Manager Pulse: Insights on developments within the asset management industry
Anchor Group – delisting from the JSE
Anchor was founded in 2012 and listed on the JSE in 2014. The business announced its intention to delist from the JSE during the last quarter of 2020. Key shareholders (Capricorn, Masimong, management and key staff) will buy out the minorities. RMB has provided funding to facilitate the delisting, which is expected to happen in early February 2021.
One of the benefits anticipated from the delisting is an increase in the BEE shareholding of the business to more than 25% from the current 11%. Post the delisting staff may represent a shareholding of approximately 35% relative to the current 17%.
Business is expected to carry on as usual, led by the existing management team. It is anticipated that the investment arm of the business will remain unchanged with regards to its management and investment activities. The staff remuneration structure relating to the share scheme may change, however, post the delisting but this is under discussion.
Laurium Capital acquires Tantalum Capital
Laurium Capital (Laurium) acquired Tantalum Capital (Tantalum) effective 1 December 2020. Both businesses believed they had a similar investment approach with some synergies that could be harnessed. Laurium did not have a multi-asset medium equity offering, nor a global product that invests directly offshore. Tantalum noted that their philosophy differs a bit under the opportunistic element, where special situations and event-driven opportunities are maximised and they are excited about this element of the philosophy going forward. Client response to Tantalum being acquired has been positive
and they have retained all their mandates.
Rob Oellermann, Melanie Stockigt and Mike Lawrenson will join the investment team whilst Simone Blanckenberg will join the operations team. Rob will participate in the investment team and continue to manage the multi-asset medium equity capability as well as global, while Mike will add value on the analysis of resources. There is the potential for ownership in Laurium for some of the individuals that have joined.
As a result of the merger, Jean-Pierre du Plessis (J-P) received an opportunity with Methodical Investment Managers. Melanie takes over the reins from J-P on the Laurium Income Prescient Fund and will be assisting Paul Robinson on the Laurium Africa Bond Fund.
In addition to these changes, Laurium are in discussions with a BEE entity, which could improve their BEE ratings.
Perpetua Investment Managers – team changes
Museja Makhaga, an investment analyst, left the team at the end of December. She had been at Perpetua for just over three years. Given the generalist investor approach that Perpetua follows, her responsibilities will be shared among the remaining analysts. The manager has also made two appointments in the new year to take up some research functions.
Sasfin Asset Managers – resignation of CIO
Phillip Bradford, Chief Investment Officer and Portfolio Manager for the various income and multi-asset class funds, left the team at the end of December. He will be joining PortfolioMetrix this year as Head of Investments. Phillip was with the Sasfin team for six years. The Flexible Income Fund and the Balanced Fund that he managed won multiple awards over this period.
Arno Lawrenz has joined the team in November as the new Chief Investment Officer. Alongside Johan Gouws, Arno will be working on Sasfin’s implemented solutions and multi-asset strategies. Arno has 28 years’ investment experience and has worked for several asset management firms including Sanlam, Coronation, Old Mutual and Ashburton. He was also the founder of Atlantic Asset Management, which was ultimately sold to Ashburton.
STANLIB – new Head of Credit in the Fixed Income team
Tarryn Sankar succeeded Beverley Warnasuriya as the Head of Credit, effective 1 November 2020. Beverly continued to consult to the team post moving to Canada in late 2019 but has now discontinued.
Tarryn has more than seven years of experience in credit. Post working in audit, she joined OMIG as a credit analyst for a little more than two years. Thereafter, she joined Futuregrowth as an investment analyst responsible for analysing both listed and unlisted debt instruments. She also carried out deal negotiation and worked with unstructured debt. More recently, she was Head of Listed Credit at Futuregrowth. She is a Chartered Accountant (SA), having completed her articles at Ernst & Young.
Terebinth Capital – investment team additions and developments
Oyena Mtuzula joined the team as a Credit Analyst in September. She has five years of investment experience, the bulk of which she gained at Kagiso Asset Management as an Associate Equity Analyst. Dumisani Ngwenza joined as a Quantitative Analyst in October to strengthen their quantitative analysis capabilities.