AWCA Newsletter

 

THE AIH AND AIH CAPITAL TEAMS ARE PROUD OF OUR ACQUISITION OF A SIGNIFICAT MINORITY STAKE IN FUTUREGROWTH ASSET MANAGEMENT. 

March 2022

On the 3rd of March 2022, Futuregrowth Asset Management (Pty) Ltd (Futuregrowth) and Old Mutual Investments Holdco has announced the signing of a Share Sale Agreement for the acquisition of 21.2% of Futuregrowth shares by AWCA Investment Holdings (Pty) Ltd (AIH)

The Transaction – which is subject to some conditions precedent, including the receipt of regulatory approval – will see a special purpose vehicle owned by AIH and AIH Capital (Pty) Ltd purchasing the Futuregrowth shares from Old Mutual Investments Holdco.

“We are truly honoured to be partnering with an asset manager that made its mark as a responsible investor many years before the recent emergence of the ESG movement. We look forward to continuously making a positive impact in our country as we together serve Futuregrowth’s clients and grow the business.” Say Sindisiwe Mabaso- Koyana who is the founder and chairperson of AIH, as well as Managing Partner of AIH Capital

AWCA has been instrumental in helping to transform the sector, particularly by supporting aspiring black female CA candidates with the added aim of creating the next generation of leaders and captains of industry. Like Futuregrowth, AWCA believes that investing in education and skills development will reap the long-term benefits of an increase in scarce skills, as the beneficiaries of this investment will ultimately contribute to increased productivity – either as employees or business owners

Futuregrowth Asset Management is a leading fixed interest investment company that manages around R193 billion (+/- US$12 billion) * of assets on behalf of its investors, which are predominantly South African retirement insurance and retail funds. Futuregrowth has been part of the South African asset management landscape since 1995 and is an affiliate of the Old Mutual Investments Holdco (OMI). OMI has been the majority shareholder of Futuregrowth since 2008.

Ms Jesmane Boggenpoel who is director at AIH and Managing Partner at AIH Capital had this to says: “The AIH/ Futuregrowth deal is a flagship deal for us, as our first deal for our new Private equity fund and as an acquisition in a leading & well-respected asset manager.”

Ends

 

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Sindi Mabaso-Koyana CA (SA) (Chairperson)

Sindi Mabaso-Koyana Chairperson of AWCA Investment Holdings

A Chartered Accountant and a respected business woman, Sindi is the co-founder of The African Women Chartered Accountants. She later led the formation of the commercial arm, AWCA Investment Holdings (AIH) which she currently chairs.

She is the Managing Partner of AIH Capital the Private Equity firm of AIH. AIH has built a portfolio of solid investments in the Financial Services, Industrial and Technology Sectors where Sindi plays a role in the strategic and development growth of these businesses.

Sindi is proud of the mission of AIH Group which drives financial inclusivity and financial independence of women.

Her illustrious career has included being Managing Director of Viamax Logistics, a subsidiary of Transnet, Group Financial Director of Transnet, Executive Partner at Ernst & Young, amongst others. She has served as Non- Executive Director of large corporates including Listed entities where she has chaired the Audit and Risk Committees, Sustainability Committees and Remuneration Committees. These entities include the Public Investment Corporation, South African Airways, Armaments Corporation of South Africa, South African Institute of Chartered Accountants, FIFA, Adcorp Holdings, Toyota South Africa. She was appointed Independent Chairperson of The South African Sugar Association, to lead the sugar industry Masterplan.

Her current board positions include AWCA Investment Holdings(Pty) Ltd, MTN Group, Sun International Limited, Bidvest Group, BMW South Africa, Futuregrowth Asset Managers, Zenex Education Foundation and an Advisory Board Member of Antwerp Management School (Belgium).

Sindi is a member of the Aspen Global Leadership Network and International Women’s Forum

Jesmane Boggenpoel CA (SA) (Non-Executive Director)

Jesmane Boggenpoel

Background: Jesmane has over 18 years of work experience, mainly in investments, private equity and as an entrepreneur. She was a deal executive at Brait Private Equity and had worked in the corporate finance departments of Anglo American and KPMG. She co-founded an investment holding company and was an executive director and shareholder from 2005 to 2007, during which time she executed two investment transactions in the financial services and information technology sectors. Between 2014 and 2016 Jesmane was the Head of Business Engagement, Africa for WEF in Switzerland.

Jesmane is a non-executive board member of EOH, Spur and Murray&Roberts.

During the MPA, she cross registered at Harvard Business School to complete the course Venture Capital and Private Equity. She has lived on three continents for work or studies (North America, Europe and Africa) and travelled to 70 countries, including 22 African countries. Author of the book on racial reconciliation, healing, inclusion : My Blood Divides and Unites. Ms Boggenpoel was nominated as a Young Global Leader of the World Economic Forum in 2013.

Nomavuso Mnxasana - CA (SA) (Non-Executive Director)

Nomavuso is a Chartered Accountant, having obtained her B Compt and Hons from the UNISA. She trained at Deloitte and Touche and after completing her articles she spent one year at Deloitte before joining SizweNtsaluba vsp (former Nkonki SizweNtsaluba). She spent 10 years as Senior Partner and Exco member at SizweNtsaluba VSP. She was specialising in consulting, internal auditing and attest function. She started the Corporate Governance division which housed the internal audit services as she identified this opportunity during the introduction of the Public Finance Management Act (PFMA). She was also involved in staff development and training as a staff partner for five years. Some of her major clients included, Eskom, SAA, MTN and Sentech.

Nomavuso was the head of the Imperial Group Internal Audit division and responsible for risk management in the Group. She successfully implemented risk management in the group both locally and internationally. As a result, she obtained a good understanding of the various industries within which the Imperial Group operates. Having recognised the shortage of black qualified Chartered Accountants in South Africa she introduced Training Outside Public Practice (TOPP) within the Imperial Group. Her current directorships include Nedbank, JSE, ArcelorMittal, and IDC. She has previously served on the boards of Landbank, Wiphold, Imperial Bank and Optimum Coal.

Precious Mgquba CA (SA) MBA (Non-Executive Director)

Precious Mgquba CA (SA) MBA  Precious is an accomplished executive and non-executive director with many years of experience in various leadership roles. She has more than 20 years corporate experience in finance, risk management, financial management, supply chain management and compliance. She is a seasoned professional who has worked in various roles across diverse industry sectors (viz logistics, energy, financial services, insurance, consulting) within private and public sectors. Her roles range from Internal auditor, Risk manager, General Manager Finance to Internal Audit Director.

She has served and continues to serve on various boards and audit committees in the roles of Board member, chairman, deputy chairman and committee member.

Her current boards and committee engagements are Ithala Development Finance Corporation, AIH, Ethekwini Municipality, National Credit Regulator,  Ekurhuleni Municipality, Financial Intelligence Centre and Reef Tankers (Pty) Ltd.

She has previously served on the boards and/or audit committees of Sentech, SkX, Parliament of South Africa, Gauteng Provincial Government, National Gambling Board, AWCA, Union Life, NEHAWU Investment Holdings (NIH), South African Reserve Bank Captive Insurance Company Limited (SARBCIC) , City of Johannesburg, Eskom Finance Company and Eskom subsidiaries in Africa (Umeme Ltd in Uganda, Elgas in Mozambique), amongst others.

Precious is a member of the South African Institute of Chartered Accountants and African Women Chartered Accountants. She completed her articles at Deloitte in Durban where she qualified as a Chartered Accountant. She is also a registered business rescue practitioner.

She is passionate about community development especially programmes involving children and rural women.

Melanie Elephant CA(SA) (Non-Executive Director)

Melanie Elephant is employed as a Manager within the Diversified Lending and Leverage team of Standard Bank’s Investment Banking division. Her role includes the origination and execution of term lending transactions for corporates listed on the Johannesburg Stock Exchange. She has gained extensive experience in Black Economic Empowerment (BEE) both in her capacity as Operations Director at PKF BEE Solutions and Regional Executive at Empowerdex. Prior to joining Empowerdex, Melanie managed an audit practice as a sole practitioner, servicing both private and public companies. Melanie qualified as a Chartered Accountant in 2004 after completing her training contract with Deloitte & Touché in Johannesburg in 2003. In October 2007, Melanie joined the Board of African Women Chartered Accountants (AWCA). Her role in the Professional Development portfolio included the facilitating of Qualifying Examination preparatory workshops for members and hosting of the annual AWCA Career conference which showcases employment opportunities for members. She has also been responsible for fostering and maintaining key stakeholder relationships as part of the Strategic Alliances portfolio and spearheads the AWCA weCAre CSI project which aims to help disadvantaged individuals by providing them with monthly food parcels. In 2011, Melanie assumed the role of Deputy President, a position she held until her resignation from the Board of AWCA in 2015.

Busi Silwanyana (Non-Executive Director)

Busi Silwanyana  has an interest in corporate governance having held various executive positions in corporate, being a member of compliance committees and held positions in governance committees as an independent member. She looks to Share expertise, skills and experience with the organizations’ board members and executive team by contributing to strategy formation and direction of the company leveraging what I have achieved throughout my career in providing strategic financial expertise while driving business growth and profitability improvements for multimillion-dollar, global organizations.

The Value Add as a board member is as a commercially focused finance executive who  contributes towards the setting and implementation of strategy. She plays as oversight of risk management, policy formulation and implementation in my banking experience I collaborated with risk governance division in identifying key business risk, outline acceptable risk levels and development risk management policy as member in both credit risk and operational risk management committees. She Leverages strong business acumen with experience working with large scale businesses in effort to structure complex, high-value transactions across various geographies and Possess strong financial aptitude critical to the evaluate financial statements and concluding on the performance of the company.

Busi currently has board positions in Stefanutti stocks limited, YeboYethu investment (RF) Limited, Finbond mutual Bank and AVI Limited all at Independent non- executive director.

Olivia Serithi (Non- Executive Director)

Olivia Serithi CA(SA)

Olivia is an experienced Finance Executive with expertise in the following core areas:

  • Financial Reporting & Accounting;
  • Taxation;
  • Forecasting & Budgeting;
  • Investor Relations; and
  • Corporate Finance. She is a member of the South African Institute of Chartered Accountants and an MBA Graduate from the Gordon Institute of Business Science

She leads with passion and have an interest in people development and organisational development and transformation. I believe that my analytical mindset, positive and solutionist thinking and approach, good communication skills and compassion for people enable me to be impactful to the teams that she lead and to her colleagues, which is underpinned by my solid values. Furthermore. She is a believer in lifelong learning and continuous self improvement.

Olivia is Board of Director of Allergan Pharmaceuticals (Pty) Ltd

 was previously Non-executive Board of Director of African Women Chartered Accountants Investment Holdings (“AIH”) and has since came back in February of 2023. She was a Non-executive Board of Director of Atos South Africa, Member by invitation to the following sub committees of the Discovery Limited Board:

– Audit & Risk Committee – November 2008 to 2014

– Actuarial Committee – November 2008 to 2014

– Capital, Currency and Investment Committee – November 2008 to 2014

Ms. Alupheli Sithebe CA(SA)

(Non- Executive)