Out in Africa –The Beautiful South

gentleman who had lost his luggage and I’d been at the baggage desk with at the airport. I didn’t recognise him at first as he was now smartly dressed in a suit, but he clearly recognised me as I was still wearing the same clothes that he had seen me in at the airport!” Top travel tip – try to avoid checking in bags if you can, especially if your meetings are shortly after arrival!

Regular readers of The Journal will recall that in our Summer Edition, we would normally present an overview of our recently held Africa Meeting. Having travelled down to Johannesburg on the Friday prior to the Meeting, South Africa declared its first confirmed cases of Covid-19 and began implementing containment measures almost immediately. This meant that my transfer from the airport to the Maslow Hotel became a conference call with our main stakeholding partners and a unanimous decision to postpone the Event. This would be the longest haul long weekend I had embarked upon…

However, having spent an enlightening and enjoyable weekend in Jo’burg, aided and abetted by Joanne King, a Network Manager from Northern Trust, and Linda Laubscher, Head of Sales And Relationship Management for GSS at Rand Merchant Bank, I thought it would be interesting to share our collective thoughts, experiences and opinions about Jo’burg, in the hope that this will help to illustrate that there is as much to be enjoyed in Gauteng as there is in the Western Cape.

Joanne spent a week in southern Africa, spending a few days in Gaborone, Botswana, prior to her arrival in Johannesburg: “I feel very fortunate to have a job that has enabled me to travel extensively around Africa for the last six years. It has brought so many interesting and memorable experiences, all of which I really enjoy relaying to colleagues, friends and family.”

Gaborone and Jo’burg are very different. Joanne says of her experience in Botswana: “I find travelling around very relaxing and stress-free. I’ve always had really friendly drivers picking me up from the airport who love giving me a local history lesson and pointing out various landmarks as we go by which makes the journey more interesting and fun. The only worry are the wild monkeys who roam the hotel grounds freely trying to make off with any unattended food or drink or carry off anything that isn’t tied down. This is always highly amusing as long as the belongings are not yours!” people greeted me, some understandably would not shake hands, others would tap elbows whilst some gave a cordial hug and kiss on each cheek when they first saw me.”

When asked about her favourite places in Jo’burg, Joanne said “I always stay in Sandton. It is right in the heart of the new business district and close to all of my meeting locations. There is also a huge shopping mall, Sandton City, where I can browse and pick up some things up for my family and friends (helped by a favourable GBP and ZAR exchange rate). Jo’burg is surprisingly green with over 10 million trees planted in the city area giving the impression of a dense forest canopy when viewed from one of the many hills. Westcliff is particularly beautiful as the streets are lined with Jacaranda trees that look spectacular when their lilac flowers are in bloom.”

As well as Sandton and Westcliff, Joanne’s sightseeing recommendations include Braamfontein, Constitutional Hill (and Court), Rosebank, Langlaagte (where gold was first discovered on the Witwatersrand), Soccer City, Soweto, Riverlea and Westrand. Essential stops for those with a keen interest in history include the Apartheid Museum, Hector Pieterson Museum and Nelson Mandela’s House. “The use of videos, photos and narratives were so powerful and confronting, they acutely depicted the struggles of apartheid and were deeply saddening and thought-provoking.”

That said, this time her journey did not go entirely to plan. “Normally I only take carry-on luggage on business trips, but because my trip was longer, I had to check in my suitcase for the first time ever. Inevitably, my bag did not make it to Botswana, but as luck would have it a gentleman on my flight had the same issue, so together we proceeded to the baggage desk. Sadly, after much debate we left without answers or luggage and went our separate ways.

I attended my first day of meetings wearing the clothes I had been travelling in for 48 hours and even slept in on the plane, with wild-looking hair and no makeup. I began every meeting with – ‘I don’t normally look like this honestly!’

At my very first meeting, I was introduced to the Country Head, Global Banking, who it turned out was the same

In contrast, “I enjoyed driving around the tree-lined streets of Johannesburg, looking at the different architecture and taking in the sights from the car. Most of my meetings were in Sandton, which is a vibrant and cosmopolitan suburb with lots to keep you entertained. The old Central Business District is fascinating as you see so many older buildings with some unique designs, however, traffic can be incredibly busy and very noisy.”

Joanne’s experience in Jo’burg in 2020 was, due to the onset of Covid-19, somewhat different to previous visits: “As no official lockdown measures had been implemented either by the UK or South African governments, I was still able to conduct all of my arranged meetings with the sub-custodians and key market infrastructure participants as planned. Pandemic planning and business continuity were key topics of discussion and it was clear in each meeting I attended that the safety of employees was paramount and that appropriate BCP / DR planning was in place. What was interesting was the varied ways in which

In terms of restaurants and bars, Joanne’s favourites include Marble, Quno (at the Saxon Hotel) and the Butcher Shop And Grill. The latter is on Nelson Mandela Square in Sandton City and “it’s a great place to enjoy a nice glass of South African wine and watch the world go by in the shadow of a large Nelson Mandela statue.”

As this was Joanne’s last foreign trip prior to lockdown, we asked her if she has a sense of when this will resume, and if she is missing that element of her role. She replied: “Travelling will certainly be an element of my job that I will miss because I really enjoy going to different African countries, having face-to-face meetings and building relationships with everyone I meet. However, given the circumstances everyone has had to consider how to do things differently – for example through increased use of video technologies and conference calls.”

As a local, Linda from RMB has a different perspective on Jo’burg. Linda kindly treated TNF to a whistle-stop tour of her neighbourhood – Melville – which was a fascinating blend of the bohemian and cosmopolitan, and the resolutely local.

“Melville is one of the oldest suburbs in Johannesburg. The area, together with Parkhurst, Greenside, Parkview, and Emmarentia, is one of the few areas in the northern suburbs to have trendy high streets with lots of coffeehouses, pubs, restaurants and interesting upscale shops lining the streets rather than in enclosed shopping centres. On weekends, 7th street and some of the adjacent streets are filled with lifestyle bloggers, families, friends and ‘cool’ people streaming to Melville to enjoy breakfast or brunch, do some shopping, often followed by long, lazy lunches which sometimes progress into sundowners and dinners.” As Linda used to frequent Melville in her free time, moving there was an easy decision.

In terms of things to see and do, Melville has plenty to offer: “Within Melville, there’s an array of unique little stores offering everything from antiques, books and fashion, such as 27 Boxes (built from disused shipping containers). These are local stores selling artisanal goodies, food and juices. “Baker Brothers” (run by twins) is great for mouth-watering fresh bread and croissants.“

And when in need of sustenance: “You are really spoilt for choice given the abundance of food places, but some of my favourite places are the Pablo Eggs-Go-Bar [geddit?

– Editor’s note], Ba-Pita (flatbread, kebabs, tapas), Hell’s Kitchen (fiery draft ginger beer, tequila and rock music, La Stalle (pizzas, wood fired meals and small plates) and The Whippet Harvest Store (sumptuous freshly made meals using ingredients grown on their own rooftop!)

South African food. There are many to select from but the popular ones are Sakhumzi Restaurant; Chaf Pozi and Restaurant Vilakazi.”

For those seeking culture “Many of Johannesburg’s top art galleries are situated along a 2km stretch between Rosebank and Parkwood. The Goodman Gallery is always worth a visit, as is the Keyes Art Mile (home to the Everard Read, Circa and SMAC galleries, as well as the The Mixed Reality Workshop).

If you have time (and transport) Linda recommends visiting The Cradle Of Humankind, with over 400 attractions including the Nirox Sculpture Park, Maropeng and Sterkfontein Caves. The oldest humanoid fossils were discovered here.

The Magaliesburg area is also worth a trip to visit farms (including The Van Gaalen Cheese Farm), countryside restaurants, and possibly even a hot air balloon ride. The Pilanesberg National Park is further north in the crater of an extinct volcano and is home to the “Big Five” and offers game drives, walks and other excursions.

And inevitably “those that have visited South Africa previously will be familiar with another favourite, namely biltong and droëwors. Copious amounts of this have found their way back in travellers’ baggage (firmly vacuum packed and sealed). Need I say more.”

“The leafy neighbourhood is characterised by old Victorian style homes and the streets are lined with Jacaranda trees. The locals are bohemian types such as artists, poets, writers and students. During apartheid it was one of the few places where interracial couples could openly socialize and today it is one of the most diverse communities where everyone feels at home. We are part of a family and look out for one another. Under the lockdown – the community rallied together to address and support the overwhelming need for food supplies, clothing and other requirements.”

For sightseeing, nearby is Melville Koppies Nature Reserve. “It is both a nature reserve and heritage site and boasts archaeological remains of both Stone and Iron Age settlements with some stunning views over the City.” Emmarentia Dam and the Botanical Gardens are also close by “The park is immensely popular amongst joggers, dog walkers and cyclists, and on weekends is a favourite spot for picnics.” 44 Stanley is also a short walk away for “independent artists and designers specialising in jewellery, chocolates, antiques, crafts and clothing. And of course, also a number of little eateries and coffee shops.”

Melville is a real treasure-trove of curiosities and well worth a visit.

In terms of the rest of Jo’burg, Linda recommends visiting “The famous Vilakazi street, best known as the home of two Nobel Peace winners – Nelson Mandela and Reverend Desmond Tutu- as well as Walter Sisulu Square and the Soweto Towers in Orlando. A visit to Soweto is not complete without experiencing some local village-based

If there is one essential experience you should have while in Jo’burg, Linda is adamant about one thing “South Africa is known for its “braaivleis”. You haven’t fully experienced South Africa if you have not attended at least one traditional braai even more so if out in the bushveld or in the townships. It is so much more than a barbeque and all about having a great time, catching up with family and friends with good food and good drinks. Africans do not need any excuse to light a fire and grill some boerewors, steak, chicken, lamb or game meat, accompanied by mealiepap or putu (made of maize meal).”

TNF can only agree!

In summary, Jo’burg has so much to offer and so we would urge our readers to resist the more obvious allure of Cape Town and spend some time in the “City Of Gold”, or eGoli (the alternative Sotho name for Johannesburg). “Jozi”, as the locals call it, is a fascinating and vibrant city with so much to offer, and we hope to be there again in March 2021. Come and join us!

Edward Jones Managing Director The Network Forum

We would like to thank Joanne King from Northern Trust and Linda Laubscher from Rand Merchant Bank for their contributions to this article. For those with a greater interest, a longer version of this piece will be made available on the section of our website.

has gone through during these last two decades.

Economic slowdown, strong fee pressure, new types of clients, the arrival of Fintechs, the need for new products to meet innovative requirements and to differentiate from competitors, to name a few, came to stay. More agile and flexible responses are required, so, industry (and markets) consolidation became a familiar game. It still is, and not only for those reasons.

Simultaneously, technology and the way we use it, came to be gradually more relevant. A race for new information sources, ways of connectivity (e.g. APIs) more automation and time-to-market, is a “must have”.

And, with the recent financial crisis, we suddenly saw ourselves flooded by regulation with which we are still struggling to adapt to… and to live with.

So, having the above in mind, it is not hard to realize that, in order to endure in our increasingly competitive industry, one needs to ensure it has a significant role to play in a most demanding and challenging “beauty” contest…

Finding highly-tailored solutions, making the most out of one’s expertise and IT capacity, reaching and maintaining a high degree of swiftness, productivity and efficiency, while turning the tide of complexity into something comparable to simplicity, may as well put us on the right track to find ourselves amongst the leading “good-looking” contesters. But it might not be enough… If one is able to add a multi-market, multi-product offer, then yes… you might as well be short-listed for the final round, while being closer to watching your existing and prospective customers paying more attention to what you are doing… they may even blink at you as sign of more respect and, who knows… increased level of engagement? That’s what we, custodians, wish for… let there be no doubt.

This leads us to the recent decision made by Santander and Crédit Agricole to join forces and strengthen their position in this exciting and demanding industry. Both Santander Securities Services and CACEIS enjoy a very successful past and market reputation of which to be proud of, but, even so, they also understood the many advantages that could come out of a strategic combination.

The alliance between the two Spanish and French entities is what we could call a perfect match, for various reasons. There is no overlapping, whatsoever, in terms of market presence, client base and product suit. In fact, this “newborn” custodian has now an enlarged geographical footprint, including various European, Latin American and Asian markets which to offer to their customers. Simultaneously, their combined client base is made up of sell-side and buy-side institutions and, furthermore, by bringing together the suit of products both of them have specialized on during these past decades, we can conclude that there is actually full complementarity across all business angles. Within this fully fledged, front-to-back organization, the new CACEIS group will take advantage of international business synergies and opportunities to cross-sell products and services, hence leveraging the perfect fit in terms of geographical coverage, service range and increased investment and innovation capacities.

It is the coming of age of these two companies, now in partnership, working towards a brighter future. And here to stay!

Hugo Rocha Head of Sales & Relationship Management –Global Clients CACEIS Bank Spain