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Simphony Sanlam
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03simphony
Spring is fi nally here! In this issue of
Simphony we hope to bring hope and
cheer after the long and cold winter
months. We will soon be packing
away our winter woolies and some of us will be
hitting the gyms more regularly... You could
try to follow Johan van der Merwe’s rigorous
training schedule that helped him prepare for
the recent swimming world championships,
but beware – it is extremely intense! He shares
these secrets, as well as how he tries to
balance his professional and personal life, on
page 13.
We also meet Viresh Maharaj, Chief Actuary
at Sanlam Group Risk, who provides some
insight into his personal and professional
life. On page 6, read how Viresh juggles a
hectic work schedule and MBA studies while
still managing to fi nd time to relax and spend
quality time with his wife. We also feature the
winners of the Sanlam CEO award, Sue van Zyl
and Steven Rosenberg. Jacques du Plessis is
this year’s winner of the Sanlam Investments
Living the Values award (page 16). Last year’s
winner, Gezina Venter, gives us an update on
her overseas adventure in Candid Camera.
We also focus on the Human Resources
department, headed by Raymond Schkolne,
and discuss their role in the business, both
from an operational and strategic perspective.
We highlight a few of the projects that they
currently have underway.
We hope that you’ll fi nd this edition insightful
and educational. If you have any suggestions or
would like to submit an article, please contact
us at [email protected].
Simphony Conductors (clockwise): Thaniah Toefy, Stephanie Chellan and Pateka Quwe
02simphony
navigation
02simphony
introductions
welcome
Over the last couple of months I have engaged
with various stakeholders on the changes
we’ve introduced to our structure and the
goals we have for the future. Through these
discussions, I have had the opportunity to
refl ect on the evolution of our businesses and
indeed of the Cluster as a whole, and it’s clear
that we have a great deal to be proud of. Our half-year results refl ect that
our sustained outstanding investment
performance is beginning to positively
infl uence fund fl ows in spaces where we have
to-date not been as successful as we would
have liked. And as a result of relentless focus
and effort, we are now attracting retail fl ows
across the board where previously we’ve only
done so in certain asset classes like equity.
In fact, we can be proud of the fact that
during the fi rst half of this year, we attracted
better retail fl ows than we have attracted over
the last 10 years!
Your hard work in the institutional space is
also evident in the substantial pipeline that
has been built for the second half of the year.
What is particularly pleasing for me is that
we are also being recognised by the industry
as is evident in our recent awards –and of
course Kokkie’s achievement sits in a class
of its own.
I am also encouraged by the fact that our
entrepreneurial and innovative spirit continues
to thrive with SPI launching their Art Advisory
Service, and SIM introducing their Enhanced
Tracker Balanced Fund. The team at Sanlam
Employee Benefi ts also embraced innovation
with their unique approach to hosting yet
another successful Benchmark Symposium.
I’d also like to take this opportunity to
once again congratulate Jacque du Plessis,
winner of the investment Clusters’ Living the
Values award, and Steven Rosenberg and
Sue van Zyl, recipients of the Sanlam Group
CEO awards. These prestigious awards are
testament to the calibre of people we have in
the business.
We have lots be to be proud of and as
we contemplate the stretch targets we’ve
set for 2013, I encourage you to draw on
our achievements to date and use them as
platforms to build new standards of excellence
for the future.
Finally, I thought it worth sharing this quote
from Jim Collins as I thought it captures what
I hope to see and feel amongst each of us as
we enter the fi nal quarter of the year: “The
kind of commitment I fi nd among the best
performers across virtually every fi eld is a
single-minded passion for what they do, an
unwavering desire for excellence in the way
they think and the way they work.”
Johan van der MerweCEO of Sanlam Investments
Each and every one of us play a pivot role in achieving this target and I’m confi dent that together we can overcome all obstacles and challenges
Simphony Conductors: Thaniah Toefy and Pateka Quwe
candid camera!ANOTHER BUSY QUARTER PROVES THAT SANLAM INVESTMENTS IS TRULY A GREAT AND DIVERSE COMPANY
The local investment community converged on the Westin Grand for the inaugural African Cup of Investment Management, which took place on September 9 and 10, 2010. Our sim.smartcore team (instrumental in bringing the conference to our shores) was delighted at the turn out and particularly the fact that attendees and speakers came from across the investment industry.
With the ongoing volatility and uncertainty in fi nancial markets, the conference was a particularly good time to debate the best way to manage money successfully for investors.
One of the main areas of focus at the African Cup of Investment Management was passive
investing and whether it is complementary or in competition to active investing.
Internationally acclaimed Dan diBartolomeo and Deborah Fuhr were among the keynote speakers and shared their insights into the world of quantitative investing and the soaring popularity of Exchange Traded Funds.
SIM economist Arthur Kamp led a discussion on the fi nancial crisis and its impact on African investing and how South Africa was shielded from a direct meltdown. In his session, panelists shared their views on how to create a policy that stimulates growth and economic stability in the wake of the crisis.
under the hammerFor the third year running, the Sanlam Investment Management South African Challenge auction, hosted by Sanlam Investments staff, did not disappoint. To enter the challenge, teams must raise as much money as possible for charity and for the past two years the staff auction has been instrumental in doing just that. In keeping with the auction tradition, Megan Brandt was the uproarious MC and cornered bids from unsuspecting participants. The big items on the list sparked a lot of interest and a bidding war ensued.
Everything from Judith’s famous fudge and rejuvenating spa vouchers to bottles of wine and adventurous helicopter rides went under the hammer at rather generous prices. In the end, more than R40 000 was raised for Cotland’s Children’s Sanctuary.
The teams were very happy with the turnout and the level of interest and participation as it also presented staff members with the opportunity to wish the teams well for the challenge.
A great time was had by all while raising funds for a good cause.
Another fi rst for SIM
03simphony
Sanlam International Investment Partners (SIIP), headed by Hendrik Pfaff, hosted its fi rst client interaction function on September 6 and 7.
The aim of the event was to position SIIP as a serious player in the global arena and showcase its achievements of breaking into new markets and fi nding the right partners over recent years. SIIP has formed strategic partnerships with pioneering fi rms from Europe, Asia and Australia.
The function also allowed SIIP to introduce its international partners to Sanlam clients who stand to benefi t from such an opportunity.
On September 6, over 150 clients were invited to the Table Bay Hotel to meet and interact with delegates representing SIIP’s international partners from four capital markets based in UK and Atom Funds who are an Australian outfi t. On the same day, about 100 staff members were treated to the same experience at the CR Louw and on September 7 the function moved to the Michelangelo Hotel in Gauteng.
Judging by the success of these events, SIIP is set to reach new frontiers with its winning formula.
SIIP interacts
Johann Hugo, Helena Conradie, Dan diBartolomeo, Jenny Albrecht and Robert MacDonald
Other investment trends explored were sustainable infrastructure investing and investing in African, Middle East and India.
Finally, extremist Lewis Pugh, best known for swimming in the North Pole and climbing Everest to draw attention to the impact of global warming, shared his experiences – and gave us insight into what motivated him to take on such formidable challenges.
04simphony
candid camera
Gezina Venter, Client Services Manager at SCI and winner of the 2009 Living the Values award shares her experience of her overseas trip:
“Filled with anticipation, awaiting the English summer and amid fears of being grounded by volcanic ash clouds and airline strikes, we fi nally departed in May for two weeks abroad. From visiting the Culzean Castle in Southern Scotland to fi nding myself in Dublin the next day meeting with the Sanlam Asset Management Ireland team to discuss offshore work processes, I still managed a
city tour of Dublin by bus. Then back to Scotland where we embarked on a road trip through the many splendorous Scottish Highlands, stopping at all the castles along the way – a defi nite highlight of the trip and a must-see! After leaving my heart in Scotland we ventured forth to Toronto, Canada. The ice wine tasting, bus trip to Lake Niagara, boat trip and journey behind the falls were amazing. On the way back, we did a day tour of London by bus, taking in all the sights with hungry (also tired) tourist eyes. Thank you to everyone for making this possible!”
looking back
A total of 170 young and ambitious minds, handpicked from across Sanlam’s geographical spread (including countries such as Zambia and Kenya), gathered at the Lagoon Beach Hotel on August 4 and 5 for a session aimed at handing over to those who may be in leadership positions in the future. And who better to lead such a gathering than the revered skipper himself, Johan van Zyl. He brought along his executive team who were more than willing to share their time during the discussion sessions and mulled over the strategy that has led Sanlam to the solid position that it enjoys today.
The fi rst day was characterised by an over-view of where Sanlam was 10 years ago, the steps taken to get to where it is today and a
glimpse into the future direction it seeks to follow. Nicky Newton-King, JSE deputy CEO, gave a refreshing market perspective on Sanlam’s annual report and Ryan Sandes, the reigning champion of three desert races, which are over 200km each, wowed everyone with his immense talent and the incredible power of the mind.
The following day was drama-fueled as participants replicated LA Law, the TV drama series where sharp minds and eloquent tongues clash in the courtroom. In the end, Chief Justice Johan van Zyl’s verdict saw the defence team claim victory after proving that Sanlam was on the right track after all.
The Future Leaders’ 2010 Conference was a resounding success.
Gezina outside the Loch Ness Monster Visitor Centre in Drumnadrochit, Inverness-shire, Scotland.
Pictured from left are: Asanda Manina (Sanlam Collective Investments), Samantha Achilles (Sanlam Collective Investments), Martin Pieterse (Sanlam Personal Finance), Renai Mahlatji (Sanlam Sky) and Pateka Quwe (Sanlam Investments)
Coco Chanel said, “As long as you know men are like children, you know everything!”
This is a statement Helene Du Toit Lourens, an expert on gender differences, would certainly fi nd amusing. Helene was the guest of honour at the Sanlam Investments Women’s Day event who spoke to us about gender differences in the brain and the powerful infl uence of emotions. Her empowering speech left everyone feeling enlightened about the complex differences between men and women and amazed at how subtle these differences can sometimes be.
Megan Brandt from Distribution Support was MC for the day. All in all, it was a festive event held in the SIM auditorium. The lightness of the mood did not take away from the signifi -cance of the day. And, if there is one lesson the South African women who took part in the great emancipation march of 1956 would have us learn, it is best expressed by Coco Chanel who said, “The most courageous act is still to think for yourself. Aloud.” So look after yourselves, great women of South Africa.
women power
provide nominations, who then go through a careful selection process. HR would like to thank Johan for his dedication and continued commitment to the LPO initiative. Here’s to a great LPO in November.
On August 26 and 27, 2010, Sanlam Investments hosted its tenth Living Passionate Ownership (LPO) event. Approximately 60 delegates from the Cluster were treated to a thought-provoking two-day affair at a secret location.
The LPO programme was initiated in 2007 by Johan van der Merwe as a way to instil the company’s culture of passionate ownership, innovation and transparency within the Cluster. It’s a great networking opportunity and encourages collaboration across the different businesses. During the sessions, Johan shares his vision for the business.
Living Passionate Ownership
passing the baton
The feedback HR received from past delegates is that the event is an exceptionally positive and rewarding experience. Over the years, some of the country’s most acclaimed speakers have addressed LPO delegates with their inspiring stories – from celebrity chef and extreme adventurer, David Grier, to renowned entrepreneur, Raymond Ackerman. This is set to continue as HR strive to keep the agenda fresh, relevant and engaging.
The LPO aims at involving a diverse group of staff from each business in the Cluster: heads of the different businesses initially
PHOT
OGRA
PH T
OB
Y M
UR
PH
Y
07simphony
on the spot
At 27 years old, Viresh
Maharaj is one of the
youngest Chief Actuaries
to walk the corridors of
Sanlam, having spent the
past two years as the Product Development
Actuary at Sanlam Group Risk (SGR).
As Chief Actuary, Viresh is responsible
for leading SGR’s specialist pricing team
and ensuring that the rates quoted are both
competitive and profi table. He also supports
the product development function where his
innovative thinking contributes to the giant
leaps SGR has made in product design and
the incremental evolution of SGR’s existing
product range. Although his hands are full,
it is no surprise that this down-to-earth go-
getter is also involved in the marketing of the
SEB business by building relationships with
clients, driving new proposals and writing
articles profi ling the capabilities of the SEB
business. Viresh is also the product owner
of the Sanlam Benchmark Symposium
and shoulders a number of responsibilities
in this regard. “I am part of a team that
pulls together to delineate the challenges
in our industry by conducting the most
comprehensive research of its kind performed
in South Africa, analysing the results on the
back of a 30-year history and applying our
thought leadership to provide insights on
how these challenges may be overcome,”
he explains.
According to Viresh, what he enjoys most
about his various roles is that every day
brings new challenges in an environment
that is both complex and ambiguous. Viresh
says, “I love not knowing the answers
or what to do next. What gets my blood
pumping is being faced with a problem,
fi guring things out and then designing and
implementing practical solutions.”
Viresh was born in Durban and grew
up uncertain of what he wanted to do with
his life. All he knew was that he wanted to
push himself beyond his limits – and he is
still doing this today. He studied Actuarial
Science at UCT, with a bursary received from
Metropolitan Life, and then completed his
actuarial qualifi cation via the Actuarial Society
of South Africa and the Faculty of Actuaries.
Viresh is now studying towards an MBA at the
UCT Graduate School of Business and plans
to learn to play the electric guitar thereafter.
A closet romantic, Viresh found that one
of the most diffi cult obstacles he had to face
in life was living away from the woman he
loved. “It was quite diffi cult only being able
to see her a few times a year and then having
to say goodbye for long periods of time,”
says Viresh. So how did SGR’s Chief Actuary
overcome this obstacle? Well, he designed
and implemented an elegant solution – he
asked her to marry him. And to his surprise,
she said yes. Little wonder one of Viresh’s
most prized possessions is an award he
received from his wife – a mug that says,
“World’s Best Husband”.
Until very recently, Viresh was the Vice
President of the Association of South
African Black Actuarial Professionals – an
organisation that aims to promote the
development of the actuarial profession
with a vision of increasing the number of
actuaries from disadvantaged communities.
He is also driving the Sanlam Save Your
the real dealAN EARNEST YOUNG MAN WITH THE WORLD AT HIS FINGERTIPS
Quote
I think I’m the youngest actuary in the Cluster but not in the entire Group. That being said, I have failed a number of times but don’t regret doing so as I have learnt more from these failures than I have through my successes.
Future campaign on Facebook, which is
an initiative aimed at trying to change the
savings behaviour of young people by using
a combination of celebrity appeal, social
networking and virtual voyeurism. Visit
www.saveyourfuture.co.za to become part
of this interactive platform that is actively
engaging with South Africa’s youth.
With his career taking off and still studying
intensively, does this Chief Actuary ever have
free time? “I try to squeeze a few hours into
my schedule,” chuckles Viresh. “I make the
time to follow the English Premier League,
play games on my PS3 and spend more
quality time with my wife. However, once my
studies are over I want to travel the world and
visit places like Egypt, Greece and Vegas! And
who knows, we might even be hearing the
pitter-patter of little feet …”
FAVOURITE BOOKFooled by Randomness: The Hidden Role of Chance in Life and in the Markets by Nassim Nicholas Taleb.
WHERE IS YOUR IDEAL DESTINATIONI’ve always wanted to visit Japan.
FONDEST CHILDHOOD MEMORYDiwali in Durban.
BEST DAY OF YOUR LIFEToday.
FAVOURITE FOODMy wife’s butter chicken and naan.
MOST UNUSUAL FOOD YOU’VE EVER TASTEDVegetables.
GREATEST ACHIEVEMENTQualifying as an actuary.
MOTTO IN LIFEQuisque Sibi Verus – Be true to yourself.
CURRENTLY READINGEmails, News24 and The Economist.
Quickies
07simphony
on the spot
At 27 years old, Viresh
Maharaj is one of the
youngest Chief Actuaries
to walk the corridors of
Sanlam, having spent the
past two years as the Product Development
Actuary at Sanlam Group Risk (SGR).
As Chief Actuary, Viresh is responsible
for leading SGR’s specialist pricing team
and ensuring that the rates quoted are both
competitive and profi table. He also supports
the product development function where his
innovative thinking contributes to the giant
leaps SGR has made in product design and
the incremental evolution of SGR’s existing
product range. Although his hands are full,
it is no surprise that this down-to-earth go-
getter is also involved in the marketing of the
SEB business by building relationships with
clients, driving new proposals and writing
articles profi ling the capabilities of the SEB
business. Viresh is also the product owner
of the Sanlam Benchmark Symposium
and shoulders a number of responsibilities
in this regard. “I am part of a team that
pulls together to delineate the challenges
in our industry by conducting the most
comprehensive research of its kind performed
in South Africa, analysing the results on the
back of a 30-year history and applying our
thought leadership to provide insights on
how these challenges may be overcome,”
he explains.
According to Viresh, what he enjoys most
about his various roles is that every day
brings new challenges in an environment
that is both complex and ambiguous. Viresh
says, “I love not knowing the answers
or what to do next. What gets my blood
pumping is being faced with a problem,
fi guring things out and then designing and
implementing practical solutions.”
Viresh was born in Durban and grew
up uncertain of what he wanted to do with
his life. All he knew was that he wanted to
push himself beyond his limits – and he is
still doing this today. He studied Actuarial
Science at UCT, with a bursary received from
Metropolitan Life, and then completed his
actuarial qualifi cation via the Actuarial Society
of South Africa and the Faculty of Actuaries.
Viresh is now studying towards an MBA at the
UCT Graduate School of Business and plans
to learn to play the electric guitar thereafter.
A closet romantic, Viresh found that one
of the most diffi cult obstacles he had to face
in life was living away from the woman he
loved. “It was quite diffi cult only being able
to see her a few times a year and then having
to say goodbye for long periods of time,”
says Viresh. So how did SGR’s Chief Actuary
overcome this obstacle? Well, he designed
and implemented an elegant solution – he
asked her to marry him. And to his surprise,
she said yes. Little wonder one of Viresh’s
most prized possessions is an award he
received from his wife – a mug that says,
“World’s Best Husband”.
Until very recently, Viresh was the Vice
President of the Association of South
African Black Actuarial Professionals – an
organisation that aims to promote the
development of the actuarial profession
with a vision of increasing the number of
actuaries from disadvantaged communities.
He is also driving the Sanlam Save Your
the real dealAN EARNEST YOUNG MAN WITH THE WORLD AT HIS FINGERTIPS
Quote
I think I’m the youngest actuary in the Cluster but not in the entire Group. That being said, I have failed a number of times but don’t regret doing so as I have learnt more from these failures than I have through my successes.
Future campaign on Facebook, which is
an initiative aimed at trying to change the
savings behaviour of young people by using
a combination of celebrity appeal, social
networking and virtual voyeurism. Visit
www.saveyourfuture.co.za to become part
of this interactive platform that is actively
engaging with South Africa’s youth.
With his career taking off and still studying
intensively, does this Chief Actuary ever have
free time? “I try to squeeze a few hours into
my schedule,” chuckles Viresh. “I make the
time to follow the English Premier League,
play games on my PS3 and spend more
quality time with my wife. However, once my
studies are over I want to travel the world and
visit places like Egypt, Greece and Vegas! And
who knows, we might even be hearing the
pitter-patter of little feet …”
FAVOURITE BOOKFooled by Randomness: The Hidden Role of Chance in Life and in the Markets by Nassim Nicholas Taleb.
WHERE IS YOUR IDEAL DESTINATIONI’ve always wanted to visit Japan.
FONDEST CHILDHOOD MEMORYDiwali in Durban.
BEST DAY OF YOUR LIFEToday.
FAVOURITE FOODMy wife’s butter chicken and naan.
MOST UNUSUAL FOOD YOU’VE EVER TASTEDVegetables.
GREATEST ACHIEVEMENTQualifying as an actuary.
MOTTO IN LIFEQuisque Sibi Verus – Be true to yourself.
CURRENTLY READINGEmails, News24 and The Economist.
Quickies
showcase
08simphony
Sanlam Investment Management (SIM) launched
the SIM Enhanced Tracker Balanced Fund on the
September 1, 2010 . The fund will complement
SIM’s current fund offering and provide clients
with a cost-effective multi-asset class product in
the balanced fund space – the fi rst product of its
nature in South Africa.
The SIM Enhanced Tracker Balanced Portfolio
provides market-related investment returns
by investing primarily in equity, fi xed interest
investments, cash and foreign assets. Each of the
underlying asset classes, barring cash, is managed
on a passive basis i.e. tracks an underlying index.
Only limited asset allocation in line with the house
view will take place. The fee basis is lower than
traditional actively managed portfolios, in some
cases offering a discount of as much as 50%.
The SIM Enhanced Tracker Balanced Portfolio
has a moderate-aggressive risk profi le. The fund is
suitable for investors who want exposure to a mix
of assets at a low tracking error to the underlying
indices. The fund offers a low-cost alternative to
the more traditional actively managed balanced
funds on offer.
The Fund has been available to investors
through Sanlam Umbrella Solutions since
October 2008, attracting good infl ows and
its strong performance has prompted SIM
to make it available to the wider market.
For more information on the SIM Enhanced
Tracker Fund, please contact Tanya Strydom
on 021 950 4637 or Johan Redelinghuys
on 021 950 2979.
Sanlam Investment Management launches the SIM Enhanced Tracker Balanced Fund
In presenting the fi ndings of the annual
Benchmark Symposium research, Sanlam
Employee Benefi ts (SEB) hosted a mock in-
studio TV talk show with Leanne Manas from
SABC2’s ‘Morning Live’ around the hypothetical
appointment of a minister of pensions. A
petition delivered by Tony Ehrenreich, regional
secretary of Cosatu in the Western Cape, sparked
lively debate. He called for far more coherent
government action in developing a ministry of
pensions – a proposal not yet part of the debate
around the National Social Security Scheme
(NSSS) under consideration.
An unprecedented proposal, the Cosatu call
brings a new dimension to the NSSS debate
and raises the urgency of dealing with what it
considers to be a crucial element in the lives
of South Africans. Such government focus on
pensions has been tested in other countries and
it has been found that where there is a dedicated
ministry, there is more appropriate redirection of
resources.
“The time for talk is over,” says Paul Myeza,
CEO of Sanlam Employee Benefi ts. “SEB is
urging government action to galvanise the
retirement fund industry and be part of improving
South Africans’ fi nancial literacy. In order to
encourage better savings rates, consumers need
to be better informed so that more meaningful
engagement with retirement fund professionals is
possible, thereby helping to make better pre- and
post-retirement decisions.”
The motivation behind the engaging format
of this year’s Benchmark Symposium was to
highlight the key issues and challenges facing
retirees and the retirement industry, while
presenting the results of the Sanlam Benchmark
survey. For the fi rst time, the survey included
interviews with 250 pensioners, in addition to
750 active retirement fund members. The most
comprehensive research of its kind, the survey
was fi rst launched 30 years ago. The Benchmark
Symposium is considered a must-attend event in
South Africa for intermediaries, principal offi cers,
trustees, service providers, asset managers,
government department offi cials and union
representatives. The survey is the
most comprehensive and respected of its kind
for the country’s retirement fund industry,
providing relevant statistics and insights into
the management of pension, provident and
umbrella funds. For more information
on the results of the survey, visit
www.sanlambenchmark.co.za.
lights, camera, SAVE!
company profi les
THANIAH TOEFY
Sanlam Investments has realigned
its multi-manager hedge fund
Cluster to incorporate Octane
Holdings under the Blue Ink
Investments banner, having
recently acquired the remaining 50% of Octane
it did not own. The combined entity now
has R6.5 billion under management, with a
domestic fund comprised of hedge fund assets
of R3 billion and a further $470 million in
offshore portfolios, the bulk managed on behalf
of South African clients. As part of the move,
Octane has been rebranded Blue Ink Global
Investments with the combined entity giving
clients access to a range of local and global
fund of hedge fund portfolios.
Sanlam Investments CEO Johan van der
Merwe, who takes a strategic role as head
of the hedge fund Cluster, says the changes
are focused on a convergence of strategies
between the two businesses, allowing for
greater collaboration, enhanced operational
effi ciency and avoidance of duplication.
Esmarie Strydom, the CEO of Blue Ink
Investments, now also takes responsibility
for all client relations while Thomas
Schlebusch, currently CIO of Blue Ink
Investments, becomes CIO across both the
local and offshore businesses.
Johan says, “We are confi dent that this
process has strengthened our local and offshore
fund of hedge funds investment capabilities
and will result in positive benefi ts for new and
existing clients.”
The two businesses in South Africa will
continue to operate in Johannesburg and
Cape Town, consolidating into a single offi ce
in each location, while Blue Ink Global
Investments will move its offshore investment
operations to London. Long-time Blue Ink team
member Kevin Ewer is moving to London to
focus on the offshore side and will be joined by
ex-Octane team members Ali Bajwa, Steven van
Jaarsveld and Allister Langridge.
Eben Karsten, also a longstanding Blue
Ink team member, now heads the local
team with two new recruits, Grant Hogan and
Tatenda Chapinduka, coming onboard as
trainee analysts.
Blue Ink Global is also adjusting its
investment approach and will become a direct
investor in hedge funds, known as an F2 or
fund of funds, evolving from the Octane model
in which the company was positioned as an
F3, or fund of fund of hedge funds, investing
via other multi-managers.
A seletion of Blue Ink products are now also
available via consultants on the Glacier platform.
For more information please visit
www.blueink.co.za.
Images
Blue-Ink-Investments.jpg (New logo)
Esmarie Strydom.jpg
making a new markBLUE INK GETS REBRANDED
09simphony
BALANCED > HIGH EQUITY 1 YEAR % 2 YEAR % 3 YEAR % 5 YEAR % YTD %
SMM 70 32.37 2.48 4.67 14.23 -0.52
SMM 70 BMK 30.79 0.69 4.68 13.85 -0.88
Active Performance 1.58 1.79 -0.01 0.39 0.36
BALANCED > LOW EQUITY 1 YEAR % 2 YEAR % 3 YEAR % 5 YEAR % YTD %
Status Low Equity Fund 20.45 5.51 6.48 12.50 0.62
Status Low Equity Fund BMK 19.86 4.28 6.51 12.13 0.34
Active Performance 0.59 1.23 -0.03 0.37 0.28
BALANCED > MEDIUM EQUITY 1 YEAR % 2 YEAR % 3 YEAR % 5 YEAR % YTD %
SMMI Balanced FoF A 26.30 1.76 4.02 12.29 -0.33
Domestic AA Pru Medium Equity 23.76 1.55 3.41 11.98 0.13
Active Performance 2.55 0.21 0.61 0.31 -0.46
INCOME 1 YEAR % 2 YEAR % 3 YEAR % 5 YEAR % YTD %
Glacier FS Conservative MM 9.78 8.76 8.53 9.01 1.02
CPI plus 2 7.61 9.89 10.39 8.90 1.19
Active Performance 2.16 -1.13 -1.86 0.11 -0.17
In 1987, Sanlam purchased two William
Kentridge drawings for R1 814 each. Some
25 years later their value is conservatively
estimated at between R280 000 and
R350 000 apiece – a staggering 19 200%
return! Unsurprisingly, art is enjoying some
serious attention both in South Africa and
around the world, not only as a hedge against
infl ation but as a growth asset in its own right.
A recent report by Capgemini SA and
Merrill Lynch & Co confi rms that millionaires
are putting more money into art than ever
before. “With fi nancial markets still in fl ux, art
has emerged as the most popular category of
‘passion investment’”, says Capgemini’s Ileana
van der Linde. The World Wealth Report 2010
found that the world’s wealthy dedicate about
a third of their overall holdings to passion
investments and almost a third surveyed said
art was their top choice of passion investment
for fi nancial gain.
“Many of our clients have over the years
expressed interest in acquiring art, not only for
reasons of aesthetics but for its potential as an
investment,” says Daniël Kriel, CEO of SPI. “Our
Art Advisory Service is the fi rst of its kind in
South Africa and provides the art investor with
independent expert insight and reassurance
regarding the merit of their investment.”
The specialist Art Advisory Service is
available exclusively through SPI, with
consultations and advice provided by Stefan
Hundt, Curator of the Sanlam Art Collection.
Broadly, the Service offers advice on the
appraisal and valuation of existing collections
of artworks, including the provision of full
documentation, the management of artworks
to preserve their value and general guidance
on how to buy and sell art.
“It’s important to understand and articulate
a clear buying policy when assembling an
art collection,” says Stefan. “We shall advise
clients based on their personal preferences
and objectives, collaborating closely with
SPI Portfolio Managers. Art may bring great
pleasure but with care and attention over time
it can also produce great reward,” says Stefan.
Enquiries regarding the Art Advisory Service
should be channelled through any of the eight SPI
branch offi ces around the country, or through the
SPI Corporate Offi ce on 021 950 2300 or email
directly to [email protected].
the art of passion investing SPI LEADS THE WAY
Stefan Hundt (Sanlam Art Collection Curator) and Daniël Kriel (SPI CEO)
11simphony
One of the many reasons sim.smartcore has managed to stay ahead of the curve is the importance the team places on staying in touch with global and local industry developments by networking
SIM.SMARTCORE LIVES UP TO ITS NAME IN INDEX TRACKING
It’s been an exciting – and
groundbreaking – year for the
SIM quants team. Not only have
they redefi ned themselves as a
sophisticated, smarter index manager
– as refl ected in their new name
sim.smartcore – but they were also
instrumental in bringing a highly
successful international investment
conference to South Africa, pipping all
other emerging markets to the post.
Since sim.smartcore’s inception a
decade ago, the team of four experienced
investment professionals has signifi cantly
expanded the size and scope of its
business. Helena Conradie, Johann Hugo,
Jenny Albrecht and Robert MacDonald
are a tight-knit team with different but
complementary skills.
Starting out as a conventional
index-tracking investment manager,
the business has since developed a
reputation for being one of the more
innovative players in the market and fi rst
to market a range of investment offerings.
It developed the fi rst index fund, managed
the fi rst exchange traded fund in SA and
launched a 130:30 short-extension fund
before any of its competitors.
More recently, sim.smartcore has been
paving the way in the development of
so-called smart beta products. These are
a new generation of index-tracking funds.
Helena says: “While traditionally index
trackers have been market cap-related
funds that work on semi-autopilot, smart
beta funds are designed to capture some
of the performance traditionally seen as
alpha in a systematic, process-driven and
scalable way.” They are also more cost-
effective than actively managed funds.
sim.smartcore also publishes a
quarterly newsletter, sim.style, which
highlights how different investment
styles – growth, value or momentum – are
faring in current market conditions. More
importantly, the publication showcases
the innovation, unique investment insight
and sophisticated decision-support
systems that underpin sim.smartcore’s
various investment offerings.
One of the reasons sim.smartcore has
managed to stay ahead of the curve is the
importance the team places on staying
in touch with global and local industry
developments by networking with their
peers, attending conferences and doing
extensive research to stay abreast of the
latest industry thinking.
Helena says one of the key develop-
ments over the past few years has been a
different way of thinking about the active
versus passive debate, with consensus
emerging that these are not opposing but
complementary investment styles. A few
years ago the core/satellite investment
model was much talked about. But
since then the model has developed
even further, with the core no longer
comprising just index or enhanced index
funds but also more intelligent indices
that are fundamentally rather than
market-cap weighted.
Traditionally investment performance
has been split into:
beta (market-related performance –
usually considered the realm of
index trackers)
alpha (returns conventionally
ascribed to the active investment
manager’s skill)
However, leading investment insights,
including the analytical work done by
sim.smartcore, have revealed that a
large proportion of traditional alpha can
be systematically captured by advanced
investment models and the insights of
experienced investment professionals.
“While true ‘alpha’ still exists, it is this
larger systematic portion that we call
smart beta,” says Helena.
These issues (and many others) came
under the spotlight and were robustly
debated at the African Cup of Investment
Management, which took place in early
September. The conference was also
extremely timeous, given the challenges
the investment industry is facing in
the wake of the fi nancial crisis – and
the growing pressure on it to offer
compelling, transparent and cost-
effective investment products.
staying ahead of the curve
The African Cup of Investment Management team (from L to R): (top) Jenny Albrecht, Lerato Motaung, Abeeda Hoosain Hendry and Johann Hugo (bottom) Helena Conradie, Robert MacDonald and Sharon Wood
PHOT
OGRA
PH T
OB
Y M
UR
PH
Y
10simphony
11simphony
One of the many reasons sim.smartcore has managed to stay ahead of the curve is the importance the team places on staying in touch with global and local industry developments by networking
SIM.SMARTCORE LIVES UP TO ITS NAME IN INDEX TRACKING
It’s been an exciting – and
groundbreaking – year for the
SIM quants team. Not only have
they redefi ned themselves as a
sophisticated, smarter index manager
– as refl ected in their new name
sim.smartcore – but they were also
instrumental in bringing a highly
successful international investment
conference to South Africa, pipping all
other emerging markets to the post.
Since sim.smartcore’s inception a
decade ago, the team of four experienced
investment professionals has signifi cantly
expanded the size and scope of its
business. Helena Conradie, Johann Hugo,
Jenny Albrecht and Robert MacDonald
are a tight-knit team with different but
complementary skills.
Starting out as a conventional
index-tracking investment manager,
the business has since developed a
reputation for being one of the more
innovative players in the market and fi rst
to market a range of investment offerings.
It developed the fi rst index fund, managed
the fi rst exchange traded fund in SA and
launched a 130:30 short-extension fund
before any of its competitors.
More recently, sim.smartcore has been
paving the way in the development of
so-called smart beta products. These are
a new generation of index-tracking funds.
Helena says: “While traditionally index
trackers have been market cap-related
funds that work on semi-autopilot, smart
beta funds are designed to capture some
of the performance traditionally seen as
alpha in a systematic, process-driven and
scalable way.” They are also more cost-
effective than actively managed funds.
sim.smartcore also publishes a
quarterly newsletter, sim.style, which
highlights how different investment
styles – growth, value or momentum – are
faring in current market conditions. More
importantly, the publication showcases
the innovation, unique investment insight
and sophisticated decision-support
systems that underpin sim.smartcore’s
various investment offerings.
One of the reasons sim.smartcore has
managed to stay ahead of the curve is the
importance the team places on staying
in touch with global and local industry
developments by networking with their
peers, attending conferences and doing
extensive research to stay abreast of the
latest industry thinking.
Helena says one of the key develop-
ments over the past few years has been a
different way of thinking about the active
versus passive debate, with consensus
emerging that these are not opposing but
complementary investment styles. A few
years ago the core/satellite investment
model was much talked about. But
since then the model has developed
even further, with the core no longer
comprising just index or enhanced index
funds but also more intelligent indices
that are fundamentally rather than
market-cap weighted.
Traditionally investment performance
has been split into:
beta (market-related performance –
usually considered the realm of
index trackers)
alpha (returns conventionally
ascribed to the active investment
manager’s skill)
However, leading investment insights,
including the analytical work done by
sim.smartcore, have revealed that a
large proportion of traditional alpha can
be systematically captured by advanced
investment models and the insights of
experienced investment professionals.
“While true ‘alpha’ still exists, it is this
larger systematic portion that we call
smart beta,” says Helena.
These issues (and many others) came
under the spotlight and were robustly
debated at the African Cup of Investment
Management, which took place in early
September. The conference was also
extremely timeous, given the challenges
the investment industry is facing in
the wake of the fi nancial crisis – and
the growing pressure on it to offer
compelling, transparent and cost-
effective investment products.
staying ahead of the curve
The African Cup of Investment Management team (from L to R): (top) Jenny Albrecht, Lerato Motaung, Abeeda Hoosain Hendry and Johann Hugo (bottom) Helena Conradie, Robert MacDonald and Sharon Wood
SUE VAN ZYL
Sue van Zyl is a recon offi cer in the Sanlam Umbrella Fund Accounting
department. She carries out general ledger reconciliations on participating
employees’ accounting transactions. She started as a recon offi cer at Coris
Capital in a temporary position in September 2008 and was later offered
a permanent position in the Umbrella Fund Accounting department.
Sue has been a bookkeeper all her life and is very passionate about
her work. She says,
“It is the one thing
that makes sense to
me because it has a
purpose and provides
results.” She goes on
to describe her work
as “stimulating but
requiring thinking and
problem-solving skills”
and because accounting is about balance, she “fi nds that it refl ects in
many aspects of her life because life is about balance.”
Sue is thrilled about receiving the CEO’s award. She says, “To win
an award of this kind is a great honour and privilege. It’s encouraging
to know that my managers notice my work and appreciate my efforts.
Doing things to the best of my ability is second nature to me because
I fi nd achieving the results very rewarding and fulfi lling. Working in a
team is also very important. Often, reaching optimal results can only be
achieved when two or more people co-ordinate in a spirit of harmony
and aim for the same outcome.”
Sue also says what keeps her going is a lot of self-examination. She
explains, “Life is not always the same or what you would like it to be. I
don’t think that anyone can be satisfi ed if you know in your heart that you
did not complete the task assigned to you successfully. If you are serious
about personal growth, you will realise that every little thing that you do
in life is adding to the quality of your life – whether it is good or bad.
Undivided attention is required to obtain maximum results. It is important
to me that my interests in life should always contribute to personal growth
for myself and others.”
Doing things to the best of my ability is second nature. It’s encouraging to know that my managers notice my work and appreciate my efforts. To win an award of this kind is a great privilege.
STEVEN ROSENBERGFamous author and poet Kahlil Gibran says “work is love made visible”
and Steven Rosenberg can vouch for this. “I love what I do,” says Steven.
“I’m passionate about it and I think that might refl ect in who I am at work.
I love the fact that I can build a model today and trade on the results of
that model. I love the buzz of the fi nancial markets, trading, modelling, etc
and as a member and head of the Derivative Structuring Business, I hope
that my passion for the subject is shared by others in my team.”
Previously, Steven was involved in actuarial modelling work on the
liability side and wanted to start developing solutions for the asset side.
He also had a particular interest in derivatives which dated back to his
actuarial studies. Five years ago, Steven and Lance Katz, a fellow actuary
friend, started developing the Dynamic Hedging solution to match the
complex investment guarantees of life insurance with profi t annuity
liabilities. After a successful trial portfolio, Sanlam wanted to move from
the pilot phase to the real thing and the opportunity arose for Steven to
come on board to implement and manage the programme.
Steven feels very humbled by winning the CEO’s award. “This to me
was the most incredible honour,” says Steven. “While the reason for the
prize was not in the form of the original work Lance and I did, and the
solution required a considerable amount of adaptation for the particular
problem to be solved, it still relied on the original foundation work
created and so it felt like I was being rewarded for all my years of hard
work. Also, it is an incredible honour to be awarded such a prize among
so many other worthy candidates from within the wider Sanlam Group
who are excelling in their areas of specialty.”
What keeps Steven going is his passion for derivatives and the
modelling thereof. He says, “I still go home and read mathematics books
on the subject. The opportunity to learn more and fi nd new solutions
to the many problems life insurers face is a huge driving factor for me.
The combination of actuarial knowledge from the life insurance and the
fi nancial markets is where my passion lies and this drives me to succeed.
It is also very fulfi lling to be a part of a great team. Working with people like
Dawie de Villiers, Francois Malan and the rest of the Sanlam Structured
Solutions team has been wonderful and their skills have added an
incredible value to my work.
12simphony
SANLAM GROUP CEO AWARDS
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