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Prince William and the winner Herizo Andrianandrasana Hendrik’s year-end message TakingStock for Mark WILD 02 04 22 12 Running 2014 DECEMBER Citywire 10k 34 28 British Bake-off 14 30yrs Dennis Skeate 27 Wears a onesie Tusk Conservation Awards Athena winners

Oth dec 12

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Prince William and the winner Herizo Andrianandrasana

Hendrik’s year-end message

TakingStockfor Mark

WILD0204

22

12Running

2014

DE

CE

MB

ER Citywire

10k 34

28

British Bake-off14

30yrs

Dennis Skeate27

Wears a onesie

TuskConservationAwards

Athena winners

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Dear Colleagues,

As 2014 draws to a close, I would like to thank you all for your contributions and hard work over the last 12 months. This is a time for family and personal reflection and I encourage all of you to take time to spend with your loved ones.

To those of you who celebrate Christmas, as I do, I wish a happy and peaceful Christmas and to everyone else a wonderful festive season.

We live in extraordinary times and the journey of our business has fortunately positioned us well to navigate the challenges posed by a rapidly evolving new world order. We are ever mindful that this is a long-term business, which we have built in partnership with our clients. When our clients succeed, we succeed. We never forget that we are custodians of their money. Doing the right thing, our core value, is non-negotiable, as is building a culture which compels people to care about their clients and the world around them. Our primary purpose is to help people around the globe achieve a dignified retirement and preserve wealth for the next generation.

At Investec Asset Management, we acknowledge that we do not exist in isolation but that we are part of a

Latest NEWS

A message from Hendrik

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broader society. As a business we have to play our part not only to create a better financial future for our clients, but to build a better future for this world and for

those who will be here after us.

Our business has had another successful year. We face our fair share of challenges, but we also have an extremely attractive set of growth opportunities. The task we now have is to face up to these challenges and grab those opportunities in the New Year.

Let us make 2015 the year in which we as a firm and you, as an individual, strive to make a difference – in

the lives of our families, our friends, our clients, our colleagues and in our communities across the world. As I

wish you a happy 2015, I would like to inspire you with the following quote from Robert Kennedy: “There are those who

look at things the way they are, and ask why….I dream of things that never were and ask ‘why not’?”

May 2015 be a good year for all of you.

Hendrik

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We face our fair share of challenges, but we also have an extremely attractive set of growth opportunities.

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Johannesburg Pretoria Port Elizabeth Durban East London Cape Town

Latest NEWS

Outstanding attendance in Cape Town

At the end of October, a record number of financial advisors and their clients gathered in Johannesburg, Pretoria, Port Elizabeth, Durban, East London and Cape Town for the second Taking Stock conference of this year. Jeremy Gardiner delivered his usual crowd-pleasing whirlwind overview of the world in 2014, while the Quality team gave their investment views.

Abrie Pretorius and Sumesh Chetty from the Quality team share their investment views with journalist Lindsay Williams, who moderated the discussion

TakingStock

Jeremy Gardiner in action

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Outstanding attendance in Cape Town

Jeremy Gardiner in action

05Over the past couple of months, the Institute has worked closely with our client groups, investment teams and external partners on several new initiatives largely focused on Africa and emerging markets.

The MEFMI Combined Forum took place in Washington, DC during the WB/IMF Meetings and brought together African Central Bank Governors, Finance Ministers and Ministers of Planning for two days of capacity building. The Africa Client Group and Institute supported the MEFMI organisers with the programme and featured Nazmeera Moola on Infrastructure and Antoon de Klerk on the issuance of local currency bonds.

We hosted our inaugural Institute Africa Forum in Johannesburg in September. The programme explored how South African institutional investors are tackling the issue of portfolio diversification and featured a number of distinguished clients from Investment Solutions, RMB and Eskom alongside South African Minister Pravin Gordhan, Harvard Professor Ricardo Hausmann and our own Multi-Asset and Frontier Market investment teams.

We also hosted Celtel billionaire and governance champion Mo Ibrahim for a dinner discussion with our Private Markets team and a small group of private equity leaders in London chaired by Lord Mark-Malloch Brown. It was an opportunity to discuss our outlook for the continent with key investors and prospects for our Africa funds.

In August, the Institute partnered with the US-Africa Chamber of Commerce and 20 global leaders to create an in-depth study on foreign direct investment into Africa and the changing nature of US-Africa relations. The report was released by Hendrik in Washington as part of President Obama’s US-Africa Leaders’ Summit.

from theNews

Hendrik in conversation with Mo Ibrahim

Institute

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In September this year some of the top minds in South Africa’s retirement fund industry came together for an afternoon to discuss and debate trends in investment decision-making. Following the successful launch of the Investment Institute in London last year, this was the first Africa gathering of its kind.

“The Investment Institute is the strategic insights and engagement platform of Investec Asset Management,” explains Katherine Tweedie, Executive Director of the Institute. “The goal of the Institute is to provide insight on key political, economic and investment trends that impact investment decision-making across geographies and asset classes.”

To do this, the Institute has formed partnerships with a global network of leading thinkers and practitioners. These include Professor Ricardo Hausmann, Director of Harvard’s Center for International Development, who presented the macroeconomic outlook for South Africa to the Forum.

This year’s theme was ‘A new lens for South African investors’. “African and global financial markets are in the process of a profound reset. As this investment environment evolves, so too is the composition of ‘traditional’ balanced portfolios.

“At this time we believe that it is especially important for South African investors to have the space to think differently about emerging trends and have the tools as they assess options for long-term portfolio diversification and alternative asset allocation,” said Hendrik du Toit.

Latest NEWS

Hendrik du Toit introducing the dinner debate

I N V E S T M E N T I N S T I T U T E

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The day was concluded by a dinner where Minister of Cooperative and Traditional Affairs, Pravin Gordhan, and Investec Asset Management’s economist and strategist Nazmeera Moola led a debate about the outlook for South Africa and the respective roles of Treasury vs Municipal and Provincial Governments. Judge Dennis Davis was the moderator.

One of the factors that made this event particularly special was its location: it was held at the historic Villa Arcadia in Johannesburg. This Sir Herbert Baker designed house was once owned by one of Johannesburg’s original Rand Lords and later used as a Jewish orphanage. Today it is owned by the Hollard Group and not usually available for events unrelated to the company.

Minister Pravin Gordhan and Judge Dennis Davis in conversation

Prof. Ricardo Hausmann from Harvard’s Center for International Development delivers his outlook for the SA economy

I N V E S T M E N T I N S T I T U T E

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Katherine Jenkins, Classical singer and husband

Latest NEWS

The Duke of Cambridge with Richard Bonham, winner of the Prince Wil-liam Award for Conservation in Africa

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Kate Silverton, Broadcaster

25.11.2015 - Months of preparation culminated in the second annual Tusk Conservation Awards, developed in partnership with Investec Asset Management and HRH Prince William, Patron of Tusk.

HRH Prince William presented the awards including the ‘Prince William Award for Conservation in Africa – a lifetime achievement award’ given to Richard Bonham and ‘The Tusk Award for Conservation’, which was given to Herizo Andrianandrasana.

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Latest NEWS

VIRUNGA shortlisted for an Oscar!

Watch the trailer

Premiere Highlights

Lyndsay Rankin, Bronwyn Peters, Sheila Butterly Mimi Ferrini Kate Silverton

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Investec Asset Management was pleased to host the London Premiere of Virunga in November ahead of the Netflix release.

The Premiere was attended by celebrities and over 700 influential guests across industries, receiving two standing ovations. We are a sponsor of the London and South African premieres, and a number of screenings globally.

Our support aligns with our aim to make a positive impact by focusing on initiatives that support local communities and their environments, thereby contributing to the success of future generations.

Now shortlisted for an Academy Award for ‘Best Documentary’ at the Oscars, VIRUNGA is the story of Virunga National Park, Africa’s oldest national park and home to the planet’s last remaining mountain gorillas. The park is a UNESCO world heritage site under

threat. The film is the incredible true story of a group of brave people under the leadership of park director Emmanuel de

Merode, risking their lives to build a better future in a forgotten part of Africa and a gripping expose of the realities of life in

the Congo.

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Kate Silverton Vivienne WestwoodRichard Garland, Rodger Kennedy, Ian Visser

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on the wild side

Helping HANDS

In June this year John Green and his client group leadership team travelled to the Lewa Conservancy in northern Kenya for two days of (properly remote) strategising. Following this, ten other members of staff joined them to make an out of the ordinary contribution to charity.

They all gathered to fly the IAM flag at the annual Tusk Marathon - one of the world’s most unique marathons, in that 1000 athletes run in a wildlife reserve. While helicopters attempt to clear the track of animals at the start, there is no guarantee of your run not being interrupted by the unexpected crossing of elephants on the track!

As if the thought of encountering the Big Five is not enough, consider the fact

The IAM team in full: Thabo Khojane, Jeremy Gardiner, John Green, Mark Samuelson, Richard Garland, Stef Bogaars, David Aird and cli-ents. Katherine Tweedie and Vian Sharif represented the ladies.

Children benefiting from Tusk’s work

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that this race happens in one of the hottest areas in the world - and at extreme altitude.

Little wonder that most of the group just tried their hand at the half marathon. Barring, of course, one of IAM’s prime adventurers - Richard Garland, MD of Americas, Japan and Asia client group - whose wild side opted for the full 42km!

“It was an amazing and truly unique experience. It was also a very good opportunity for our client group to see, first-hand, the good work that Tusk does in the lives of so many communities in Africa,” said John Green, global head of client group.

Everyone survived the marathon and in the process the team managed to raise $60 000 for Tusk.

Denis Skeate, Stef Bogaars, David Aird, Monika Thaler, Richard Garland and Vian Sharif show extreme bravery around some rhinos

Children benefiting from Tusk’s work

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BRITISHBake-off

November saw the return of the highly acclaimed IAM Bake-off to the 4th Floor. After feeling hard done by the last time round, Chris Clark, who aggressively boasts to having spent the past four months secretly attending night cookery school, out-whisked all the others to claim the coveted ‘Golden Spatula’. Cupcakes and champers ensued later that week, much to the delight of his team, and to Chris himself, who quite openly wept for the duration of the celebration.

The event marked the end of John Daly’s charitable campaign for Tusk, which has gone on for most of the year.Congratulations to him for a great effort this year.

Chris Clarke, winning cake

A very original interpretation from Caron Ranger

Our PEOPLE

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BRITISHBake-off

November saw the return of the highly acclaimed IAM Bake-off to the 4th Floor. After feeling hard done by the last time round, Chris Clark, who aggressively boasts to having spent the past four months secretly attending night cookery school, out-whisked all the others to claim the coveted ‘Golden Spatula’. Cupcakes and champers ensued later that week, much to the delight of his team, and to Chris himself, who quite openly wept for the duration of the celebration.

The event marked the end of John Daly’s charitable campaign for Tusk, which has gone on for most of the year.Congratulations to him for a great effort this year.

Chris Clarke, winner

Steffany Swanson getting stuck in

Remnants of the cake across the building...

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Our PEOPLE

Steven Munitz, Kelly Foicik, Justin Cowper, Tobie van Heerden, Kevin Kong, Mark Samu-elson, Nadene Moore, Janaya Leigh & Helen Leung, Quad biking at the 1st Asia Pacific & Middle East Institutional Client Group Offsite on the Central Coast, New South Wales.

Nadene Moore (from our Australia office) and Kate Hoare from Australian Unity at the ASI Conference in Alice Springs.

Steven Munitz and Justin Cowper (Australia office) at the Club Super Golf Day

News fromAustralia

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NEW YORK OFFICE

HappyTHANKSGIVING

Mark Niemandt, Charlotte Clark, Ayo Adigun, Elly Chalmers, Amy Hunting & Jo TomkinsMARKETING

CHRISTMAS

PARTYEC4

OYSTERSHED LONDON

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Our PEOPLE

PUNKROCKyear-end functionThe Johannesburg office

Dare we ask what Carl Rautenbach is doing to himself here?

David Stronach and Jaco van Tonder, looking rather chuffed with their alternative gear

Mark Henson happily getting his punk on

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PUNKROCKyear-end function The Johannesburg office got in touch with their punk side at their year-end function. We got to see some staff in a different light than their daytime black, white and greys…

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David Stronach and Jaco van Tonder, looking rather chuffed with their alternative gear

Trisha Rahman, Ingrid Thokoane, Guane Wessels, Lerato Msibi going for glam-punk

Christelle Dippenaar and Lindy-Anne Scott-King

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NICE

Our PEOPLE

The capability heads take part in cookery classes on their leadership offsiteBake-off

Mark Breedon & James Hand

John Stopford, Chris Derksen, Richard Saldanha

Khaya Gobodo, Clyde Rossouw, Alastair Mundy

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IAM MilanOffice LaunchPartyIn June we hosted guests in Milan for the launch of IAM in Italy

Marco Orsi

Emily Hill, Stef Bogaars, Alexa Pinter Sarah Pastore

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Celebrating

Our PEOPLE

30years

Mark Denny Dealing Desk (London)

When we first arrived in Basinghall Street we occupied about a third of the 4th floor and all the dealers pretty much knew everyone. Now we are losing touch, so first of all please make sure you visit us in the most exciting part of the office!Don’t let Hendrik catch you cooking fish in the microwave, it could turn nasty…and if you do use the microwave please remember where the dots go between the numbers because the London Fire Brigade do not like to be messed around!One thing that is very noticeable is that IAM has gone to great efforts to try and produce a very balanced working environment; as you already know we are all hired because we want to work passionately hard but do make sure you are aware of the social and charitable initiatives too.

Oh, and if you don’t have much hair make sure you remember to bring in a wig for your corporate photo…regrettably I forgot.

our long-standing colleagues

Q

A

We’ve seen a lot of new faces around the offices, what wise words could you offer these ‘newbies’ about working at IAM?

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Tell us about your most memorable time at IAM

I have hired just about all of the dealers on the desk and that has always been a very interesting, exciting and memorable process.

Hendrik’s staff address in I think 1999 when he said if we were not top quartile within 5 years he would pack up and leave London…the rest is history…

What has been your hardest time at IAM?

Making sure the desk has stayed on top of all the multi-asset growth and product additions of a fast growing company; managing the pain that goes with the gain!

When you’re not in the office, what do you do with your free time?

Busy occupying and motivating two young kids who keep me young thankfully.I am a member of the National Rifle Association and target-shoot long-range (up to 1000 yards) full-bore (.308 / .762) rifles at Bisley when I get the chance.

I also enjoy oil painting on canvas with a difference! Sundays are generally for running, homework and movies.

HalloweenHalloweenThe US office takes

very seriously

Alex Rodriguez, Freddie Garland, Raz Ahmed, Andre van Heerden (the wolf mask), Natalie Salvacruz, David Anderson, Alexandra Danielsson, Joaquin Pran-di, Richard Garland, Zoe Brizzolara, Fernando Penaloza, Doug Doucette, Dana Troetel, Anna Rode (Minnie Mouse), John Daly, Lorena Cabezas

Q

A

A

A

Q

Q

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Our PEOPLE

Shakir Jasat

Nick Baker

Fund Accounting

Facilities

Welcome

Welcome

I have a twin sister, though we couldn’t have more differing personalities even if we tried.

Before I joined Investec I worked in Security for the last 13 years at Woolgate Exchange as the Deputy Manager. When I started here the building was an empty shell and is a now fully occupied building.

One thing that not many people know about you?

Q1

A1

A1

So tell us...

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I have a twin sister, though we couldn’t have more differing personalities even if we tried.

Before I joined Investec I worked in Security for the last 13 years at Woolgate Exchange as the Deputy Manager. When I started here the building was an empty shell and is a now fully occupied building.

I was pleasantly surprised by the friendliness of all staff and their willingness to assist with any questions a newbie such as myself would have.

The strangest thing for me was on my first day, having to sign in as a visitor after working so long in Security.

Being afforded the opportunity to grow both personally and professionally within this wonderfully dynamic organisation.

Every day brings a new challenge and no two days are the same! There is also a unique friendly working environment at IAM.

One thing that not many people know about you?

The most interesting/strange/memorable thing that happened in your first week at IAM

What makes you the most excited about working for IAM?

A1

A1

Q2

A2

A2

Q3

A3

A3

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didn’t you get the memo?IAM Friday uniform

Our PEOPLE

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The Rhino, Monika Thaler and Denis Skeate

Having pledged to wear a zebra onesie if his fundraising target of £1000 was exceeded, Denis Skeate takes to the streets of London, dressed accordingly.

“Just” running a marathon (Lewa Marathon) at IAM these days almost doesn’t warrant fund raising, as there are so many crazy people in the building running, swimming and walking obscene distances, under different conditions. We needed a little something else to get people interested - and what better than a bit of childish fun... a little zebra onesie goes a long way...

wears a onesie

Should we break the £1000 target, I will come to the office and spend a

day in a Zebra Onesie! Leaving my house, getting the train into Waterloo

at rush hour, then the Waterloo & City Line to Bank. Only to return home

on the same route after a full day in the office. But that’s not all!! I will

then have lunch in the centre of London at a well-known and very public

venue. And for those of you who will naturally want proof I will ensure I

upload pictures including points of reference en route, for verification.”

The pledge

Dennis Skeate

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The Athena competition

Our PEOPLE

What is it?The Athena competition aimed to encourage the global marketing team members to go beyond their day-to-day roles and to use their hidden skills in a collaborative environment to create innovative solutions to meet the needs of our client group.

How did it work? We liaised with the Client Groups and tried to understand what their biggest challenges are, and with which marketing could help. The marketing team was split into groups of 7-10 people and each team was allocated a challenge. The requirement was that we think innovatively and creatively about these challenges.

From ‘Pentagon’, the winning team

Our task was to reinvent the corporate brochure. We wanted to come up with a brochure that was fresh and exciting but concise and compact (and with the requisite number of zebras!). We wanted something that would represent our unique culture and innovative spirit whilst exploring our creativity. We spoke to stakeholders such as Katherine Tweedie, Richard Garland and John Green for further inspiration on the ideas we had gathered. Katherine suggested concise, Richard suggested EXCITING, John gave us a concrete example of a memorable brochure.

We managed to produce a wonderful idea that is truly representative of our company’s unique journey. We are ecstatic with the overwhelming response to the brochure and we hope to see this rolled out in the future. We are humbled but WE KNEW WOULD WIN ALL ALONG.

a marketing innovation project

Brainstorming session

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The Athena competition

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a marketing innovation project

Tom White, Malita Munyenyembe, Roger Mark, James Bailes, Ayo Adigun, Esme Porter, Annie Gaydon

Brainstorming session

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Sport TIME

Those proficient with bat and ball (and Marius Ovis) took to the Green Point Cricket Club again to battle things out on the pitch. This round saw three teams (Blue, Black and White) compete in a T20 format. After a round of three games, the Black and Blue teams made it to the final, with Clyde Rossouw’s Blue team edging out a victory of 1 run.

(This seemed to have awakened the competitive spirit among the players and sparked a ‘re-match’ of 3rd Floor vs 4th Floor. The 3rd Floor came out on top.)

CricketCape TownMarius Ovis bids his innings farewell, while Nicolaas Alberts and Ya’eesh Cader carry on the good fight

Wesley Jacobs… checking for ‘How to’ instructions?

Peter Kent having a reflective moment outside the field, while his young ones are doing boundary duties

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Those proficient with bat and ball (and Marius Ovis) took to the Green Point Cricket Club again to battle things out on the pitch. This round saw three teams (Blue, Black and White) compete in a T20 format. After a round of three games, the Black and Blue teams made it to the final, with Clyde Rossouw’s Blue team edging out a victory of 1 run.

(This seemed to have awakened the competitive spirit among the players and sparked a ‘re-match’ of 3rd Floor vs 4th Floor. The 3rd Floor came out on top.)

CricketCape TownJohn Green and Nicolaas Alberts sussing out the competition

Team Rajay Ambekar (junior) on a lunch break

Team Black celebrates Kim Littler’s wicket, with Craig Humphreys walking up to Adam Furlan, Muzz Adams (faking an early injury?) and Mohammed Wookay

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Double

One of the teams enjoying a well-deserved rest after mastering 202km on the road: In the back are John Thompson, Chris Freund, Rhynhardt Roodt, Abrie Pretorius, Grant Irvine-Smith, Samantha Taylor. In the front are a visibly relieved Mike Williams and Nicolaas Alberts, along with other team members.

Sport TIME

A triumphant Adam Fletcher

The ‘IAM Misfits’ takes the uphill trajectory in their stride

London Foosball Tournament

IAM Social Committee Camilla Oliver , Steffany Swanson, Made-leine Dell’Avvocato, Mark Niemandt, Lyndsay Rankin, Blake Mus-grove, Olivia Horsley

IAM Social

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The cycling enthusiasts once again attempted the gruelling Double Century cycle challenge. This year we had no less than four teams who all successfully mastered the 202 km route meandering through the Overberg, with start and finish in Swellendam.

All the teams finished the race with their full teams (all 12 team members) – a great achievement in this demanding challenge. Furthermore, team IAM Misfits, sponsored by Investec Asset Management, won the Charles Milner Award for the fastest team to finish with all 12 riders, and they did this in 05:33:24 – beating the previous record.

Double

One of the teams enjoying a well-deserved rest after mastering 202km on the road: In the back are John Thompson, Chris Freund, Rhynhardt Roodt, Abrie Pretorius, Grant Irvine-Smith, Samantha Taylor. In the front are a visibly relieved Mike Williams and Nicolaas Alberts, along with other team members.

Ryan Wibberley enjoying what looks like a very nutritious snack along the way

Team Impi seems to have isolated their pack leader, Thabo Khojane, in the mountains

Christina Eriksson & Nicole Funk Blake Musgrove & Adam Lees

IAM Social Committee Camilla Oliver , Steffany Swanson, Made-leine Dell’Avvocato, Mark Niemandt, Lyndsay Rankin, Blake Mus-grove, Olivia Horsley

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Sport TIME

Citywire10KThis year’s

Mark Griffiths, Steve Woolley, John Daly and Ian Visser

“Thankfully John Daly, Steve Woolley, Ian Visser and Mark Griffiths (London office) have done some training over the past few months! John Daly stormed over the line in first place (34mins.18secs) with Steve Woolley finishing second (35mins 18 secs). Both Ian and Mark finished in the top 10 which saw Investec crowned the winning team for 2014 – a winning margin of more than 15 minutes. An amazing achievement, well done all!

Look at Steve and Ian at the start line checking their watches to make sure they don’t miss the tube home……

20.07.2014 - Simon Gardner-Bond (Commodities and Resources, London), Richard Chapman and Mark Griffiths (both Fund Accounting, London) completed an Olympic distance team triathlon at Eton Dorney (the site of the rowing for the 2012 Olympics) as team “IAM Allstars” with the intention of setting a time that the rest of IAM could aim to beat. In muggy and warm conditions we got close to our target times and managed to win the team event in a time of 2:04:23, and so now lay down the challenge for the rest of IAM to try and beat it – maybe someone else should be the Allstars!”

IAM Allstars

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12.07.2014 - The Not Fast but Fabulous girls embarked on their first ever rowing competition covering a gruelling 8.5 miles along the river Thames from Westminster to Greenwich (IAM’s

Bronwyn Peters is part of the rowing group).

“Not only is this a massive personal challenge as none of us have rowed before but we’ll also be raising funds on behalf of The Ahoy Centre. Ahoy is a water sports based charity that uses sailing and rowing to break down social barriers and provide the opportunity to teach and train disadvantaged, disabled and troubled youths to develop essential life skills, self-confidence and pride.

I would be delighted if you could help me and my very fabulous team raise money for this wonderful cause by donating to our fundraising page:

DonateMore Info

20.07.2014 - Simon Gardner-Bond (Commodities and Resources, London), Richard Chapman and Mark Griffiths (both Fund Accounting, London) completed an Olympic distance team triathlon at Eton Dorney (the site of the rowing for the 2012 Olympics) as team “IAM Allstars” with the intention of setting a time that the rest of IAM could aim to beat. In muggy and warm conditions we got close to our target times and managed to win the team event in a time of 2:04:23, and so now lay down the challenge for the rest of IAM to try and beat it – maybe someone else should be the Allstars!”

IAM Allstars triathlon

Simon Gardner-Bond, Richard Chapman and Mark Griffiths

Bronwyn Peters

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Sport TIME

BergBattle of theThe Investment Team outperformed against the Client Group at the inaugural ‘Battle of the Berg’ at the Steenberg Golf Club. After a day of very competitive golf, the Investment Team triumphed by 4 - 2.

No complaints about ‘working’ against such a backdrop – in the back are David Stronach, Morkel Kincaid, Daryll Welsh, Mark Breedon, John Green, Piet Olivier, Duncan Coombe, Rob Forsyth, Nicolaas Alberts, David Aird, Nigel Barnes, Clyde Rossouw, Tobie van Heerden, Stef Bogaards and Nigel Smith (in patriotic pants).

In the front are Scott Carr, Simon Brazier, Bradley George, Peter Kent, Khaya Gobodo, (an exuberant) Mimi Ferrini, John Stopford and John Biccard.

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The Investment Team outperformed against the Client Group at the inaugural ‘Battle of the Berg’ at the Steenberg Golf Club. After a day of very competitive golf, the Investment Team triumphed by 4 - 2.

No complaints about ‘working’ against such a backdrop – in the back are David Stronach, Morkel Kincaid, Daryll Welsh, Mark Breedon, John Green, Piet Olivier, Duncan Coombe, Rob Forsyth, Nicolaas Alberts, David Aird, Nigel Barnes, Clyde Rossouw, Tobie van Heerden, Stef Bogaards and Nigel Smith (in patriotic pants).

In the front are Scott Carr, Simon Brazier, Bradley George, Peter Kent, Khaya Gobodo, (an exuberant) Mimi Ferrini, John Stopford and John Biccard.

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Please send any suggestions to

[email protected]

Have a happy Festive Season