DIRECTORY Hedge Fund & Alternative Manager 2020/2021 - HedgeNews Africa
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WWW.HEDGENEWSAFRICA.COM Hedge Fund & Alternative Manager DIRECTORY 2020/2021 A handbook of leading players in Africa’s alternative asset management industry
Contents
Hedge
Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 AFRICA FUNDS
Contents
Regulatory update . . . . . . . . . . . . . . . . . . . . . . 5 Coronation Asset Management . . . . . . . . . . . . 46
Visio Fund Management . . . . . . . . . . . . . . . . . . 47
EDUCATION
fund
Ashburton Investments . . . . . . . . . . . . . . . . . . . . 7 FUNDS OF FUNDS
Greenpoint Capital . . . . . . . . . . . . . . . . . . . . . . 11 Alexander Forbes Investments . . . . . . . . . . . . . 50
STANLIB Credit Alternatives . . . . . . . . . . . . . . . 15
Aurum Fund Management . . . . . . . . . . . . . . . . 51
Westbrooke Alternative Asset Management . . . 19
Edge Capital . . . . . . . . . . . . . . . . . . . . . . . . . . . 55
36ONE Asset Management . . . . . . . . . . . . . . . 22
All Weather Capital . . . . . . . . . . . . . . . . . . . . . . 26 THINK.CAPITAL . . . . . . . . . . . . . . . . . . . . . . . . 56
Visio Fund Management . . . . . . . . . . . . . . . . . . 48 TriAlpha Investment Management . . . . . . . . . . . 57
Aurum Funds Limited . . . . . . . . . . . . . . . . . . . . 52
RisCura . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 78 MANAGEMENT COMPANIES
Mergence Investment Managers . . . . . . . . . . . 86 Novare CIS . . . . . . . . . . . . . . . . . . . . . . . . . . . . 58
A2X . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 89 SANNE Management Company . . . . . . . . . . . . 59
PRIME BROKERS
ALTERNATIVE ASSET MANAGERS
Absa . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60
Ashburton Investments . . . . . . . . . . . . . . . . . . . . 6
Chrysalis Capital . . . . . . . . . . . . . . . . . . . . . . . . 10 AG Capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . 62
Greenpoint Capital . . . . . . . . . . . . . . . . . . . . . . 11 Investec Prime Services . . . . . . . . . . . . . . . . . . 63
STANLIB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 Nedbank CIB . . . . . . . . . . . . . . . . . . . . . . . . . . 64
Westbrooke Alternative Asset Management . . . 18 Peresec . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 65
HEDGE FUNDS Rand Merchant Bank . . . . . . . . . . . . . . . . . . . . 67
36ONE Asset Management . . . . . . . . . . . . . . . 21 Standard Bank . . . . . . . . . . . . . . . . . . . . . . . . . 68
All Weather Capital . . . . . . . . . . . . . . . . . . . . . . 25
Barak Fund Management . . . . . . . . . . . . . . . . . 28 PROFESSIONAL SERVICES
Blue Quadrant Capital Management . . . . . . . . . 29 Gael Fund Services . . . . . . . . . . . . . . . . . . . . . . 70
Catalyst Fund Managers . . . . . . . . . . . . . . . . . . 30 JTC Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . 71
Coronation Asset Management . . . . . . . . . . . 31 Maitland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 72
Coronation Asset Management . . . . . . . . . . . . 32
Mazars . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 73
Coronation Asset Management . . . . . . . . . . . . 33
Prescient Fund Services . . . . . . . . . . . . . . . . . . 74
Fairtree . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34
Independent Alternatives Investment Managers 35 PwC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 76
Laurium Capital . . . . . . . . . . . . . . . . . . . . . . . . 36 RisCura . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 77
Mazi Asset Management . . . . . . . . . . . . . . . . . 37 RMB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 81
Nitrogen Fund Managers . . . . . . . . . . . . . . . . . 38 SANNE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 82
Peregrine Capital . . . . . . . . . . . . . . . . . . . . . . . 39
SS&C Advent . . . . . . . . . . . . . . . . . . . . . . . . . . 83
Polar Star Management . . . . . . . . . . . . . . . . . . 40
Zarclear . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 85
Protea Capital Management . . . . . . . . . . . . . . . 42
Southchester Investment Managers . . . . . . . . . 43 DISCLAIMERS . . . . . . . . . . . . . . . . . . . . . . . 91
Visio Fund Management . . . . . . . . . . . . . . . . . . 44
Visio Fund Management . . . . . . . . . . . . . . . . . . 45 DEFINITIONS . . . . . . . . . . . . . . . . . . . . . . . . 92
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Email: admin@hedgenewsafrica.com Tel: +27 (0) 43 748 1283 Published by African Financial Media
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HEDGENEWS AFRICA DIRECTORY 2020/2021 3
Regulation leads the way
Introduction
This year’s HedgeNews Africa Hedge Fund and of higher returns. In addition, some managers
Alternative Manager Directory, our fifth, showcases are able to offer investors access via segregated
a comprehensive array of talented managers mandates or private arrangement.
and companies who are accessing a host of So far in 2016, markets have been behaving in
opportunities across the African markets. new and interesting ways, ruffled by economic and
From long/short equity funds, fixed income political events, both at home and abroad. It has been
and commodities mandates to market-neutral a rough environment for active managers, yet it is one
and pan-Africa long-only strategies, managers that many have navigated sensibly and to good effect.
operating across these markets apply their specific While many long/short equity strategies, which
aptitudes and proven abilities had a great year in 2015,
to profit in various ways. have battled the volatility,
Whether they focus on the numerous individual funds
quantitative or qualitative, have continued to do well in
WWW.HEDGENEWSAFRICA.COM
macro or micro, across a a changeable environment.
Hedge Fund &
range of asset classes, they Fixed income and multi-
have identified potential profit Alternative Manager strategy hedge funds
centres, and packaged those DIRECTORY 2020/2021 have flourished, as have
ideas into portfolios designed A handbook of leading players in Africa’s market neutral, relative-
alternative asset management industry
to be accessible to a range of value and commodities
different investors. strategies, showing the
It’s a particularly exciting value of diversifying across
time for hedge fund different strategies within an
managers in South Africa, alternative asset allocation, to
with single-manager and build weatherproof portfolios.
multi-manager products And in the broader African
now moving into a regulated space, where conditions
environment, bringing greater have been brutal in the listed
comfort for investors. markets, skilled managers
In this year’s directory you are constructing portfolios
will notice fund managers’ that tap into long-term
alliances with management themes.
companies, as required under Collective Investment How can investors identify talented managers in
Scheme rules. This is an important addition in an increasingly complex operating and investment
the regulated environment, as authorities require environment? Research and due diligence are
additional layers of operational oversight, among ever more critical, and this directory provides
other stringent requirements. an important starting point for investors on that
Regulated hedge funds come in two main journey.
varieties – retail investor funds (RIFs) or qualified The following pages offer valuable insights into
investor funds (QIFs). The first are designed to cater the talented individuals operating in the markets,
to a wider set of investors – they can be accessed the companies that they operate within, and also
via smaller monthly contributions rather than big the important infrastructure that supports their
lump sums, and they have various other mandate endeavours – from administrators and prime
constraints including lower levels of leverage. QIFs brokers, to lawyers, management companies,
are very much the same type of product that the accountants and risk advisors.
industry has always offered – but with greater We trust you will find it useful.
oversight. Designed for sophisticated investors or
institutions, they can use higher leverage limits and Gwyneth Roberts, editor
more unconstrained mandates, usually in pursuit HedgeNews Africa
4 HEDGENEWS AFRICA DIRECTORY 2020/2021
Hedge funds – navigating the
Regulatory
future global environment
Hedge fund
When reflecting on 2020, it is easy to get How do we continue to increase broader
distracted by the pandemic and the continuing investment and awareness?
update
impact it has on society and businesses In 2019 we saw the start of a renewed interest in
globally. But in the midst of any uncertainty lies hedge fund education from several stakeholders.
opportunity, rebirth and innovation. This trend has continued throughout 2020,
evident in publications such as HedgeNews
A concept of planning Africa, which publishes articles showcasing
With global market turmoil all around us, hedge management teams and opportunity sets. We
fund investment managers have continued hope this trend continues and that managers
to be active performers and participants in initiate more marketing and promoting events to
the investment landscape. Many of these reach a broader investment audience.
investment portfolios are expecting record
returns this year and with global markets Board Notice 52, the hedge fund regulations
displaying constant volatility, now is a great time – possible amendments on the horizon?
for managers to plan their next winning moves. The Financial Sector Conduct Authority (FSCA)
has indicated on several occasions the need for
Globally competition is growing industry participation to drive learning outcomes
Global lockdowns have driven marketing and revisions to the current regulations. This
initiatives, conferences and showcase events exciting initiative should hopefully gain traction
to either virtual platforms or to a complete halt. in 2021, with needed engagement with its
Already countries are positioning themselves stakeholders.
and thinking about how to attract cautious
tourists back to their shores. Should managers Board Notice 90 – CIS traditional fund
not apply the same concept in attracting investment limits, amendments in
new investors? South Africa’s investment discussion?
infrastructure, stakeholders and risk metrics There continues to be interest and engagement
continue to be highly regarded as world-class to allow Traditional Collective Investment Scheme
and investment opportunities, market players (CIS) portfolios to invest in regulated hedge
and industry bodies are all very competitive. funds. With the renewed vigour, will we see
Foreign funds continued to enter South Africa amendments to the traditional CIS investment
in 2020 via Section 65 arrangements. Foreign limits, resulting in investment into hedge funds?
fund forums continue to eye South Africa for
investment opportunities and to showcase their Thank you to all our stakeholders for their
products and solutions at events. In addition, ongoing contributions over the past year
many South African managers are looking to and we implore all to think about how as a
globalise their businesses and product offering, collective we can continue to grow this industry.
all being led by a desire to innovate. We look forward to the opportunities and
challenges, and welcome positive thoughts,
How big is South Africa’s hedge fund (and innovation and all new entrants to the market.
alternatives) market? We wish everyone good health for the year
Access to reliable statistics continues to be ahead.
debated. An inordinate amount of effort and
work has been completed over the past year Hayden Reinders is the chairperson of
by ASISA and its members to collate and make the Hedge Funds Standing Committee
the data available. The release of the hedge of the Association for Savings and
fund statistics is imminent and once available Investment South Africa (ASISA), and is
will contribute to the investment narrative and head of business development and client
opportunity set. management at Prescient Fund Services.
HEDGENEWS AFRICA DIRECTORY 2020/2021 5
ASHBURTON INVESTMENTS
Alternative Asset Managers
ABOUT ASHBURTON INVESTMENTS
Ashburton Investments is FirstRand Group’s
investment management business. We place our
clients at the centre of our thinking to grow and
protect their money.
By providing investors with access to more sources
of return and a strict focus on managing volatility Our money market, fixed income and private
and risk, we endeavour to generate sustainable risk- market offering provides investors with the tools
adjusted returns for our clients. they need to enhance their current portfolio
construction. By investing in a wider range of assets
We tap into the skills and capabilities of the broader according to their risk and return preferences and
FirstRand Group in South Africa and international long-term investment goals, investors are able to
markets to leverage a broad range of investment construct more robust investment portfolios with
opportunities that are not typically accessible to true diversification benefits.
investors. Our integrated investment approach
blends traditional and non-traditional investment Our team consists of specialists with expertise in
expertise with innovative private market and structuring investments and allocating capital in
customised solutions, enabling us to offer solutions all market conditions, and our capabilities span
that help our clients meet their investment objectives. across:
By partnering with us, investors have access to an
investment manager with the backing of a large • Private equity
parent company, innovative investment solutions • Mezzanine financing
and a long track record of excellence.
• Unlisted corporate credit opportunities
• Impact investing
NEW PRIVATE MARKET INVESTING • Direct property
Today’s global investment climate of prolonged • Liability-driven investments (LDI)
uncertainty calls for a shift beyond the traditional
• Infrastructure
understanding of diversification towards allocation
of capital across more alternative and varying • Money market and fixed income solutions
sources of return.
We look beyond traditional approaches to actively
seek out more sources of return that can be For further information:
invested across the capital structure. Ashburton Please speak to one of our business development
Investments’ private market investments provide managers on 011 282 8800 or email:
access to all parts of the capital structure through query@ashburtoninvest.co.za (retail investors)
private equity, mezzanine, senior unsecured and institutional@ashburtoninvestments.co.za
secured credit funds, all with varying risk and (institutional investors)
return profiles to suit investors’ needs. www.ashburtoninvestments.com
6 HEDGENEWS AFRICA DIRECTORY 2020/2021
Education
Enabling infrastructure investment –
a focal point for South Africa’s
depressed economy
Santhuri Thaver, Ashburton Investments
A
s we face a significantly depressed renewable energy market, there needs to be
economic outlook with the urgent increased focus on localisation, policies and
need to revitalise our economy and requirements around local manufacturing, the
create jobs, infrastructure investment re-skilling and upskilling of workers that will be
once again becomes a focal point to stimulate impacted as we move towards a greener economy.
economic growth. It is an asset class that marries Localisation must be done on a sustainable
well the economic benefits of growth and returns basis that transcends the independent power
with a tangible social impact. producers (IPP) bid windows so that South Africa
becomes a permanent partner in the global
Traditional measures of risk and return are no supply chain. An overall policy framework to
longer the only considerations when evaluating encourage a transition to a green economy and a
investments. The impact of the investment clear, predictable and stable policy environment
on the environment, human lives and the can create the confidence required to stimulate
value being created for future generations is private investment.
becoming increasingly important to investors.
Looking at the UN’s sustainable development Over the past few years, there has been a
goals (SDGs), a large majority of these are met significant under-spend on infrastructure, far
through infrastructure investment. Infrastructure below the National Development Plan target,
investment thus fits very well into the drive for which has not only impacted the country’s
sustainable investing with environment, social economic growth pre-Covid but also the quality
and corporate governance (ESG) considerations of life of those living in South Africa. The answer
being more prevalent in infrastructure financing. is not widescale roll-out of infrastructure projects
Where project finance has been used to fund but on sustainable and quality infrastructure that
infrastructure assets, these have been subject is properly designed and delivered, reliable and
to equator principles, providing a framework for resilient with equitable access to its benefits. As
managing environmental and social risk within a country, we cannot afford another Medupi or
these projects. Kusile.
When talking about sustainable investing, we While investors are open to infrastructure
cannot ignore just transition. As we grow our investing, there is a lack of availability of bankable
HEDGENEWS AFRICA DIRECTORY 2020/2021 7
projects. Infrastructure projects can be plagued
by red tape with mis-alignment of development
plans between different spheres of government
delaying roll-out, but we are seeing some traction
in this regard. Recent engagement between
Education
Government and the private sector has been
encouraging, specifically around the creation of
the Infrastructure Investment Office (IIO) to co-
ordinate various stakeholders with the aim to
fast track infrastructure development and reduce
bottlenecks within the system. The inclusion
of the Presidential Infrastructure Coordinating
Commission (PICC) Technical Task team within
the IIO to form what is called Infrastructure SA
creates one umbrella and avenue under which
infrastructure projects requiring funding from the
fiscus will be considered.
Santhuri Thaver
Development of infrastructure is complex
in nature and requires proper structuring, with the development of infrastructure services in
implementation and management to ensure areas where the majority of beneficiaries live or
adequate mitigation of risks and attraction of will retire.
funding, with the IIO recognising their constraints
and calling for assistance from the private sector On the funding side, historically Government has
to bolster the capacity and skills to fulfil their largely funded infrastructure development. Given
function as well as improve the quality of projects the significant infrastructure gap, of approximately
submitted for consideration from the provinces. R2 trillion per the NDP plan to 2030 as well as the
To date, 50 projects in key sectors of water and impacts of the pandemic with rising debt-to-GDP
sanitation, human settlements, and energy, have levels, it can no longer be the case. Development
been gazetted, funding secured, and necessary finance institutions (DFIs) and commercial banks
approvals fast tracked. Increasing the capacity of play an important role, with DFIs providing much-
this office will assist in creating a greater pipeline needed project preparation facilities to assess
of bankable investments. feasibility and develop bankable projects, and the
commercial banks being best placed to take the
The establishment of the Infrastructure Fund construction risks. Commercial banks, though,
managed by the Development Bank of Southern are constrained by capital requirements, with their
Africa (DBSA) will seek to utilise R100 billion of balance sheets not suited to holding long-term
government support over 10 years to crowd in assets. On the other side of the coin, institutional
private capital. The fund will consider blended investors are concerned about the illiquid nature
financing. Instruments include provision of of this asset class, with more work needing to
subordinated debt to increase the first-loss be done around increasing access to liquid
buffer for senior debt providers, increased capital infrastructure projects. Once an infrastructure
commitments to reduce elevated debt levels project is operating, it has been substantially de-
for riskier projects and interest-rate subsidies risked and can be refinanced into a listed project
to reduce total debt costs. The aim of blended bond, creating a more tradeable instrument.
financing would be to enhance the fundamentals
of a project that would otherwise not be bankable. A listed bond does come with greater transparency
to the market and increased reporting requirements
The creation of a pipeline of projects is not that may be met with apprehension from project
solely a Government responsibility. Institutional sponsors. This however needs to be balanced
investors are also asking questions around direct with the funding capacity of the capital markets to
benefits created for their members. This is an meet infrastructure needs, longer tenors that can
area where the private sector could get involved be issued through a project bond as well as the
8 HEDGENEWS AFRICA DIRECTORY 2020/2021
Education
benefits to sponsors to access diverse pools of
capital at reduced rates.
To get around the reduced flexibility of a listed
project bond versus unlisted debt, a managing
agent with the necessary skills, appointed by
the bondholders to manage the project from a
debt perspective, could address this challenge
with certain events of default still subject to
noteholder consent. This would ensure that
bondholders’ rights and interests are protected,
while maintaining flexibility that is required for
these types of dynamic projects.
Financiers could further encourage sustainability
by considering pricing ratchets, sustainable
financing can cater for downward ratchets in
the margin reducing financing costs if agreed
sustainable targets, verified by a third party, are
met, incentivising attainment of these targets.
Ultimately a sustainable business or project
creates a greater return profile for investors over
the long term.
Lastly, there needs to be standardisation on Santhuri Thaver is a senior credit analyst at
definitions and measurement to allow investors to Ashburton Investments. She spent seven years
assess the relative attractiveness of sustainable in corporate and investment banking working
investments. for several of the large South African financial
institutions gaining extensive corporate and
Overall, South Africa is really at the edge of an project finance experience. Her role within
economic cliff but we have investors that are the banking sector was that of a senior credit
keen to – and understand the need to – invest manager and involved the structuring and
in infrastructure. However, hurdles need to be approval of transactions. More recently and
overcome and addressed through collaboration prior to joining Ashburton Investments, she was
between the public sector and private industry a senior manager in KPMG’s Infrastructure &
players. We also need to acknowledge that we Financing Unit responsible for leading financial
cannot do everything at once, so there should advisory engagements on major infrastructure
be a focus on investments that can create the projects. She holds a Bachelor of Accountancy
most significant impact from a financial and ESG from the University of the Witwatersrand and is a
perspective. qualified CA(SA) and CFA charterholder.
HEDGENEWS AFRICA DIRECTORY 2020/2021 9
Credit
CHRYSALIS CAPITAL
Chrysalis Capital was established in July 2008
as a niche investment house that operates in the
Hedge fund
unlisted credit market. Its value proposition is that
it offers institutional fixed income investors an
alternative source of yield which is not correlated
to listed credit, yet positively correlated to inflation
and interest rates. The Chrysalis team uses many
years’ banking and finance experience to source,
negotiate and package debt investments that
deliver disproportionate risk-adjusted returns to
their investor base. The inefficiencies of South
Africa’s banking system have been exacerbated
by Basel III, thus the opportunity set for investors
in private-sector credit is significant. The company
manages assets totalling circa R1.07 billion.
The Chrysalis Credit Arbitrage Fund celebrated
its 12-year track record in August 2020 – its Carl Combrinck Mark Pienaar
annualised return over 12 years was 12.04%, an
average of 7.08% above CPI, outperforming both dealmaker in the structured finance team to head
the ALBI (8.62% pa) and the All Share Total Return of leveraged finance. He has in-depth knowledge
Index (9.24% pa) over 12 years. and experience of banking credit policies and, as
a qualified attorney with experience in commercial
INVESTMENT STRATEGY
and insolvency law, has an intricate understanding
The Chrysalis team selectively seeks out of the legal risks inherent in investing in private-
investment opportunities by building relationships sector credit.
with select professionals in the private equity and
Mark Pienaar is ex-Cape of Good Hope Bank and
property sectors. The emphasis is on supporting
Nedbank Corporate and has extensive experience
growing sectors of the economy and resilient
in commercial property finance. After leaving the
businesses with strong and predictable cash
bank, Mark spent many years facilitating large
flows and quality assets, where risk is non-binary.
property equity and debt transactions before
Detailed legal structuring of all transactions is a
joining Chrysalis.
high priority in order to reduce risk to the minimum.
Trish Swanepoel is the Head of Risk, she has
THE TEAM
more than 20 years’ experience in banking and
Carl Combrinck has 20 years’ experience in plays a key role in legal implementation and fund
banking and finance, of which eight years were administration.
spent at BoE Private Clients in various roles from
Mike Russell joined the team in 2019 as a Senior
Associate. He is an experienced deal maker out of
Company the Nedbank Corporate Property Finance stable.
Chrysalis Capital (Pty) Ltd, Melanie Arendse joined the team in 2019 as a
2nd floor, The Terraces, 25 Protea Rd, Senior Fund Administrator.
Claremont, Cape Town
Service providers
Email: trish@chrysaliscapital.org
Phone: +27 21 673 3250 Administrator: SANNE
Fax: +27 21 683 1396 Auditor: Mazars
Website: www.chrysaliscapital.org Legal advisors: ENS
Manco: Chrysalis Capital (Pty) Ltd
10 HEDGENEWS AFRICA DIRECTORY 2020/2021Credit
GREENPOINT CAPITAL
Greenpoint Capital was established in 2011 as
a specialist private credit investment manager,
Credit fund
focused on two primary credit strategies, being
direct lending and special situations investing. It
currently manages two investment funds, with its
flagship being Greenpoint Specialised Lending,
which has a track record of over nine years during Investment team
which it has invested in more than 50 South African
medium-sized businesses, deploying in excess Ryan Wood-Collier (CFA) Ryan co-founded and
of R2.8 billion. Since inception, it has delivered is CEO of Greenpoint Capital. Having spent over 14
returns to investors in excess of 15% per annum years in London working at Close Brothers in the
net of fees and taxes. private credit and restructuring markets, he returned
to South Africa in 2014 and has been managing
Greenpoint Capital’s private credit funds since then.
Investment strategy
Ryan started his career in London at PwC, focused
Private credit is an asset class within the non- on M&A and restructuring, during which time he
traditional segment of alternative investments. completed his CFA.
As a private credit manager, Greenpoint Capital’s Nic van Zyl (CA(SA)) Nic joined Greenpoint
business model is based on providing constructive Capital in 2017 having spent over 10 years with
capital solutions to both high-growth businesses Investec Group operating in the UK and South
or businesses with stressed or distressed capital African leveraged finance and private equity markets.
structures. Greenpoint Capital seeks to work Nic started his career at Deloitte South Africa
on a consensual basis alongside corporate having completed his BCom Financial Accounting
management teams and shareholders to effect at Stellenbosch followed by a Masters degree in
positive capital structure solutions. Its investments Management Research at Oxford. Nic completed his
are all privately negotiated, credit-led facilities that CA at Investec as a member of the CA Program.
derive the majority of their return from a contractual
Nic Woolaway (CA(SA), CFA) Nic joined
interest yield, but may also participate in the upside
Greenpoint Capital in 2019 as COO with over 17
through equity participation instruments. The focus
years in investment banking and asset management
is, however, on capital preservation with downside
experience, six in SA and 11 in the UK. Prior to
protection achieved through specific security taken
Greenpoint, Nic was COO of RECM for four years,
on each underlying investment.
having spent eight years with hedge fund BlueCrest
Capital Management and three years with UBS
Company Investment Bank in the UK.
Greenpoint Capital (Pty) Ltd
4th Floor, The Terraces, 25 Protea Road Investment terms
Claremont, Cape Town
Fund: Greenpoint Specialised Lending
Email: nicw@greenpointcapital.co.za
Fund strategy: Direct lending
Website: www.greenpointcapital.co.za
Hurdle rate: SA Prime
Fund open: Yes
Service providers
Management fee: 1.5%
Auditor: BDO
Performance fee: 15% over hurdle
Legal advisor: Cliffe Dekker Hoffmeyer
Redemption: Quarterly, six months’ notice
Manco: Greenpoint Capital (Pty) Ltd
HEDGENEWS AFRICA DIRECTORY 2020/2021 11Education
A perspective on private credit
Ryan Wood-Collier, Greenpoint Capital
T
raditionally, gaining access to corporate the market, but the market is small and somewhat
credit as an investment was either under-developed. That said, the opportunity for
achieved indirectly through investing in private credit is growing, particularly in the current
fixed income funds or, as an institutional environment. “Private credit is by no means a
investor, by participating in the syndication of senior replacement to senior debt lending – we aim to
secured loans by commercial banks. This meant supplement the lending market to provide optimal
that, specifically in the South African context, the funding solutions for borrowers, where the senior
ability to gain direct access to corporate credit as lenders may not have the ability or appetite to
an investment class has, until more recently, been participate,” says Ryan Wood-Collier, CEO of
very limited. Greenpoint Capital.
Private credit funds have seen significant growth Private credit is an asset class within the non-
in developed markets over the past 10 years, traditional asset management segment of
but specifically in the last five years. While private alternative investments. It typically comprises a
credit has existed as a well-established asset group of credit strategies that fall into two broad
class in the US for many years, the UK and EU categories, being i) direct lending and ii) distressed/
lending markets were historically relationship bank special situations investing.
driven. The global financial crisis of 2007/8 (GFC)
and Basel III regulatory changes resulted in senior Unlike fixed income, managers of private credit
lenders withdrawing from event-driven funding of funds typically invest in private companies, where
medium-sized businesses, and opened the door to there is a corporate or other idiosyncratic event: this
private credit funds. Since then, private credit has could be a refinancing of the current capital structure
become a recognised and understood asset class, of the business, the funding of an acquisition or
attracting increasing interest from investors. growth opportunity, or the provision of new capital
to effect a restructuring or turn-around of the
According to Preqin’s Q2 2020 Quarterly Update business. The investments are bespokely structured
Report, US$56 billion in private credit commitments and privately negotiated to both meet the specific
was raised across 85 funds in the first half of this needs of the underlying company, but also provide
calendar year. Despite the effects of Covid-19, the return compensation and requisite security for
investors have retained significant appetite for the the risk taken in each investment. The investments
asset class, with the number of individual investors tend to be illiquid (i.e. not actively traded or widely
committing $50 million or more over the next 12 syndicated) and for durations of between two to
months increasing to 65% in Q2 2020 from 37% five years, but it is that illiquidity that generally allows
a year ago. for a disproportionate risk-adjusted return to be
generated.
In the South African context, corporate lending is
still very much the preserve of the senior lenders, Unlike private equity, private credit typically sits in a
much like the UK & EU markets pre-GFC. There are preferred position in the capital structure. This can
a few established private credit funds operating in be anywhere from first ranking, senior secured to
12 HEDGENEWS AFRICA DIRECTORY 2020/2021Private debt fundraising (Global)
70 80
Aggregate capital raised (US$bn)
Number of funds closed
60 70
50 60
Education
50
40
40
30
30
20 20
10 10
Q1 Q2 Q 3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2015 2016 2017 2018 2019 2020
Aggregate capital raised Number of funds closed Ryan Wood-Collier
Source: Preqin
Greenpoint Specialised Lending - net investor returns and execute a transaction to meet
Cumulative Annualised
the risk-return characteristics of a
64.6% 70%
Greenpoint Specialised Lending 64.6% 16.6% specific deal,” says Wood-Collier.
3M Jibar + 6% 50.6% 13.4% 60%
SA Prime 37.3% 10.3% 50.6% “But the real value is ensuring
14.7% 4.3% 50% that the manager is embedded
JSE ALSI TRI
37.3% 40% in the detail of each portfolio
30% company investment, has a very
14.7% 20% strong understanding of the legal
10% framework they are operating in
and has the ability to manage and
control the intricacies involved in
resolving a situation if things go
Fe 7
Fe 8
Fe 9
Au 7
Au 8
Au 9
Au 0
De 7
De 8
De 9
Ap 8
19
Ap 0
Oc 7
Oc 8
19
20
Ju 8
Ju 9
Ju 0
1
1
1
1
1
1
2
t-1
t-1
t-1
1
2
1
1
r-1
r-1
r-2
wrong.”
c-
c-
c-
n-
n-
n-
n-
b-
b-
b-
g-
g-
g-
g-
Oc
Ap
Ju
a preferred equity position. In instruments’ such as options, Ryan Wood-Collier is the CEO
most cases, loans will benefit warrants or some direct equity. of Greenpoint Capital, a private
from security and therefore, the “This largely contractual yield will credit fund manager specialising
investment trades the upside produce a more consistent return in both direct lending and
associated with pure equity for profile, possibly with some cash investing in special situations/
downside protection associated yield. Investors should expect an restructuring opportunities,
with its preferred position in the illiquidity premium over a fixed with a nine-year track record of
capital structure and security income investment with a more investing in bespoke corporate
taken. “The combination of the stable return profile.” says Wood- credit in South Africa. Greenpoint
bespoke structuring, position in Collier. “An investment in private provides constructive capital
the capital structure and security credit offers a diversification solutions to either growing or
associated with the investment, opportunity for investors as the financially challenged businesses,
offers what we believe to be a return profile is uncorrelated to working on a consensual
disproportionate risk-adjusted traditional fixed income or listed basis with the company and
return, provided the investment is equity returns, but also to other its management team, as well
managed correctly,” says Wood- illiquid investments, such as as senior lenders and other
Collier. private equity, as it will not exhibit stakeholders in the business to
the typical ‘J-curve’ of a private effect an optimal capital solution.
What should an investor in equity investment.” The team is based in Cape
private credit expect from their Town and brings over 35 years’
investment? Typically the majority Managing a portfolio of private combined experience of lending
of the return will be structured as credit investments does, however, to and restructuring private
a contractual interest yield, with require a very specific skillset. “It is equity-backed businesses and
the potential for some upside one thing to be able to source the corporates in both SA and
through ‘equity participation right opportunities and structure the UK.
HEDGENEWS AFRICA DIRECTORY 2020/2021 13STANLIB
Alternative Asset Managers
STANLIB is a specialist investment manager in South
Africa, administering over R500 billion in assets under
management.
We offer depth of expertise across a wide range of
investment disciplines, spanning active and passive
management, single- and multi-manager offerings.
STANLIB’s public markets capability includes dedicated
teams specialising in absolute return, balanced, equity,
fixed income, listed property and multi-management.
STANLIB’s private markets capability offers investors
access to a broad range of alternative assets managed OUR SOLUTIONS
by two teams of highly regarded and experienced
investment professionals with an established track STANLIB offers clients both pooled and segregated
record of over 10 years. These teams manage over R60 investment solutions across a broad choice of traditional
billion in assets in pan-African private debt and private and alternative asset classes.
equity funds.
INVESTMENT CAPABILITIES
Our unique blend of skills, areas of specialisation and
Traditional asset classes: Our active single-manager
perspectives enables us to make better-informed
capabilities invest across all traditional asset classes,
decisions so we can help our clients, both individuals and
including absolute return, balanced, equity, fixed income
institutions, achieve their financial goals.
and listed property.
Our alternatives capability includes:
Credit Alternatives: STANLIB Credit Alternatives
• Infrastructure development invests in a broad spectrum of unlisted and listed credit
• Private equity opportunities in South Africa, and selected countries across
the African continent. Our team of over 25 specialists with
• REITS
deep relationship networks manages more than R55 billion
• Unlisted debt in assets.
• Africa unlisted debt
Infrastructure: STANLIB Infrastructure Investments is a
• Impact specialised private equity team that invests across a range
of infrastructure development projects in South Africa. We
Our depth of expertise across a comprehensive
focus mainly on the power, renewable energy, railways,
range of traditional and alternative asset classes
airports, water and telecommunication sectors, promoting
enables us to:
socially responsible and environmentally sustainable
• Share deep insights and make better investment business practices and the highest standards of corporate
decisions governance.
• Deliver tailored solutions that meet diverse client needs
Multi-manager: STANLIB Multi-Manager draws from
• Foster rigorous debate and idea generation. across asset classes and managers to find the best
Our incentivised and dynamic investment teams are solutions for investors. We have specialist teams handling
able to build diversified portfolios and quickly react to fixed income, property, African equities, multi-asset and
changing circumstances in the market. real return products, alternative fund of funds, global
equities and global bonds. We also offer dedicated multi-
Yet we are big enough to make a difference.
manager advisory services.
Being part of the broader Standard Bank and Liberty
groups gives us access to: For further information contact:
• Deal flow
Global and institutional clients
• Expertise E: stanlibinstitutional@stanlib.com
• Data W: www.stanlib.com
14 HEDGENEWS AFRICA DIRECTORY 2020/2021Education
Breaking the imbalance:
the role of alternative managers
Johan Marnewick and Jonathan De La Pasture, STANLIB Credit Alternatives
T
he Covid-19 pandemic has prompted classes. “Global capital is going ex-value in the
huge stimulus from central banks around developed world and there are huge opportunities
the world, with the European Central in emerging and frontier markets where price
Bank and the US Federal Reserve and risk relationships suggest the inverse of
pumping trillions into the markets. the developed markets’ established order. As
managers, these dislocations that pre-existed but
On both sides of the Atlantic, there are ongoing have been exacerbated by the pandemic are an
fears of negative interest rates – something the opportunity to correct imbalances.”
developed world has battled with in the wake of
the global financial crisis, creating concerns that “The developed world has a dam of liquidity and
investors will struggle to meet their long-term much of the earth is saturated. We need to fetch
return objectives. capital and deploy it to be more productive where
it is needed – the parched African plains.”
The result is that underlying risks are not
represented in global equity or bond markets, For STANLIB, the listed debt and unlisted credit
leading commentators to cite dislocated asset markets across Africa, including South Africa,
prices. offer broad avenues to invest in various listed
and unlisted credit assets, including senior, high
Yet Wall Street continues its winning streak with US yield, property and infrastructure finance. Such
equity indices Nasdaq and the Standard & Poor’s assets tend not to be pro-cyclical, offering steadier
in record-high territory (as of early October), with income in troubled times, albeit with lower liquidity.
constituent companies trading at price-earnings Often enough, the risks are overstated, with yields
multiples of as much as 30 times – despite Main at many multiples of those in the developed world.
Street being on fiscal life support due to the
ongoing pandemic. Frontier markets currently present an important
value proposition, adds Jonathan De La Pasture,
As investors around the world search for yield, portfolio manager, credit alternatives, at STANLIB.
alternative asset managers have a duty and the In particular, pan-African eurodollar debt is one of
opportunity to seek and direct capital to productive the most attractive asset classes in the world right
uses elsewhere – away from traditional assets now on a risk-adjusted basis.
to alternatives – and geographically, from the
developed world to emerging and frontier markets. “International capital can make an enormous
“For us, this is the opportunity of a lifetime,” says difference in Africa and many investors are
Johan Marnewick, head of the credit alternatives motivated to do just that,” he says. “There is a need
capability at STANLIB, which manages assets to drive economic inclusion and help the continent
of R55 billion with a diversified credit capability to develop, while giving investors measurable and
offering access to a range of alternative asset predictable outcomes.”
HEDGENEWS AFRICA DIRECTORY 2020/2021 15Education
Johan Marnewick Jonathan De La Pasture
De La Pasture notes that the pan-African have inferior credit ratings, or ratings on the same
eurobond market (beyond South Africa) has been level as high-yield debt in developed markets.
in existence since 2006, when the Seychelles This is often because their ratings are capped by
went to market with the continent’s first eurobond, country risk.
raising $200 million.
“Very often [in Africa] we are looking at leading
In a relatively short time, the market has reached corporates with low levels of leverage – the
US$180 billion, and is now seen as an investible underlying metrics are very different to US high-
asset class on the radar screen of frontier and yield names, which achieve similar ratings,” says
emerging market investors, improving liquidity and De La Pasture.
cutting entry and exit costs.
The broad African continent is also not a
For global and domestic investors, there homogenous mass, with different economies
are different ways to allocate to the credit offering different contributions. The dynamics
space, tapping into various sub-themes, from of leading economies such as South Africa and
infrastructure, telecommunications and financials, Egypt will differ significantly from the relatively
and into impact-focused areas such as healthcare underdeveloped Uganda, while Kenya and Ghana
and education. ESG screening can be applied are reflecting political stability after recent political
across the opportunity set to identify themes that transitions.
are important to investors.
Yet many investors have had their fingers burnt
Given the global macroeconomic backdrop, it is in Africa, particularly in the listed space, and local
an opportune time to consider an allocation to knowledge is key to breaking the trust deficit.
unlisted credit, which offers direct exposure to
underlying economies, including local-currency While emerging market and African sovereign
credit where appropriate. When combined with risks cannot be fully circumvented, good portfolio
hard currency listed credit in a portfolio, yields construction and diversification can minimise
of 7-8 % are possible, whereas achieving similar potential negative impacts.
returns in developed markets would require
venturing into mid-market leveraged debt funds, Investors looking at the Africa opportunity set
potentially with liquidity constraints and lengthy also need to ensure there are no unintended
lock-ups. consequences in their allocations, including
matching the currency of an investment to its
Many corporates operating in Africa will tend to underlying revenue stream.
16 HEDGENEWS AFRICA DIRECTORY 2020/2021“As a credit-focused team we are very selective In the broader African context, South African
and pick names with underlying strength. We are allocators can also now invest 10% into pan
not advising a rush into these markets – you need Africa over and above the existing 30% overseas
the right institutional-quality manager with in-depth allocation according to Regulation 28 of the
relationships on the ground,” says Marnewick. Pension Funds Act.
Education
In the credit space, besides alignment with local “We believe the way to lead South Africa onto the
market risks, investors should also look out for continent is through debt rather than equity,” says
good recovery practice, with managers that Marnewick. “While private equity brings extensive
know how to protect capital in case things don’t lock-ups, unlisted credit has a defined pay-off
go according to plan, and local on-the-ground profile that is appropriate for institutions looking
relationships to ensure investment terms are to preserve capital and generate risk-adjusted
honoured. returns via self-liquidating portfolios. But there are
idiosyncratic risks across markets and you need
In South Africa, fuelling growth in employment and to partner with the right manager to lead you there
infrastructure are key concerns for investors in a and undertake the selection and de-selection
Covid-19-hit environment, and private debt can exercise.”
make a meaningful difference, via tailored impact-
related mandates. Johan Marnewick is head of the credit alternatives
team at STANLIB, and Jonathan De La Pasture is
“There is enormous demand for the private sector a portfolio manager. STANLIB’s Credit Alternatives
to step in to complement the capacity and focus team has collective investment experience of
areas of the state,” says Marnewick. “While the more than 350 years and AUM of R55 billion,
public sector has been hollowed out, the private with a diversified credit capability offering access
sector offers significant experience, skills and the to a range of alternative asset types, in South
latest technology. The onus is on investors to act Africa and the broader African continent, both for
responsibly and carefully with their allocations.” domestic and global allocators.
STANLIB
KHANYISA
IMPACT
INVESTMENT
FUND
927137 STANLIB khanyisa A4.indd 1 2020/10/29 12:34
HEDGENEWS AFRICA DIRECTORY 2020/2021 17WESTBROOKE ALTERNATIVE ASSET MANAGEMENT
Alternative Asset Managers
WHY WESTBROOKE?
Founded in 2004, Westbrooke invests and manages capital
in multiple geographies on behalf of its shareholders and
investors in private equity, venture capital, private debt,
hybrid equity and real estate. We manage approximately
R6 billion of shareholder and investor capital invested
predominantly in South Africa, the UK and the US with
offices in Johannesburg and London.
Westbrooke Alternative Asset Management was established
as a multi-asset, multi-strategy manager of alternative
investment funds and products structured to preserve
and compound our clients’ wealth to cement their
future prosperity.
Our team is comprised of experienced entrepreneurs
and investment professionals who apply a broad range of
experience and skills to deliver investment opportunities Hybrid equity
which offer a simple investable outcome – predictable,
•T
ransactions which demonstrate debt-like risk mitigation
sustainable, risk-managed long-term returns for investors in
but with equity return characteristics
an increasingly complex environment.
•C
apitalising on market pricing dislocations and liquidity
constraints (e.g. COVID-19)
ENTREPRENEURIAL, EXPERIENCED • Targeting a blend of yield and capital growth
AND ALIGNED
Since inception, we have invested in and led over 180
Real estate
transactions with a combined deal value of over R14 billion.
Over this period, our private equity assets have achieved •D
irect real estate equity investments alongside
an internal rate of return (IRR) in excess of 30%. experienced, on-the-ground partners
We have a heritage as a shareholder and operator of •S
ubsectors include residential, mobile home parks,
assets, investing our own capital to develop and grow logistics, student accommodation and hospitality
our businesses and assets. We believe our operational • Targeting a blend of yield and capital growth
experience and expertise gives us and our investors a
competitive advantage. Private equity and venture capital
We are totally committed to financial alignment. We invest • Partnership with best-of-breed operating partners
materially alongside our clients and partners in all our •G
lobal investment reach providing investors unique
funds and investments. access to investments as a result of Westbrooke’s
relationship set
• Capital growth focused
INVESTMENT SPECTRUM
Private debt For further information contact:
• Loans extended to privately held companies Kate Langlois
• Diversification achieved through portfolios which spread E: kate@westbrooke.co.za
risk across asset classes and geographies
Dino Zuccollo
• Robust security packages with conservative gearing E: dino@westbrooke.co.za
and significant equity cushions
• Attractive risk-adjusted returns targeting cash yield and Or call us on 011 245 0860.
real underlying liquidity W: www.westbrooke.co.za
18 HEDGENEWS AFRICA DIRECTORY 2020/2021Education
South African investors’ increased
appetite for private debt over
low-yielding fixed income
Richard Asherson and Dino Zuccollo, Westbrooke Alternative Asset Management
P
rivate debt has since 2008 grown from hard as free money has become available.
the global investment periphery to one of
the world’s largest and fastest growing “In this environment, private debt returns offer
alternative asset classes, according to similar historic returns to equity investments but
Westbrooke Alternative Asset Management. In a with security packages (e.g. direct security against
low-yielding investment universe, private debt is a a tangible asset) generating an asymmetric risk/
core part of fixed income portfolios. return profile.”
“Since 2018, Westbrooke has invested more Simply explained, private debt is where a loan
than GBP100 million of investor capital across is made by a non-bank lender and therefore falls
35 private debt transactions, primarily in the into the broader category of ‘alternative debt’ or
UK,” says Westbrooke’s head of distribution, ‘alternative credit’. The term private debt is used
Dino Zuccollo. “Post the Covid-19 pandemic, interchangeably with ‘direct lending’, ‘private
governments’ response across the globe has lending’ and ‘private credit’.
been to assist economies by dropping rates to
zero. At the same time, equity valuations have run Private debt investments are typically used to bridge
* Source: Bank of England
HEDGENEWS AFRICA DIRECTORY 2020/2021 19Education
Richard Asherson Dino Zuccollo
property transactions, real estate development, medium-sized companies has increased by more
finance business growth, provide working capital than 15% in the first half of 2020, driven by an
and fund infrastructure. increase in funding needs from this market. Whilst
some of this increase has been funded by the UK’s
Private investors including high-net-worth Coronavirus Business Interruption Loan Scheme
individuals, family offices and institutions view private (CBILS), private debt funds have been pivotal in
debt investments as an opportunity to enhance funding this demand.
yield within a fixed income portfolio and generate
predictable, protected, hard-currency cash yields. Zuccollo concludes: “In Westbrooke’s view, the
rise of private debt as an asset class is still in its
According to Westbrooke Alternative Asset infancy. Sophisticated investors across the globe
Management UK’s Richard Asherson, “Private debt have steadily increased their allocation to this fixed
allows investors to access opportunities in markets income alternative as part of a well-balanced,
that are otherwise inaccessible. Compared with diversified investment portfolio. However, quality
traditional fixed income, private debt can provide private debt funds can be difficult to access,
investors with higher yields, portfolio diversification especially where South Africans are looking to invest
and lower portfolio volatility.” in offshore markets. We suggest that investors
seek out well-established asset managers, who
At a high level, the higher returns generated by have deep local networks and infrastructure and a
private debt investments can be explained by: track record of performance to help clients navigate
gaining exposure to the asset class.”
• an illiquidity premium (private loans earn higher
returns because they are not listed and investors are Richard Asherson and Dino Zuccollo and are
therefore required to invest for a prescribed period), respectively principal and head of distribution
• a structural/complexity premium (deals are often at Westbrooke Alternative Asset Management.
bespoke and require structuring) Founded in 2004, Westbrooke invests and
• an off-market/disinformation premium (due to a manages capital in multiple geographies on behalf
lack of an efficient market in the space) and of its shareholders and investors in private equity,
• the size of loans (as banks have moved resources venture capital, private debt, hybrid equity and real
to larger loans, the mid-market is underserviced and estate.Westbrooke manages approximately R6
accessibility to cheaper capital is limited). billion of shareholder and investor capital invested
predominantly in SA, the UK and US, with offices in
In the United Kingdom loan activity to small and Johannesburg and London.
20 HEDGENEWS AFRICA DIRECTORY 2020/2021Long/short equity
36ONE ASSET MANAGEMENT
36ONE Hedge Funds*
The 36ONE SNN QI Hedge Fund (QIHF) and
Hedge fund
36ONE SNN Retail Hedge Fund (RHF) are both
single-strategy, South African equity long/short Investment team
hedge funds, with a moderate net equity bias.
We have a long term track record and currently Cy Jacobs is the lead portfolio manager and is
manage ~R10 billion in hedge fund strategies. supported by a strong investment team made up
These funds invest predominantly in South African of 10 investment professionals: a group of hand-
listed equities as well as offshore listed equities and picked, exceptional and experienced individuals. Cy
other financial instruments to enhance returns and is one of the co-founders of 36ONE and heads up
manage risk. We aim to grow investors’ capital in the investment team. He has been in the industry for
real terms over the long term and reduce volatility over 20 years and holds a BCom, BAcc and CA (SA).
by managing the risks associated with equities.
Investment terms
Investment strategy
Fund: 36ONE SNN QI Hedge Fund
Both funds are equity long/short hedge funds and Retail or qualified product: Qualified
are managed pari passu. Our investment approach
is centred on the principle that the market does not Hurdle rate: Standard Bank call rate
efficiently price securities at all times. We therefore High water mark: Yes
believe that stock selection through bottom-up Fund open: Yes
fundamental analysis can outperform over time.
Min investment: R1 million
We focus on having a solid grasp of the industry
dynamics as well as understanding a company’s Management fee: 1% p.a. (excl. VAT)
profitability drivers and positioning within the Performance fee: 20% (excl. VAT) of gains
industry. Macroeconomic views play a supporting using the high water mark
role in portfolio construction. Subscription: Monthly
Company Redemption: One calendar month
36ONE Asset Management (Pty) Ltd
Fund: 36ONE SNN Retail Hedge Fund
6A Sandown Valley Crescent, Sandown,
Sandton, 2196 Hurdle rate: Standard Bank call rate
Fund manager: Cy Jacobs High water mark: No
Business administration: Steven Liptz Fund open: Yes
Marketing: Jacqui Ronne and Stash Martins Min investment: R100,000
Phone: +27 10 501 0250 Management fee: 1% p.a. (excl. VAT)
Email: support@36one.co.za Performance fee: 20% (excl. VAT) of
excess above benchmark over a
Website: www.36one.co.za
rolling one year period, capped at 3.5%
ISIN or ref code: ZAE000284451 (QIHF) /
Subscription: Daily
ZAE000240305 (RHF)
Redemption: Daily
Service providers
Prime broker: Peresec Prime Brokers
Strategy
Administrator: Sanne Fund Services SA (Pty) Ltd Strategy: South African - Long/Short Equity - Long Bias
Manco: Sanne Management Company (RF) (Pty) Ltd AUM: R8.6 billion (as at 31 August 2020)
Auditor: PricewaterhouseCoopers Inception date: QIHF: 1 April 2006
Legal advisor: Edward Nathan Sonnenbergs RHF (CISCA inception date): 1 November 2016
*See disclaimer page 91
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