Money, Markets and Masterminds

The growing regulatory burden on independent financial advisers, coupled with succession pressures and the rise of advice networks, is reshaping South Africa’s discretionary fund management (DFM) industry. In the October DFM edition of Citywire South Africa’s Money, Markets, and Masterminds podcast, editor Ruan Jooste speaks to Imraan Jakoet, head of Invest at Graviton, about the changing adviser landscape and the strategic thinking behind Graviton’s acquisition of a majority stake in Portfolio Analytics.

In October’s Regulatory Rulebook episode of Money, Markets and Masterminds, Marrelie Victor, the Financial Sector Conduct Authority’s Departmental Head of Financial Advisers and Intermediaries, joins Citywire South Africa editor Ruan Jooste to discuss weak needs analyses, missing records of advice, replacement product disclosures and generic risk assessments. She also explains what FSPs can expect during an inspection and how to address the findings.

In September’s Regulatory Rulebook episode of Money, Markets and Masterminds, Financial Sector Conduct Authority (FSCA) divisional executive Zareena Camroodien discusses the key issues raised at a Cape Town conference hosted by the International Organisation of Pension Supervisors (IOPS), the FSCA and the World Bank. From value for money and pension dashboards to unpaid contributions, the two-pot system and infrastructure investment, the conversation examines how regulation can keep members’ interests at its centre.

Trying to pick the best fund or next winning manager is one of the misconceptions investors and advisers can bring to portfolio construction, according to Symmetry head of DFM Kim Rassou. In the September Money, Markets and Masterminds DFM Discussion, Rassou tells Citywire South Africa editor Ruan Jooste why Symmetry starts with client needs, risk and strategic asset allocation before selecting managers. She also discusses growing concentration in global markets and why this prompted Symmetry to shift its global equity exposure from 100% passive to 60% active and 40% passive. The conversation explores Symmetry’s use of hedge funds and smooth bonus strategies in retirement portfolios, opportunities in SA and emerging markets, manager selection and why Rassou believes financial education needs to start much earlier in South Africa.

In the latest episode of Money Markets and Masterminds, Citywire South Africa editor Ruan Jooste sits down with Financial Sector Conduct Authority (FSCA) divisional executive for enforcement Gerhard van Deventer to unpack the regulator’s 2025/26 Regulatory Actions Report. They discuss what is driving record enforcement activity, where advisers risk crossing the regulatory line, and how AI, trading signals, finfluencers, exam fraud and increasingly borderless financial crime are changing the FSCA’s job. Read the full FSCA Regulatory Actions Report⁠ here: https://bit.ly/4fN1iKu

As advisers gain access to better research, technology and investment tools, discretionary fund managers (DFMs) increasingly have to prove where they genuinely add value. In the latest DFM Discussion, The Robert Group head of investments, Devin Shutte joins Citywire South Africa editor Ruan Jooste to discuss manager selection, portfolio construction, fees and why avoiding bad investment decisions can be as important as finding winning ones. They also explore offshore diversification, private markets and whether AI will strengthen the DFM model or commoditise some of the research advisers currently pay for.

South Africa’s financial services industry is on the brink of its biggest regulatory overhaul in years, yet many advisers may still be underestimating what’s coming. In the latest episode of Money, Markets and Masterminds, FSCA divisional executive for regulatory policy Eugene du Toit unpacks the regulator’s new three-year regulation plan, explains where the COFI Bill fits into the picture, and why the future of regulation is about far more than simply adding new rules. Du Toit also reveals why the FSCA is determined to reduce regulatory complexity over time, shares what advisory firms should be doing now to prepare, and discusses how artificial intelligence, open finance, cyber resilience and other emerging technologies are reshaping the regulatory landscape. If you want to understand where regulation is heading before everyone else, this is a conversation you won’t want to miss.

Are advisers still investment managers, or have they become relationship managers in an increasingly outsourced world? In this month’s DFM Discussion on Money, Markets and Masterminds, Citywire South Africa editor Ruan Jooste sits down with Equilibrium managing director Florbela Yates to tackle one of the biggest structural shifts in financial advice: the rise of the discretionary fund manager. They unpack why more advisers are handing over investment decisions, whether DFMs are genuinely improving client outcomes or simply helping practices scale faster, and what advisers should really be looking for beyond a three-year performance table. The conversation also explores fee pressure, operational due diligence, AI, digital engagement, alternative assets and why short-term performance chasing remains one of the industry’s biggest pitfalls.

In this month’s Regulatory Rulebook episode, Citywire South Africa is joined by Koko Kubelo, Senior Manager in Market Research and Economic Analysis at the Financial Sector Conduct Authority (FSCA), to unpack one of the biggest shifts shaping investor behaviour. Why is the FSCA studying finfluencers? Where is the line between financial education and regulated advice? How can consumers protect themselves from increasingly sophisticated online scams? And what role should financial advisers play in a digital world where credibility is often measured in likes and followers? Whether you’re a financial adviser, fund selector or simply interested in the future of investing, this is a conversation you won’t want to miss.

Professor Adrian Saville explains why unintended consequences may be investors’ greatest blind spot. Teaser: On this quarterly edition of The Long Game, part of Citywire South Africa’s Money, Markets and Masterminds podcast, Professor Adrian Saville, investment strategist and professor at GIBS, discusses why investors often focus on visible risks while ignoring the second-order consequences that can derail portfolios. From AI and SpaceX to passive investing and bonds, he explores the exposures markets may not be pricing in.