated top investment consultant by the Association of Black Securities and Investment Professionals (ABSIP) in 2004 and 2006, and was a rated analyst in the Financial Mail analyst survey in 2001 and Reuters survey in 1999.

    In 2006, she made the Financial Mail’s list of influential people in the financial services industry. She was a member of the FSB’s Collective Investment advisory committee from 2006 to 2012. She has a BCom (Hons) from the University of the Nairobi and a diploma from the Chartered Insurance Institute in the UK.

    She also has an MBA from Wits Business School and attended an exchange programme with Duke University Fuqua School of Business. Muitheri is a fellow of the ninth class of the Africa Leadership Initiative-South Africa and member of the Aspen Global Leadership Network.

    Read more

    Fatima Vawda - Managing Director of 27four Investment Managers

    Fatima is the founder and Managing Director of 27four Investment Managers, a South African multi-manager focused on the provision of product solutions for retirement funds and individual investors. Fatima holds an MSc in Applied Mathematics and has over 18 years experience in financial markets. She started her career as a lecturer at The University of Witwatersrand in 1995.

    She also previously worked at Standard Corporate and Merchant Bank, Peregrine Securities and Legae Capital. Her areas of expertise include asset allocation and portfolio construction. Fatima has over the years received numerous accolades both domestically and internationally.

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