The ASSA 2019 Alternative Investments Forum Seminar
Held at the Maslow Hotel,Sandton on 10 September 2019
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01
Welcome & Opening: The role of alternative investments in today’s institutions and markets
Given by: Malizole Mdlekeza - ASSA Alternative Investments Forum
Malizole Mdlekeza
• Chairman: ASSA Alternative Investments Forum
• Qualified pensions and investments actuary – Fellow of the Actuarial Society of South Africa (FASSA) & Fellow of the Institute & Faculty of Actuaries (FIA)
• Chartered Alternative Investment Analyst (CAIA) & Chartered Enterprise Risk Actuary (CERA).
• BSc Statistics (UCT) & PGDip Actuarial Science (UCT)
• Founder and managing director - MDM Actuaries – a specialist pensions investment & actuarial consulting firm, with a specialist focus on alternative investments (infrastructure, private equity, hedge funds)
• Mail & Guardian - Top 200 South Africans - 2017
Malizole Mdlekeza
• Chairman: ASSA Alternative Investments Forum
• Qualified pensions and investments actuary – Fellow of the Actuarial Society of South Africa (FASSA) & Fellow of the Institute & Faculty of Actuaries (FIA)
• Chartered Alternative Investment Analyst (CAIA) & Chartered Enterprise Risk Actuary (CERA).
• BSc Statistics (UCT) & PGDip Actuarial Science (UCT)
• Founder and managing director - MDM Actuaries – a specialist pensions investment & actuarial consulting firm, with a specialist focus on alternative investments (infrastructure, private equity, hedge funds)
• Mail & Guardian - Top 200 South Africans - 2017
02
Infrastructure Sessional 1:
The roles of private institutional, foreign and public capital in financing infrastructure & bridging the funding gap in SA & Africa
Given by: Johan Human – LifeHouse Finance, Malizole Mdlekeza - ASSA Alternative Investments Forum & Duduza Khosana - Batseta: The Council for Retirement Funds
Johan Human
• Actuary (FIA, FASSA)
• Infrastructure fund manager
• Member: ASSA Alternative Investments Forum
Malizole Mdlekeza
• Chairman: ASSA Alternative Investments Forum
• Qualified pensions and investments actuary – Fellow of the Actuarial Society of South Africa (FASSA) & Fellow of the Institute & Faculty of Actuaries (FIA)
• Chartered Alternative Investment Analyst (CAIA) & Chartered Enterprise Risk Actuary (CERA).
• BSc Statistics (UCT) & PGDip Actuarial Science (UCT)
• Founder and managing director - MDM Actuaries – a specialist pensions investment & actuarial consulting firm, with a specialist focus on alternative investments (infrastructure, private equity, hedge funds)
• Mail & Guardian - Top 200 South Africans - 2017
Duduza Khosana
• Director – Batseta: The Council for Retirement Funds
• 20 Years’ Financial Services Experience
• Independent Retirement Fund Trustee
• Chair of investment, legal, governance & audit subcommittees
• Previous medical scheme principal executive officer & CEO
• Executive director: Royance Advisory & Consulting
Given by: Johan Human – LifeHouse Finance, Malizole Mdlekeza - ASSA Alternative Investments Forum & Duduza Khosana - Batseta: The Council for Retirement Funds
Johan Human
• Actuary (FIA, FASSA)
• Infrastructure fund manager
• Member: ASSA Alternative Investments Forum
Malizole Mdlekeza
• Chairman: ASSA Alternative Investments Forum
• Qualified pensions and investments actuary – Fellow of the Actuarial Society of South Africa (FASSA) & Fellow of the Institute & Faculty of Actuaries (FIA)
• Chartered Alternative Investment Analyst (CAIA) & Chartered Enterprise Risk Actuary (CERA).
• BSc Statistics (UCT) & PGDip Actuarial Science (UCT)
• Founder and managing director - MDM Actuaries – a specialist pensions investment & actuarial consulting firm, with a specialist focus on alternative investments (infrastructure, private equity, hedge funds)
• Mail & Guardian - Top 200 South Africans - 2017
Duduza Khosana
• Director – Batseta: The Council for Retirement Funds
• 20 Years’ Financial Services Experience
• Independent Retirement Fund Trustee
• Chair of investment, legal, governance & audit subcommittees
• Previous medical scheme principal executive officer & CEO
• Executive director: Royance Advisory & Consulting
03
TED Sponsored Thought Leadership Talk:
Use of Alternatives within a Retirement Fund - Case Study
Given by: Shainal Sukha - Sukha & Associates
Given by: Shainal Sukha - Sukha & Associates
04
Infrastructure Sessional 2
Risk management & regulation in institutional infrastructure investing at project & institution level – The impact of Basel, Solvency & SAM Regulations & how they can allow for infrastructure assets
Given by: Niel Fourie - ASSA Public Policy Actuary, David Kirk - ASSA Life Insurance Committee & Michael Tichareva - ASSA Banking Committee
Niel Fourie
• ASSA Public Policy Actuary (since 2012)
• Responsible for stakeholder engagement, PR & various ASSA technical committees
• Consulting actuary and registered pension fund valuator
• Director – ZAQ Finance
• Fellow of the Actuarial Society of South Africa (FASSA)
• Chartered Enterprise Risk Actuary (CERA)
David Kirk
• Actuary specialising in risk and capital management, regulatory change & insurance strategy
• Member of ASSA’s Life Assurance Committee and chair of the Micro-insurance Committee.
• Fellow of the Actuarial Society of South Africa (FASSA), CFA Charterholder, Chartered Alternative Investment Analyst (CAIA), Professional Risk Manager (PRM).
• Current research areas including insurance linked securities, market and liquidity risk management for annuity books, and hyper selection.
Michael Tichareva
• Managing Director and Principal of National Standard Finance Africa
• Over 20 years’ financial experience
• involved in the origination and structuring of various infrastructure, project finance and real estate across Africa.
• Also involved in renewable energy and low-cost housing development insurance and financing initiatives
• Former Chair - ASSA Banking Committee
• Current Chair of the recently established Banking Working Group of the International Actuarial Association (“IAA”).
• Fellow of the Actuarial Society of South Africa (FASSA) and a Fellow of the Institute & Faculty of Actuaries (FIA) (UK)
Given by: Niel Fourie - ASSA Public Policy Actuary, David Kirk - ASSA Life Insurance Committee & Michael Tichareva - ASSA Banking Committee
Niel Fourie
• ASSA Public Policy Actuary (since 2012)
• Responsible for stakeholder engagement, PR & various ASSA technical committees
• Consulting actuary and registered pension fund valuator
• Director – ZAQ Finance
• Fellow of the Actuarial Society of South Africa (FASSA)
• Chartered Enterprise Risk Actuary (CERA)
David Kirk
• Actuary specialising in risk and capital management, regulatory change & insurance strategy
• Member of ASSA’s Life Assurance Committee and chair of the Micro-insurance Committee.
• Fellow of the Actuarial Society of South Africa (FASSA), CFA Charterholder, Chartered Alternative Investment Analyst (CAIA), Professional Risk Manager (PRM).
• Current research areas including insurance linked securities, market and liquidity risk management for annuity books, and hyper selection.
Michael Tichareva
• Managing Director and Principal of National Standard Finance Africa
• Over 20 years’ financial experience
• involved in the origination and structuring of various infrastructure, project finance and real estate across Africa.
• Also involved in renewable energy and low-cost housing development insurance and financing initiatives
• Former Chair - ASSA Banking Committee
• Current Chair of the recently established Banking Working Group of the International Actuarial Association (“IAA”).
• Fellow of the Actuarial Society of South Africa (FASSA) and a Fellow of the Institute & Faculty of Actuaries (FIA) (UK)
05
Private equity panel discussion 1:
Is PE really suitable for local institutional portfolios, and is the liquidity premium sufficient and evident for institutional/pension fund investors? Actual evidence from the SA market.
Given by: Phathu Mabogo - Eskom Pension and Provident Fund Deputy CIO,
Langa Madonko – SAVCA & Benjamaa Oulidi - BCG Partner
Phathu Mabogo
• Deputy Chief Investment Officer - Eskom Pension and Provident Fund (EPPF)
• Prior experience in investment & actuarial consulting
• 13 years financial services experience - actuarial and asset management.
• MBA (INSEAD)
• Chartered Financial Analyst (CFA)
• BSc. (Actuarial Science) - Wits
Langa Madonko
• Director – SAVCA
• 12 Years’ Financial Services & Management Consulting Experience
• Co-founder – Summit Investment Managers - specializing in private equity and social infrastructure
• Responsible for investor relations, capital raising and training
• Founding Associate – Africa Strategic Impact Fund
Given by: Phathu Mabogo - Eskom Pension and Provident Fund Deputy CIO,
Langa Madonko – SAVCA & Benjamaa Oulidi - BCG Partner
Phathu Mabogo
• Deputy Chief Investment Officer - Eskom Pension and Provident Fund (EPPF)
• Prior experience in investment & actuarial consulting
• 13 years financial services experience - actuarial and asset management.
• MBA (INSEAD)
• Chartered Financial Analyst (CFA)
• BSc. (Actuarial Science) - Wits
Langa Madonko
• Director – SAVCA
• 12 Years’ Financial Services & Management Consulting Experience
• Co-founder – Summit Investment Managers - specializing in private equity and social infrastructure
• Responsible for investor relations, capital raising and training
• Founding Associate – Africa Strategic Impact Fund
06
TED Sponsored Thought Leadership Talk:
Sustainable Finance and Impact Investing – Case Study
Given by: Heather Jackson - Ashburton Investments
Heather Jackson
• Head of Impact Investing - Ashburton Investments
• 26 years of capital market experience
• Member - Ashburton Investments executive committee (coordinating and driving the overall impact investing strategy for the FirstRand Group).
• Founding chair of the Responsible Investing subcommittee at ASISA
• member of ASISA Savings and Infrastructure Committee & founding member of CRISA
Given by: Heather Jackson - Ashburton Investments
Heather Jackson
• Head of Impact Investing - Ashburton Investments
• 26 years of capital market experience
• Member - Ashburton Investments executive committee (coordinating and driving the overall impact investing strategy for the FirstRand Group).
• Founding chair of the Responsible Investing subcommittee at ASISA
• member of ASISA Savings and Infrastructure Committee & founding member of CRISA
07
Private equity panel discussion 2
Innovation, actuarial techniques & social impact in venture capital:
This session will touch on issues such as the application of actuarial techniques to business survival rates in venture capital, evidence of social impact and job creation from VC investing
Given by: Ketso Gordhan - SASME Fund CEO, Grant Rock - Havaic Fund Managers & Emmanuel Luthuli - Lante OTC
Ketso Gordhan
• CEO - SA SME Fund (a R1.4bn venture capital & private equity fund of funds with a focus on impact and job creation)
• Over 20 years' experience in the private equity and impact investing.
• The SA SME Fund is collectively funded by more than 50 listed businesses as well as the PIC, in support of the growth of the SME sector in South Africa
Grant Rock
• Nearly 20 years’ experience as a corporate transactional lawyer, solicitor and executive in South Africa, London and New York,
• Transactions included banking, mergers and acquisitions, real estate, debt and equity capital markets, and private equity.
• Founding partner - HAVAÍC, an investment and advisory firm specialising in early-stage, high-growth post-revenue African businesses
Emmanuel Luthuli
• Founder and managing director of LanteOTC
• Previously in actuarial product development - Discovery Ltd & prior Discovery pension/provident fund trustee.
• Stellenbosch University alumnus
• Dartmouth College (USA) YALI Alumnus
• Healthcare research and entrepreneurship training program -Massachusetts Institute of Technology (MIT).
This session will touch on issues such as the application of actuarial techniques to business survival rates in venture capital, evidence of social impact and job creation from VC investing
Given by: Ketso Gordhan - SASME Fund CEO, Grant Rock - Havaic Fund Managers & Emmanuel Luthuli - Lante OTC
Ketso Gordhan
• CEO - SA SME Fund (a R1.4bn venture capital & private equity fund of funds with a focus on impact and job creation)
• Over 20 years' experience in the private equity and impact investing.
• The SA SME Fund is collectively funded by more than 50 listed businesses as well as the PIC, in support of the growth of the SME sector in South Africa
Grant Rock
• Nearly 20 years’ experience as a corporate transactional lawyer, solicitor and executive in South Africa, London and New York,
• Transactions included banking, mergers and acquisitions, real estate, debt and equity capital markets, and private equity.
• Founding partner - HAVAÍC, an investment and advisory firm specialising in early-stage, high-growth post-revenue African businesses
Emmanuel Luthuli
• Founder and managing director of LanteOTC
• Previously in actuarial product development - Discovery Ltd & prior Discovery pension/provident fund trustee.
• Stellenbosch University alumnus
• Dartmouth College (USA) YALI Alumnus
• Healthcare research and entrepreneurship training program -Massachusetts Institute of Technology (MIT).
08
Panel discussion on hedge funds:
Perceptions and challenges around hedge funds in the local market:
A discussion around the role of SA hedge funds for institutional portfolios, industry trends, criticisms as well as challenges facing the industry
Given by: Hayden Reinders - ASISA, Tatenda Chapinduka – Independent Alternatives & Kamini Naidoo – Momentum Investments
Hayden Reinders
• Chair - ASISA Hedge Fund Standing Committee.
• Head of alternative fund administration - Prescient Fund Services.
• B.Bus.Sci Finance (Hons) and PGDip Accounting - UCT (2003)
• CA (SA).
• Set up the hedge fund administration offering, and expanded the offering to include regulated CIS hedge funds
• In 2016 launched private equity administration, expanding Prescient’s alternative fund administration catalogue
Tatenda Chapinduka
• Co-founder and director – Independent Alternatives
• Hedge fund portfolio manager (multi-strategy)
• BBusSci (Actuarial Science) – UCT
• Chartered Alternative Investment Analyst (CAIA)
Kamini Naidoo
• Portfolio manager – Funds of hedge funds – Momentum Investments
• 15 years' experience in the financial services industry - with 10 years dedicated to the hedge fund manager research and portfolio construction at Momentum.
• BSc Hons in Computer Science; BCom Hons in Financial Management
• Masters - Management in Finance and Investments (Wits Business School); CAIA charter holder
A discussion around the role of SA hedge funds for institutional portfolios, industry trends, criticisms as well as challenges facing the industry
Given by: Hayden Reinders - ASISA, Tatenda Chapinduka – Independent Alternatives & Kamini Naidoo – Momentum Investments
Hayden Reinders
• Chair - ASISA Hedge Fund Standing Committee.
• Head of alternative fund administration - Prescient Fund Services.
• B.Bus.Sci Finance (Hons) and PGDip Accounting - UCT (2003)
• CA (SA).
• Set up the hedge fund administration offering, and expanded the offering to include regulated CIS hedge funds
• In 2016 launched private equity administration, expanding Prescient’s alternative fund administration catalogue
Tatenda Chapinduka
• Co-founder and director – Independent Alternatives
• Hedge fund portfolio manager (multi-strategy)
• BBusSci (Actuarial Science) – UCT
• Chartered Alternative Investment Analyst (CAIA)
Kamini Naidoo
• Portfolio manager – Funds of hedge funds – Momentum Investments
• 15 years' experience in the financial services industry - with 10 years dedicated to the hedge fund manager research and portfolio construction at Momentum.
• BSc Hons in Computer Science; BCom Hons in Financial Management
• Masters - Management in Finance and Investments (Wits Business School); CAIA charter holder
