31 March 2021
NEWS & OPINION
PROFILE
Ian Jones CEO, Fundhouse
How did you get involved in financial services – was it something you always wanted to do? I always wanted to be a paediatrician growing up, until I realised the sight of any blood didn’t really work for me! I ended up studying actuarial science at UCT and working as an actuary in the life insurance sector for a number of years. In the early 2000s, I had the opportunity to consult to asset managers while working in Sydney and soon realised the investment industry is where my real passion lay. What was your first investment – and do you still have it? I’m giving my age away a bit, but my first job was with Norwich Life in Cape Town and I invested R100 into their local equity fund each month, trying to follow the regular savings mantra. But after Norwich was taken over by Fedsure and then Fedsure by Investec, I sold the investment and used it as a deposit on my first home – so in many ways the investment still lives on, just in another form. What have been your best – and worst – financial moments? My best moment was probably buying my first house in Cape Town in 1997. I was very fortunate to be able to enter the market before house prices increased materially. I don’t envy my three sons trying to enter the Cape Town property market in years to come. My worst moment was probably selling Naspers a couple of years ago, thinking the investment case had paid off and the stock was looking expensive! The positive of watching Naspers’ price
“My advice would be to try to ignore all the noise out there in the market and on social media”
continue to rise has been opening my mind to the potential of certain tech companies around the world and how conventional investing wisdom needs to be continually tested. What do you tell investors who are worried about their investments due to South Africa’s current economic environment and COVID-19? As hard as it may be, my advice would be to try to ignore all the noise out there in the market and on social media. Many of the views expressed are based on self-interest rather than being measured and wellreasoned. While South Africa’s economic reality makes for sober reading at the moment, ignoring valuation and currency levels can lead to emotional decision making. It was not too long ago that many had given up on the SA market and were moving all their savings offshore at over R19 to the US dollar. Offshore diversification is crucial for any investor but needs to account for personal circumstances (e.g. local liabilities) and be part of a sound financial plan. What’s the best book on investing that you’ve ever read – and why would you recommend it to others? It’s difficult to choose just one, but I would pick Michael Mauboussin’s More Than You Know: Finding Financial Wisdom in Unconventional Places. The book is an excellent blend of practical advice, investment theory and thoughts on how psychology influences investment decision making. I enjoyed how he uses examples from outside investments (e.g. horse racing, gambling) to illustrate his thought process. It really helped me to understand how crucial the concept of choice vs risk is.
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VERY BRIEFLY Franklin Templeton has announced that Kim Catechis, currently Head of Investment Strategy at Martin Currie, will join the newly launched Franklin Templeton Investment Institute – the firm’s forum for investment insights Kim Catechis and their practical application – as Investment Strategist effective 1 April 2021. Catechis will continue to be based in Edinburgh, Scotland, and will report to Stephen Dover, Chief Market Strategist and Head of Franklin Templeton Investment Institute. Catechis’ new role is “a natural evolution of his work sharing investment insights on global themes at Martin Currie, a specialist investment manager within Franklin Templeton, allowing a broader group of clients at Franklin Templeton to benefit from his well-rounded expertise cultivated over three decades in the investment industry”. With a focus on supporting Europe, the Middle East and Africa (EMEA), Catechis will “deliver timely investment thought leadership and actionable insights to current and prospective clients, distribution professionals and other stakeholders”. Momentum Global Investment Management (MGIM), Momentum Investments’ international investment management division, has appointed Andrew Hardy as Director of Investment Management Andrew Hardy as the business positions itself for further growth in the UK. Effective immediately, Hardy will assume full oversight of MGIM’s UK Investment Team and will be responsible for managing relationships with key clients and partners. MGIM says in a statement that Hardy is a long-standing member of its London-based investment team, having been with the company since 2005. He has been co-Head of Research for the last five years and a Portfolio Manager for over 10 years, leading the management of the Harmony Portfolio multi-asset range and global developed and emerging market equity funds, with combined assets under management of around £2.2bn. During his time at the company, he has also played an important role in developing MGIM’s investment philosophy and process, while supporting business strategy and development. Alexander Forbes says it is honoured to contribute to a multi-stakeholder effort to support the South African government in its efforts to eliminate violence against women and children. President Cyril Ramaphosa launched the fund on 4 February 2021. The company has agreed to administer the Gender-Based Violence and Femicide (GBVF) Response Fund 1 pro bono for 12 months. The company will also provide asset management and actuarial services where required. It will house contributions from the private sector and other organisations, which will be used to support projects aimed at eliminating all forms of violence against women and children.
