NEWS & OPINION
ANTHEA GARDNER CEO, CARTESIAN CAPITAL AND AUTHOR OF MAKE YOUR MONEY WORK FOR YOU
How did you become involved in financial services – was this something you always wanted to do?
VERY BRIEFLY
a male environment. I think I had to become more aggressive in my approach. What is interesting is that when I came back to South Africa and I started an asset management business, I felt that women were comfortable investing with me, and that has been a business enabler.
When I was at school, I wanted to avoid financial services completely because my dad was a bank manager. I saw how hard he had to work and he was always studying – I didn’t think that was cool when I was growing up. His sister, my aunt, was a teacher and Why did you write Make she was the cool one. I thought I’d be a teacher but Your Money Work For You? my dad didn’t approve – he suggested when I went I wrote the book with my sister in mind. I manage to varsity, that I study something I could convert into her family’s money and one day when I was a guest teaching if that’s what I really wanted to do later on. on a radio show, I discussed shares and I then got My dad was the first ‘non-white’ bank manager a message from my sister – she had no idea that in South Africa – that’s how the newspaper article my job involves analysing shares. I tried to explain put it. This was around 1979 – and I believe having to her and my brother-in-law what I do, but they him as a role model to show that there are no didn’t know what I was talking about. There was a limitations on what you want to do has stood me in knowledge gap. My sister is in marketing and it’s not good stead today. I started off doing a psychology her everyday job to find out what a unit trust or ETF degree at varsity, but it wasn’t for is – she just needed someone to explain me so I started studying finance. to her. I wanted my sister and my clients I WANTED TO Then I decided that I wanted to to read the book. I know that there are WRITE A BOOK a lot of books on investing out there, go overseas to the UK. My father loaned me money for this (I paid it THAT WOULD BE but I wanted to write a book that would back later!) I was working for a wine easy to read, one that would enable EASY TO READ be company in London that had been investors to have enough information started by traders from a company called Tradition. to know what was going on when they sat down with It was suggested to me that I become a trader as I their financial advisers. was told that I had the right temperament. There are two things that scare people: the world I decided that the world of finance was cool and of investing and numbers. In my book I try to make I came back to South Africa and studied. One day I people feel comfortable with both. I’m saying to was driving home and there was a derivatives trader, readers “don’t let finance scare you”. Mark Khalil, on the radio doing market commentary. I didn’t write the book for women only, but I grew I telephoned him and told him I wanted to have a up thinking that finance and banking were for men similar career. Although he didn’t have a job for me, while teaching was for women. I don’t want my he contacted people he knew at HSBC and that’s how nieces to grow up like that. I got into finance that I now obsessively love. I’m not sure I believe in fate but when I look back I think it Do you own any Bitcoin and what do was meant to be, that I was meant to go into finance. you think of cryptocurrencies? I don’t own any Bitcoin, I’ve avoided it; although I What obstacles did you face on your think that its platform, Blockchain, is brilliant. Half career journey as a women? the attraction of Bitcoin was that people thought it I don’t think the obstacles were obvious but one of was going to change everything! Did we really think the things I became hugely aware of is that women that central banks would sit back and let someone and men are different and that the world of finance else take over the printing of money? is male dominated. For a woman it’s hard to fit into See page 30
UPS & DOWNS
The reappointment of South African Reserve Bank (SARB) Governor Lesetja Kganyago for a further five years as head of the SARB has been seen as a confidencebuilding decision at a tough time for the South African economy. “Not only is Kganyago a
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widely respected central banker both nationally and internationally, but his reappointment sends a strong message that the independence of the central bank is being upheld and reinforced,” says Professor Raymond Parsons, economist at NWU Business School.
WWW.MONEYMARKETING.CO.ZA
ArcelorMittal South Africa is considering cutting over 2 000 jobs as part of restructuring to reduce costs. The company said in a statement that the country’s steel industry is suffering from high costs for electricity and raw materials, and has been
hit by the weak local economy. The steelmaker expects to report a loss in the first half and said earnings excluding some items will fall by around R650m. The company is majority owned by ArcelorMittal, which ranks as the world’s largest steel producer.
Momentum Securities, MMI’s full-suite stockbroking business, has announced the appointment of Steven Schultz as the new Chief Executive Officer. The appointment comes in the wake of former CEO Jan van Staden’s resignation after five years with Momentum Securities, to pursue personal entrepreneurial goals outside of the corporate arena. As the former Head of Investment Distribution at Momentum Intermediary Solutions, Schultz will now assume the role of CEO with Van Staden continuing to provide valued council to the business as Chairman of the Momentum Securities Board in a non-executive capacity. Steven Schultz
Investec Australia Property Fund has announced the appointment of Georgina Lynch as an independent non-executive director of Investec Property Limited, the responsible entity of the Fund. Lynch has over 25 years’ experience in the financial services and property industry. Commenting on the appointment, Richard Longes, chairperson of Investec Property Limited, says, “Georgina brings significant global experience in corporate transactions, capital raisings, initial public offerings, funds management, corporate strategy and acquisitions and divestments to the board. Her skills complement those of other directors and her appointment strengthens the independence of the board. We look forward to Georgina being an active contributor to the continued success of the Fund.”
Absa Corporate and Investment Bank has secondary listed three of its metal ETFs on A2X Markets: NewGold (GLD), NewPlat (NGPLT) and NewGold Palladium (NGPLD). The three ETFs will retain primary listings on the JSE. Chris Edwards, Head of Prime Services and Index Solutions at Absa Corporate and Investment Bank, says, “We are delighted to be the first issuer to offer investors the option of transacting in our metal ETFs on an alternative low-cost platform as well as the traditional JSE. ETFs are cost sensitive and by adding a secondary listing, it allows our investors to capture not only the direct saving of lower transaction fees but also the indirect savings that accrue as a result of narrower spreads and increased liquidity.” These listings follow A2X’s recent licence extension to include the secondary listing and trade of ETFs and ETNs that was granted by the Financial Sector Conduct Authority and the South African Reserve Bank’s Prudential Authority earlier this year. The Newgold ETFs that are being listed on A2X are the largest ETFs in the local market with almost R25bn in assets under management.
IMAGE: RUSSEL ROBERTS PHOTOGRAPHY
PROFILE
31 August 2019
