Manager Wrap - STANLIB

1 STANLIBM ulti- Manager STANLIB Asset Management Ben Kodisang resigned from his position as Managing Director of the Asset Management business unit at STANLIB . Bhekinkosi Khuzwayo has been appointed as Portfolio Manager in the Absolute Return Franchise effective 1 April 2016. Bhekinkosi was part of the research team at Cadiz before joining STANLIB in 2012. He has since been an Analyst in the Absolute Return Franchise. Bhekinkosi holds an MSc degree (Cum Laude) in Operational van der Ross joined STANLIB as a Portfolio Manager in the Absolute Return Franchise. Peter joins STANLIB from Liberty where he was Head of LibFin Investments. He has more than 17 years of largely investment management experience, as well as a background in life insurance at Momentum and holds a B BusSci degree and is a CFA charter Wagner joined STANLIB as a Portfolio Manager in the Multi-Asset Franchise. Anwaar joins STANLIB from Old Mutual Global Emerging Markets (GEM) where he worked as the Portfolio Manager .

2 Anwaar holds a B BusSci van der Vyver joined STANLIB as an Assistant Money Market Portfolio Manager in the Fixed Income Franchise. Eulali joins STANLIB from Standard Bank. Eulali holds a CA (SA).Imara Asset Management Danilo Pagani joins IAMSA as an Analyst and Trainee Portfolio Manager . Danilo joins the company from Momentum SP Reid Securities where he worked as a sell-side Analyst for just over two years. Danilo holds a BCom Finance Calder formally joins the research team at IAMSA as an Analyst. She holds a BSc degree and is a CFA charter holder. Investec Asset Management Christiaan Derksen resigned from his Portfolio Manager position in the Alternatives team. He left to pursue an alternative wrap Quarter 1, 2016A quarterly highlight of people movement, asset Manager and corporate events impacting the South African investment industryCesaire Tobias joined Investec as an Analyst within the Emerging Market Fixed Income team. Cesaire holds a BSc (Economics) degree from the University of Cape Marshall joined Investec as an Investment Specialist within the Global Emerging Market Debt team.

3 Nicholas holds a BSc Acturial Science (Hons) degree from the University of Cape Town and holds a diploma for graduates in Computer Science from the University of Kerr-Smiley joined Investec as an Investment Specialist within the Quality Investment team. Frederick holds a BA (Honours) degree, an Investment Management Certificate, is a member of the CFA Society of the UK and is a CFA Level II Laijawalla joined Investec as an Analyst within the 4 Factor Equity team. His focus area is on global emerging markets. Varun joins Investec from Macquarie Capital Securities where he was the Vice President of Asia ex-Japan Equity Sales. Prior to this, he worked as a Management Consultant at Corporate Value Asset ManagementSaul Miller resigned from his position as Head of Equities at Argon. At this point, Saul is considering a few Matlala joined the Equity team at Argon as an Analyst. Mpho is a rated sell side Equities Analyst with approximately 10 years investment industry experience.

4 He began his investment career in 2005 at Sanlam Investment Management in the area of research. Mpho holds a BCom (Information System) degree and BCom Hons (Financial Analysis and Portfolio Management) degree from the University of Cape van Garderen resigned from her Equity Analyst position at Argon. She has decided to leave the industry to spend some time with her young family before getting back into full time Thabi Leoka joined Argon in the role of Economic Strategist. She has multi organisational experience from the likes of Renaissance Capital, Standard Bank, Investec Asset Management (UK) and Barclays (London) where her roles included Head of RSA Macroeconomic Research and Emerging Markets Economist. Thabi s coverage in the past also included Latin America, Asia and Central Europe as well as a number of African countries. Thabi holds a PhD and M Sc (Economics) from the London School of Economics (UK), MA (International Economics) Witwatersrand University (first-class and recipient of a Merit award) and BA degree from the University of Witwatersrand.

5 Junaid Bray has been promoted to Head of Equities after spending nearly six years in Abu Dhabi as a senior analyst at Argon. Junaid began his career in the investment management industry as a Trainee Analyst at Oasis Asset Management. Junaid has 13 years investment management holds a B Bus Sci (Finance) degree from the University of Cape Town and is a CFA Tembo joined the Equity team at Argon as a Portfolio Manager / Analyst. She holds a BSc (Hons) (Engineering) degree from the University of Newcastle upon Tyne, and an MSc and DIC from Imperial College, London University, Ansley joined the Equity team at Argon as a Portfolio Manager /Analayst. He holds a B Com (Hons) degree from the University of Cape Asset Management Reza Ismail moved from a Business Development role to an Analyst Associate within the Investment team. Prior to joining Kagiso, he spent eight years with Towers Watson as an Investment and Actuarial holds a BSc degree, BA (Hons) and is an Associate of the Society of Actuaries (ASA).

6 He obtained an MBA from the University of Cape Town s Graduate School of Business and a diploma in Mathematical Modelling of Derivatives from Asset Management (ABAM)Eben Mare joined ABAM as Head of the Fixed Income franchise. Eben joins ABAM from STANLIB Asset Management where he was Portfolio Manager and Joint Head of the Absolute Return holds a PHD in applied mathematics and is also a former Associate Professor, teaching mathematical finance, derivatives and risk at the University of Pretoria. 2016 | 2 Manager wrap - Quarter 1, 2016 Ann Leepile joined ABAM as Head of Absa Asset Management. Ann joins from Investment Solutions (IS) where she has held various strategic roles, the most recent being Deputy Chief Investment Officer. Ann is a CFA Charterholder and also holds BCom Finance degree from the University of David joined ABAM as a Senior Equity Analyst. Patsy joins from the Public Investment Corporation (PIC). Patsy is a Wits MBA graduate, as well as an Accredited Representative of the Financial Services Board (FAIS).

7 Sumenthree Naidoo joined ABAM as a Property Analyst. Sumenthree joins from the Public Investment Corporation SOC Limited where she held various roles. Sumenthree holds a B Bus Sci degree from the University of Cape Town and is a CFA level III Foo joined ABAM as the Head of Operations for Absa Fund Managers. Mandy joins from the Ashburton Fund ManagersGraydon Wilson joined Coronation as a Global Emerging Markets (GEM) Equity Analyst within the Fixed Income team. Prior to joining Coronation, he completed his training contract at holds a B Bus Sci (Finance) degree from the University of Cape Town and a Post Graduate Diploma in Accounting (PGDA) from the same Parathyras joined Coronation as an Analyst within the Global Developed Markets team. Prior to joining Coronation, he worked as an Equity Analyst in the investment team of Allan Gray. John holds a B Bus Sci (Hons) degree, MSc degree and Asset ManagementGeoff Noble resigned from his position as Portfolio Manager at the end of January this year.

8 Geoff had also been working on the development of a scenario planning tool for the South African financial planning industry which Grindrod Asset Management launched towards the end of last has decided to leave to start-up his own business, developing financial technology Dowse has replaced Geoff and is assisting Ian Anderson with the management of portfolios. Andrew has been with Grinrod for nearly three years in a portfolio management capacity. Other changes:In December last year, executives and other key staff obtained a stake in Grindrod Asset Management, effective 1 January 2015. The stake was purchased through a Forfeitable Share Plan (FSP), thereby not only creating an alignment of interests between staff member and clients, but also ensuring that key staff members are retained in the business. Bonuses are structured with a five year vesting period and onerous restraint of trade on resignation during that vesting period and for a year after the shares vest.

9 Grinrod plans to take the key staff stake in the business from up to 40%.Prescient Investment ManagementStaff relocating to Prescient China officeLiang Du joined Prescient as an Analyst in the Equity team, researching and launching the Equity Active Quant mandate before moving to the Positive Return and Balanced portfolios. Today Liang is co-head of Asset Allocation, responsible for asset allocation decisions across Prescient portfolios. Liang was also the driving force behind investing in China, together with his team and also manages all investments in holds a B Bus Sci (Hons) at UCT majoring in Statistics, Finance and Actuarial Science, he is also a CFA Charterholder, holds a Certificate in Quantitative Finance and completed his MBA with distinction from UCT Graduate School of Business. 2016 | 3 Manager wrap - Quarter 1, 2016 Vunani Fund ManagersAzola Zuma resigned from her position as Executive director / Head: Business Development. Sanlam Investment ManagementJohan van der Merwe, Chief Executive Officer of Sanlam Investments (SI), stepped down effective 1 November 2015 and was succeeded by Robert Roux, who was Chief Operating Officer at SI since 2005.

10 Thomas van Heerden, previously Chief Operating Officer of the Investment Core, has succeeded Robert Roux as Chief Operating Officer of Sanlam CapitalAnchor Capital has made a structural change to the business by splitting the asset management business from portfolio management. The reason behind the structural change was to clearly distinguish between these fundamentally different businesses. Some of the notable differences between the businesses are listed below, The portfolio management business manages private individual accounts, with the asset management team now being required to focus entirely on managing Anchor s pooled portfolios (unit trusts), segregated portfolios for institutional investors and model portfolios Different considerations apply to the management of individual accounts and pooled portfolios. Pooled portfolios are not sensitive to the same tax, liquidity and mandate requirements (for example adherence to CISCA and Regulation 28) and it thus makes sense to manage these groups of assets separately As the business has grown over the last two years the two divisions have separated in terms of the staff compliment ( there is no cross responsibility between the two disciplines anymore)Anchor Capital believe that in order to ensure that they are best placed to manage their growing client and asset base, the ability of the asset management team to focus exclusively on the management of Anchor s portfolios, is Multi- Manager Reseach Team 2016 | 4 Manager wrap - Quarter 1, 2016 Looking for a diverse portfoliio?