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For most of the last three years US markets, led by large-cap growth companies, have surged while other developed and emerging markets have struggled to keep up. As a grouping, emerging markets seem to have lost their lustre and global investors appear more willing to rotate allocations within the US, as opposed to allocating capital outside its borders.
The result is that the valuation gap between the US and emerging markets is widening, as broader developing regions haven’t seen the level of flows to support sustained investment performance.
Some of the big questions looming are whether investors will continue to shun emerging markets, or if lower valuations and recent stimulus measures introduced by China will see these markets rally? Are there other countries or regions that we should be looking at? And do these locations have a place in investor portfolios?
We had Sean Neethling – the head of investments at Morningstar SA – back in the studio to provide us with some of the answers to these questions. -
In this episode of Money, Markets, and Masterminds we unpack the thinking behind Citywire South Africa’s inaugural Top 50 Adviser list that was released this week.
Joining me in studio is Tracy Benjamin, Citywire South Africa’s audience development relationship manager, who shared her insights into the selection process of advisers included in the report. She also discussed how this recognition can enhance the careers of advisers across the country.
We also touched on what was included in the questionnaire and some of the overarching themes that emerged from advisers’ submissions. -
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In the latest episode of ‘Money, Markets, and Masterminds,’ host Ruan Jooste discusses key highlights from the recent Institute of Retirement Funds Africa (IRFA) conference held in Cape Town, themed ‘Better Together’, bringing together over 1,000 delegates, including retirement fund managers, regulators, and industry experts. Joined by IRFA President Geraldine Fowler, they explore the integration of private sector initiatives with regulatory frameworks, insights from global best practices, and future trends in retirement funding influenced by technology and demographics. They also address challenges faced by retirement fund administrators since the implementation of the Two-Pot System and the ongoing issue of unpaid pension contributions by employers.
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In today’s episode, we delve into a topic that might not be the most exciting but is crucial for every one of us — the importance of having a will, as well as the challenges of obtaining a valid one.
The Covid-19 pandemic certainly made many people rethink their priorities, revealing just how important it is to have their affairs in order. But as it turns out, more than two-thirds of South Africans still don’t have a will, according to available statistics.
As the Law Society’s annual wills month comes to an end, we explore why that’s the case, the technicalities and technological challenges in obtaining a valid will and around the preservation of digital assets, with Chris Murphy, vice-chairperson of the Fiduciary Institute of Southern Africa (Fisa) and founder director of Legacy Fiduciary Services and Estate Planners. -
There are clear trends abroad, especially in the US where firms like Blackrock and Vanguard have built up industry-leading pools of assets under management by being first movers in a range of passive investment products and exchange traded funds (ETFs), including actively managed ETFs.
The local asset management industry looks very different with larger active managers still holding significant market share and passive incumbents seemingly struggling to gain any significant portion of that share. The result is that, while the trend is moving in the right direction, fees in South Africa remain elevated relative to our global peers.
This was one of the key takeaways from recent Morningstar South Africa research in a review of retail share class fees across different unit trust categories according to the Association of Savings and Investment SA (Asisa).
The good news is that South African investors saw fund management fees declining last year. The average asset-weighted total expense ratio (TER) for active funds was 1.17%, while the same fee on passive funds was 0.57%. That being said, the costs are still substantially higher than tracker options in other markets.
But what does this mean for current and future investment prospects? Listen to our conversation with Sean Neethling (pictured above), head of investments at Morningstar South Africa, on some of the significant developments in the passive and active asset manager universe. -
Citywire’s 2024 Alpha Female Report was launched on Monday and revealed a somewhat encouraging stride in gender diversity within the asset management industry, with women now occupying 12.5% of portfolio management roles globally, up from 12.1% last year. The survey also showed, only about 12%, or 22 out of the 190 rated managers with funds domiciled in South Africa, are female.
One positive to draw from the report is that the overall numbers are going in the right direction, but a lot more needs to be done. Now in its ninth year, the report draws on Citywire’s database of just over 18,100 individual money managers around the world, including South Africa.
I invited my colleague and the co-author of this year's Alpha Female report, Nicola Blackburn, on the show today, all the way from our head office in London, to talk us through some of the other major trends revealed in the report. She is Citywire's chief reporter in the UK, covering investments for a British intermediary audience. -
In this podcast episode, we delve into the world of responsible investing and discuss Investec Wealth & Investment International’s newly launched ESG and Responsible Investing Guidebook. We explore how this free-to-download educational resource can help trustees, investors, and fund selectors navigate the complexities of integrating environmental, social, and governance (ESG) considerations into their investment strategies.
ESG is no longer a niche strategy; it has entered the mainstream as businesses and institutions are increasingly expected to be responsible stewards of the planet and its people. However, this shift comes with its challenges, especially when it comes to managing money and aligning investment returns with institutional values.
We asked Barry Shamley (pictured below), portfolio manager of the Investec BCI Dynamic Equity fund and co-manager of the Investec Global Sustainable Equity fund at Investec Investment Management to help us examine his approach of incorporating ESG into his investment strategies and what questions should be posed to issuers to enable long-term success and sustainability.
We also explore the trends shaping the future of ESG investing and the challenges faced by trustees, investors, and fund managers in adapting to this rapidly evolving landscape. -
In this episode of Money, Markets, and Masterminds we delve into the growing role of discretionary fund managers (DFMs) in the financial advisory landscape. We are joined by Nadir Thokan, senior DFM specialist at Alexforbes, to discuss how DFMs are transforming the industry by providing streamlined portfolio management, research, and compliance support for financial advisers.
We explore the benefits for advisers in outsourcing investment decisions, the challenges surrounding transparency and fees and how DFMs complement financial advisers rather than replace them. Given South Africa’s rapidly growing DFM market, we also discuss how best practices and international trends, particularly from the UK, can help ensure sustainable growth for the industry.
Advisers who want to learn more can listen to our conversation below -
Nearly two and a half years after the US Federal Reserve (Fed) kicked off a massive increase in interest rates, in a bid to combat surging inflation of course, global bond markets now appears to be heading in a new direction.
It is widely believed that the Fed will start cutting interest rates this month at its policy-setting meeting on 18 September.
The CME FedWatch tool shows that futures markets are pricing in about a 65% chance of a 25 basis-point cut, while the probability of a more aggressive 50 basis-point cut is around 35%. To show how expectations have shifted: a month ago the market was expecting only a 4% chance of a 50 basis-point cut.
However, following a weaker-than-expected American jobs report showing unemployment rising to 4.3% in July, recession fears have begun to surface. The August report drops this Friday. So, there are still a few unknowns about, including what this all means for bonds going forward.
So here to help us make sense of it all, we are joined by Morningstar South Africa’s head of investments, Sean Neethling. Listen to our conversation below. -
Close to 60% of the funds raised came from international investors, indicating growing interest from global markets in local markets. In this episode of "Money, Markets, and Masterminds," the discussion centres around the recent surge in private equity fundraising activity in South Africa, reaching a 13-year high. The conversation highlights key insights from the South African Venture Capital and Private Equity Association's (SAVCA) 2024 Private Equity Industry Survey, based on the preceding year‘s figures. Another key finding of the survey was that 43% more in private equity funds were raised last year than in the preceding 2022. So, 2023 started off at a high of R28.1 bn. We invited Tshepiso Kobile, CEO of SAVCA, to the studio to help unpack some of the other details in the survey and chat about private markets in general - here and abroad. Tshepiso (pictured below) has quite the resume. She previously served as an investment professional with the Development Bank of Southern Africa and as a property finance manager with Standard Bank. Her most recent position was as Senior Programme Manager for Cata-lytic Projects at the eThekwini Municipality in KwaZulu Natal. Tshepiseo holds a BSc (Honours) Degree in Property Studies from the University of Cape Town and a Diploma in Company Direction from Institute of Directors in the UK. For more information, you can download the complete SAVCA PE Industry Survey 2024 here: SAVCA-PE-Survey-2024-Digital.pdf.
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In this episode of "Money, Markets, and Masterminds," Citywire South Africa editor Ruan Jooste is joined by Morningstar South Africa’s Head of Investments, Sean Neethling, to delve into the complexities of investment risk. They discuss the shifting market dynamics, from tech stock volatility to geopolitical tensions, and how investors can navigate these risks with a strategic approach. Sean shares insights on defining risk, understanding market concentration, and maintaining a long-term investment perspective in an increasingly uncertain world. Tune in for expert analysis and actionable advice on safeguarding your portfolio.
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The exponential growth of data availability, the immense computing power now at fund managers’ disposal and the rise of artificial intelligence (AI) is reshaping how institutional and retail investors are approaching investing.To explore these groundbreaking developments in this podcast, we were joined by Chetan Ramlall, the head of quantitative research at 1nvest, a division of Stanlib Systematic Solutions.With a master’s degree in mathematical finance and extensive experience in both engineering and quantitative research, Ramlall (pictured below) is at the forefront of integrating AI and machine learning into investment strategies.Tune in to our latest podcast episode below and discover how these innovations are set to influence fund managers and investors alike in the years to come.
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In this compelling episode of ‘Money Markets and Masterminds’, we delve into the complexities of white-collar crime in South Africa: its profound economic impacts, the ongoing struggle to restore investor confidence and the urgent need for a multifaceted approach to address these crimes.Our expert guest Cameron Dunstan-Smith breaks down the crucial legislation aimed at combating corruption, including, but not limited to, the Prevention and Combating of Corrupt Activities Act and the Criminal Procedure Act.Despite robust legal frameworks, he said the challenge remains around effective implementation. Dunstan-Smith is a partner at Herbert Smith Freehills, a global law practice and he heads the Corporate Crime and Investigations unit at its Johannesburg office.He has specialised in investigations and compliance for the past 17 years and his experience includes investigating corruption, fraud, bribery and anti-money laundering matters. He has also worked in multiple African and other international jurisdictions and provided advice to regulators in South Africa, the US and the UK. Tune in to our latest episode below for insights into the intricacies of South Africa’s legal battles and what it means for business and the economy at large. Also learn how financial crimes have evolved in the digital age and how following or even finding the money is going to become even more complicated than before.
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Trusts in South Africa are often misunderstood and mismanaged as if they were legal entities like companies, leading to joint liability for trustees. Family members commonly act as trustees, unlike in other countries where professional trustees, like attorneys, accountants, and financial advisers, predominantly manage trusts.As such independent trustees, who are usually professionals, guide these family trustees who often lack expertise. Independent trustees not only need to declare their qualifications to the Master of the High Court, but also require professional indemnity (PI) insurance to protect against possible liabilities from their trustee duties.However, independent trustees’ PI insurance might not cover trustee services, so it’s crucial that they review their policies to ensure they have the right coverage. PI insurance typically includes defence costs and compensation for negligence, but trustees should avoid double insurance to prevent claim repudiation.It also remains imperative that the layman trustees obtain third-party advice and ensure these advisers are reputable and insured. I invited trust expert Phia van der Spuy into the studio, to detail the most important factors which both professional and amateur trustees need to consider when using this vehicle for financial- and estate planning purposes.Van der Spuy (pictured below) is a chartered cccountant with a Master’s degree in local and international tax, a registered fiduciary practitioner, chartered tax adviser, a trust and estate practitioner and the founder of Trusteeze – a company that digitised trust administration and accounting. She also holds a B.Com Honours degree in Industrial Psychology.
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In today’s episode with my guest Adrian Saville, we focussed on the country’s economic attractiveness, driven by compelling yields on government bonds, stabilising inflation and a strategically undervalued rand. We also discussed the critical reforms and infrastructural improvements necessary to stimulate growth and create jobs. Saville (pictured below) also highlighted the specific investment opportunities in the mid-cap equity market, including the tourism and mining sectors, offering a comprehensive view of South Africa’s investment horizon. Saville is a seasoned executive with more than 25 years’ experience in capital markets and investment management. He was the founder and chief executive of Cannon Asset Managers, but sold the business to a listed company in 2021. He then joined a multi-family investment office, Genera Capital, where he was responsible for growing the firm’s market presence.Last year he decided to take a step away from that and focus on his professorship in economics, finance and strategy at the Gordon Institute of Business Science (GIBS).Tune into our conversation for a deeper dive into the political and economic prospects and challenges that lie ahead.
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Morningstar South Africa’s Sean Neethling discusses the sentiment shift toward SA assets and what investors should pay attention to amid the government's coalition transition. ‘Welcome to 'Money, Markets, and Masterminds,' - a Citywire South Africa podcast that delves into the intricate world of finance, investment and strategic decision-making. Today is our second episode of a new underlying series, in partnership with Morningstar South Africa and its head of investments Sean Neethling. The series, aptly called: ‘Mind over Markets with Morningstar’ provides the latest insights on monthly investment trends. For the foreseeable future, the first Monday of every month, we will be exploring key market developments and dissecting economic indicators, which will cover everything from equities and fixed income to commodities and alternative investments.South African assets reacted positively to news of a coalition government, after the ANC lost its 50% majority in the results of the national election in May. Markets were especially positive about the announcement of a government of national unity (GNU) and specifically the potential partnership between the ANC and DA. There has been a clear sentiment shift with SA assets all rallying significantly over the last two weeks to 21 June.Recent market movements suggest there is a SA-specific story underlying performance. The question is what are the main drivers, how sustainable is that performance and what should investors pay attention to as SA transitions into a coalition-led government?Neethling discusses this and more in this episode.
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Welcome to 'Money, Markets, and Masterminds' – a Citywire South Africa podcast – that delves into the intricate world of finance, investment and strategic decision-making. My guest today is Gareth Stobie, the founder of CoreShares, which has blossomed into a flourishing passive investment management business and ETF issuer. At the point of its acquisition by 10X Investments – not too long ago – it had approximately R13,8bn under management. Stobie is now director of strategy and corporate development at ETFSA and is working with other industry stalwarts such as Mike Brown and Nerina Visser.Exchange-traded funds (ETFs) have been around since the early 1990s, but in recent years their popularity has soared. Today, there are more ETFs listed on the JSE 222 to be exact) than single shares. In this podcast we'll explore what's driving this surge, the latest trends shaping the ETF landscape and what investors should keep an eye on moving forward.
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In this podcast interview with Numsa deputy general secretary Mbuso Ngubane (pictured below) at Citywire South Africa’s annual retreat in Fancourt, the union boss emphasised the importance of the working class being more active in the economy and owning the means of production.Numsa is the biggest trade union in South Africa with around 340,000 members. Mbuso is a key member of the executive committee and his responsibilities include directing the day-to-day operations and managing relationships with strategic stakeholders of Numsa members across a myriad of sectors including retirement funds in the manufacturing, mining and automotive sectors.He also wants workers to have power over their own retirement savings, thus allowing them to meet their obligations and purchase property to create generational wealth. He said there is an urgent need for more purposeful behaviour in government in addressing these shortcomings and he questioned the election results, stating that they did not reflect the working class’s ambitions. Listen to this explosive Citywire interview below, which reveals how fragile the relationship between organised labour and government is.
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Today is our first episode of a new underlying series in partnership with Morningstar South Africa and their Head of Investments - Sean Neethling, who was on the show not too long ago.This new series is aptly called: ‘Mind over Markets with Morningstar’ and will provide the latest insights on monthly investment trends. So, for the foreseeable future, the first Monday of every month, we will be exploring key market developments and dissecting economic indicators, which will cover everything from equities and fixed income to commodities and alternative investments.US Equities have continued to dominate global markets since the world emerged from the COVID-19 pandemic in 2020 and have been supported by exceptional performance by American tech companies, the so-called Magnificent Seven, leading valuations to all-time highs. According to Morningstar data The S&P 500 returned 29.8% over the 12 months to end March 2024 and the Nasdaq delivered 39.2% over the same period. In short, if you had exposure to US equities, especially, listed tech stocks, you would have been in a very fortunate position today. It seems that Nvidia continues to be the standout with the company maintaining its competitive edge in generative AI but we are starting to see some divergence in the performance of US tech companies.Given the mixed earnings reports and the unclear path of interest rates in the US, what performance indicators should investors focus on to navigate this potential fork in the road for American tech companies?Listen to this podcast to find out.
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The two-pot retirement fund system is the most significant reform that the local pension fund industry has seen in recent years.Besides getting a handle on the legal changes — including the Revenue Laws Amendment Bill and the Pension Laws Amendment Bill —each private and public fund will also have to amend its rules to accommodate the new regime. The Financial Sector Conduct Authority - or FSCA for short - already allowed the funds that fall under its jurisdiction to start submitting their rule amendments from the beginning of the month. Rule amendments must be approved, or funds won’t be able to seed the savings pot or pay out withdrawals. But if the red tape is not enough to keep administrators up at night as the 1 September deadline looms, industry experts have warned that the expected volume of withdrawal applications could add fuel to this fire. Tackling misinformation about the new system will also be tricky. It is for this reason that I invited John Anderson, Executive: Solutions and Enablement at Alexforbes into the studio today to help navigate Citywire listeners through some of the details of this expected frenzy. Some of the misconceptions cleared up in this episode include the fact that the new system is indeed starting on September 1, despite some beliefs to the contrary. The initial setup of the savings pot is not a one-time opportunity; it will be accessible annually under certain conditions. And Not everyone will receive the maximum R30,000; it’s based on 10% of their accumulated savings, subject to a cap. Tune in to understand some of the finer details around the new regime and find out more about the importance of thorough preparation and clear communication as the industry transitions to this new system, which ultimately aims to improve retirement outcomes for its members.
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