Building bridges for sustainable partnerships - ASISA · 2017-06-21 · strengthening existing...

Building bridges for sustainable partnerships

Building an industry is like building a bridge - each part must add strength and take none away.

ASISA formally opened its doors at the beginning of October

2008. Incorporated under Section 21, it represents the majority

of South Africa’s asset managers, collective investment scheme

management companies, linked investment service providers,

multi-managers and life insurance companies. At the end of

December 2011, a total of 158 member companies managed R4.2-trillion of the regulated savings

pool in South Africa.

REGULATED SAVINGS POOL:

OUR PURPOSE AND MANDATE: As the custodians of the bulk of South Africa’s savings and

investments, ASISA and its members must ensure, in the interest of the country and its citizens, that

the South African savings and investment industry remains relevant and sustainable into the future.

ASISA’s strategic purpose and mandate are therefore to remain a trusted partner to stakeholders

in the financial services industry and to proactively engage with them on regulatory and other

important issues of common concern. It is also ASISA’s role to ensure that as a collective our

industry remains relevant and sustainable by delivering solutions that are in line with the needs

of our country, taking into consideration global and local developments and challenges. At the

same time we need to recognise the hurdles created by the country’s legacy and work with our

policy makers to develop solutions that will help us overcome these. ASISA aims to be an

HOUSEHOLD SAVINGSREGULATED PRODUCTS

LONG TERM INSURANCELIFE OFFICESR1.5 TRILLION

R4.9 TRILLIONTOTAL

* Difference: Some major government and parastatal funds manage some of their own assets – particularly the Government Employees Pension Fund (GEPF).

RETIREMENT FUNDSR2.4 TRILLION

ASISA MEMBERSMANAGER1.5 TRILLION

R4.2 TRILLION

ASISA MEMBERSMANAGER1.7 TRILLION*

COLLECTIVE INVESTMENTSCHEMES PORTFOLIOSR1 TRILLION

ASISA MEMBERSMANAGER1 TRILLION

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active participant in creating an environment that promotes equal opportunities for its members

through holistic legislation, while at the same time considering the interests of consumers and

ensuring the sustainability of the industries it represents and the intermediaries who promote

these industries and their products. ASISA will work towards promoting a culture of savings

and investment in South Africa by playing a significant role in the development of the social,

economic and regulatory framework in which members operate, thereby assisting members to

serve their customers better.

OUR MISSION: ... Actively promote a transformed, vibrant and globally competitive financial

sector that reflects South African demographics ... Develop and actively participate in education,

transformation and social development projects ... Continue to build a strong national economy

by encouraging and incentivising South Africans to save ... Promote transparency and disclosure

... Create an environment enabling of more holistic regulation ... To always have a consumer focus

... Endeavour to ensure ethical and equitable behaviour from members by applying a code of

ethics and standards ... Help create a simple and efficient regulatory framework that promotes

savings and investment ... Engage with Government to ensure the creation of level playing fields

for all members while at the same time promoting healthy competition ... Collectively engage with

Government on policy issues and actively partner with Government on the SA Inc strategy aimed

at promoting South Africa as the economic gateway to Africa.

OUR APPROACH: The future of the South African savings, investment and insurance industries must

be driven strategically at the highest level and without any bias. Therefore, ASISA’s key approach

is about achieving balance and democracy within its structures.

BALANCE - ASISA membership can only be attained at the highest appropriate level in a company’s

corporate structure. In addition, members can only be represented on the ASISA Board by their

most senior representative. The aim is to ensure that high level strategic thinking, not product-

aligned agendas, shapes the future of the financial services industry.

DEMOCRACY - ASISA applies the principle where a full member has one vote. This means that

the big conglomerates have the same vote as a small independent company. The ASISA founding

statement commits ASISA and its members to the principle that the consumer’s best interest will

govern all decision making. At the same time, the importance of minority views will be recognised,

processed and presented together with the majority view.

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04. ASISA mission statement

THE ENGINEERS’ REPORT09. CHAIRMAN’S WELCOME: Johan van Zyl

13. CEO’S MESSAGE: Leon Campher

STRUCTURE AND CONSTRUCTION21. OPERATIONAL REVIEW: Peter Dempsey

28. ASISA STRUCTURE

PLANNING AND SUPPORT37. ASISA STAFF

LAYING FOUNDATIONS51. THE ASISA ACADEMY

THE STATISTICS REPORT59. QUICK INDUSTRY STATISTICS

64. ASISA membership

CONTENTS

THEENGINEERS’

REPORT

t is no surprise then that during the period under review ASISA has had over 45 projects

on the go at any given time. Running with these projects were 115 ASISA committees

and working groups, 1828 member representatives, and the ASISA team. The fact that

all of these projects involved Government stakeholders, including National Treasury

and the Financial Services Board (FSB), attests that ASISA is considered a key partner.

As Leon Campher states, this is one of the indicators that strong bridges have finally been built

and are ready to be crossed by the relevant stakeholders.

In my view, 2011 marks the year in which ASISA became truly outward-focused with the aim of

strengthening existing bridges with stakeholders and building new ones where needed. The

2011 ASISA Annual Review is therefore appropriately themed Building Bridges for Sustainable

Partnerships.

THE POWER OF BRIDGES

I would like to single out two accomplishments for 2011, which highlight the power of

partnerships and the importance of building bridges that enable stakeholders to overcome

differences for the sake of achieving common goals.

CHAIRMAN’S WELCOME

Johan van Zyl

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In three short years, ASISA has grown from being the new kid on the block to a formidable partner at Government’s negotiation table. Empowered by a mandate from an industry that manages assets of more than R4 trillion, ASISA is considered the custodian of the nation’s savings and is recognised as one of the country’s biggest contributors to the national GDP. ASISA has proven that it has a positive role to play in a time when our industry, our country and the globe are facing massive change.

I firmly believe that the deadlock that stalled the gazetting of the Financial Sector Charter

(FSC) for so long would not have been overcome had the various constituents not decided to

cross the bridge towards common ground in August 2011.

Another significant milestone was the policy change in October 2011 on inward-listed shares.

Again, it took a while, but in the end all parties involved managed to cross the bridge that led

to a policy change that will prove invaluable to the country’s investment markets over the long

term. Leon Campher refers to both in more detail in his message on page 13.

CREATING CERTAINTY

During 2011 we had new legislation, draft legislation and proposed legislation coming our way

thick and fast. All credit goes to Leon Campher and his team for ensuring timeous and informed

comments on all relevant regulatory issues that passed through the ASISA offices in 2011.

A good example is the ongoing engagement around National Treasury’s policy document, A

Safer Financial Sector to Serve South Africa Better, which we refer to as the Red Book.

I agree that it is important for Government to set a firm course for our industry from a regulatory

perspective, but I need to caution against rushing changes that will have a significant impact on

our industry, its intermediaries and our clients.

I am also concerned about our industry being thrown into the collective financial services pot

when it comes to issues such as high charges, lack of access and other challenges, without any

credit for the massive reform initiatives already undertaken.

There has been substantial product innovation in recent years aimed at reducing charges

for our clients and ensuring value for money. We are coming up with creative ways to make

our products more accessible to low income earners, while at the same time keeping them

While I maintain that in some instances our industry is being forced to swallow internationally prescribed medicine when it is not suffering from the same global cough, I am exceptionally pleased about the fact that National Treasury and the FSB continue to engage with us proactively and frequently on issues that need to be addressed.

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affordable. Our industry also considers meaningful disclosure and the Treating Customers

Fairly (TCF) initiative to be key priorities.

The ASISA Universal Disclosure Standing Committee, which reports to the Marketing &

Distribution Board Committee, has therefore begun working closely with National Treasury

and the FSB on shaping disclosure policy for our industry.

Furthermore, the ASISA TCF Working Group, which reports to the Marketing & Distribution

Board Committee, developed a TCF Best Practices Guideline for ASISA members during 2011,

drawing on the latest TCF thinking and principles. ASISA is also represented on some of the

FSB’s workstreams emanating from the TCF Regulatory Steering Committee formed in 2011.

STRATEGIC PRIORITIES

A key priority for 2012 is to align stakeholder interests to make South Africa a better and more

sustainable country. As always, the devil is in the detail, but having the necessary bridges and

strong partnerships in place is an important start.

South Africa has come to a major juncture in its history where increasing the growth rate of the

economy in an inclusive way is imperative. Furthermore, job creation is critical.

The efficient provision of financial services has an important contribution to make in achieving

this objective, and as ASISA we accept the challenge enthusiastically. We will therefore

continue to support and participate in all initiatives that will take us forward on this road.

IN CLOSING

I look forward to working with my fellow Board members as well as Leon and his team on

innovative solutions that will help our country reach the growth targets that will make it

sustainable for many generations to come.

I would also like to thank our partners in Government for their willingness to proactively

engage with our industry on issues of national importance.

I would like to congratulate the ASISA team for the immense progressmade during 2011 in being recognised as trusted partners by key stakeholders.

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ithout such bridges, robust and honest debate cannot take place and a middle

ground will remain out of reach for all stakeholders. I believe, therefore,

that the significant milestones achieved within our industry in 2011 are a

clear indicator that many of the required bridges are finally in place.

2011 ACHIEVEMENTS

Since we were working on 46 active projects at any given time during 2011, many of which

reached fruition during the period under review, it is incredibly difficult to single out specific

achievements. However, the successes mentioned below do stand out since they came about

mainly because of the persistence in building strong bridges linking the various stakeholders

involved.

Strengthening Partnerships

Looking at ASISA’s achievements for 2011 it is gratifying to see that many of them were the result

of our industry speaking with one voice. Engaging in a meaningful way with one representative

association is far easier than to interact with a number of industry bodies all pulling in different

directions.

As a result, over the past three years ASISA established a solid relationship based on trust

and mutual respect with National Treasury, the Financial Services Board (FSB) and the South

African Reserve Bank (SARB). This has enabled us to engage in an open and frank manner

and I would like to thank all three stakeholders for consistently considering our views in a

professional and thoughtful manner.

In addition we have enjoyed fruitful interactions during 2011 with the Department of Social

Development, the Department of Economic Development and the President’s Office.

CEO’S MESSAGE

W

Leon Campher

Reaching common ground on issues of national importance is only possible through the construction of strong strategic bridges, using trust and respect as building blocks.

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We have also built good relations with a number of other key stakeholders. Peter Dempsey,

deputy CEO of ASISA, provides more detail on ASISA’s stakeholder engagements during 2011

in his Operational Review on page 21.

Financial Sector Charter (FSC)

Reaching common ground on issues with far reaching long-term consequences is not a quick

process and requires commitment and dedication from all parties involved. The best example

is probably the Financial Sector Charter (FSC) process. It took eight long years, but the FSC

constituents finally reached agreement on all key aspects of the Financial Sector Code in

August 2011.

Having been part of this process right from the start, the final crossing by all constituents into

common ground represented a historic moment for me. Our industry has formed an integral part

of the FSC journey for many years and much energy, resources and goodwill were invested in

the process during this time.

Achieving a Safer Financial Sector

A definite highlight of 2011 has been the level of engagement with National Treasury and the

FSB around the proposals contained in the policy document A safer financial sector to serve

South Africa better. This culminated in the establishment of four work groups in November 2011.

Each of the following work groups consists of representatives from National Treasury, the FSB

and ASISA:

... SAVINGS INCENTIVES WORK GROUP: The objective is to review, design and identify

suitable non-banking savings products for possible tax incentives and possible removal of

any distortions caused by unequal tax treatment.

... RETIREMENT INCOME DRAW DOWN ACCOUNT (RIDDA) WORK GROUP: The objective is

to give practical effect to the opening up of living annuities to collective investment scheme

(CIS) providers and Government with the aim of facilitating access, competition and cost

effectiveness.

... DISCLOSURE AND INDUSTRY STANDARDS WORK GROUP: The objective is to come up

with disclosure and industry standards, which can be endorsed by the FSB and Competition

Commission with the aim of facilitating product comparison and competition.

... COSTS WORK GROUP: The objective is to consider a dedicated industry retirement annuity

product for low-income individuals and to review all costs for all products with the ultimate

aim of identifying value- and non-value-adding costs.

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Responsible Investing

The Code for Responsible Investing in South Africa (CRISA) was launched in Johannesburg

during the middle of July 2011, with ASISA and its members proudly endorsing the five principles

of the Code.

As a key stakeholder in promoting responsible investing in South Africa, our association

was a founding member of the stakeholder committee that drafted the Code in 2010. ASISA

representation on the committee was drawn from our Responsible Investing Standing Committee.

Since we accept that we share in the responsibility of ensuring that a holistic effect is given to

the Code and its principles, ASISA agreed to partner with the Principal Officers Association

(POA) on a project that will provide support to the trustees of pension fund schemes in the

practical implementation of the principles of responsible investing.

Dematerialisation of Money Market Securities

The second phase of the dematerialisation of money market securities project was completed

at the end of August 2011. This means that the issuing, settlement and custody of most money

market securities is now fully automated.

Initiated by the South African Reserve Bank, the project was implemented by Strate with the

guidance of the Money Market Advisory Committee, which represented all stakeholders

including ASISA.

Reclassification of Inward-listed Shares

Government’s policy change in October 2011 on inward-listings was the result of continued

engagement in good faith by a number of stakeholders, including National Treasury, the FSB,

the SARB, the JSE and ASISA.

With the launch of CRISA, South Africa became only the second country after the UK to formally encourage institutional investors to integrate into their investment decisions sustainability issues such as environmental, social and governance (ESG).

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This was one of the biggest achievements for 2011, prompted by comments on the Prudential

Regulation of Foreign Exposure for Institutional Investors by stakeholders such as ASISA and

the JSE.

Social Responsibility

The ASISA Board approved the establishment of the ASISA Foundation and the ASISA

Enterprise Development Fund in 2011.

ASISA believes that meaningful disclosure must be supported with effective consumer

education. Once up and running the Foundation, together with the ASISA Consumer Education

Standing Committee, will drive consumer financial literacy and consumer education initiatives

on behalf of our industry.

The Foundation, in partnership with the ASISA Enterprise Development Fund, will also provide

grant money for the development of entrepreneurs.

The Enterprise Development Fund will furthermore assist micro, small and medium enterprises

with commercial funding, sourced from the savings and investment industry.

In 2012, ASISA will focus on setting up the required structures to give effect to the Foundation

and the Fund as well as raise the necessary capital.

STRATEGIC GOALS FOR 2012

The ASISA Board has mandated ASISA to focus on the following priority areas during 2012:

... Social Security and Retirement Reform

... Economic Development Partnership Initiatives

... Market Infrastructure Improvements

... Retail Distribution Challenges and Opportunities

... Implementation of appropriate binding ASISA Standards

We hope to continue engaging with National Treasury, the FSB and the SARB in the same open

and consultative manner as we did in 2011, with the aim of making significant headway on

priorities that are also part of the national agenda.

We also look forward to hosting the annual International Investment Funds Association (IIFA)

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Conference in Cape Town in October 2012.

The IIFA represents some 48 member associations, including ASISA, and one regional

association, the European Fund and Asset Management Association (EFAMA). Collectively,

IIFA member associations represent assets under management of more than US$23.13 trillion.

IN CLOSING

We are not alone in feeling that our industry is heading for over regulation as a result of a crisis

that was not created by the savings and investment industry. Internationally, our counterparts

have raised similar concerns.

I am very pleased therefore that in 2011 a number of homegrown solutions saw the light of

day. These include the implementation of Regulation 28, the completion of Phase 2 of the

dematerialisation of money market securities project, and the policy change on inward-listings.

I look forward to engaging with our members, our regulator, our policy makers, and other

key stakeholders on addressing the challenges that face our industry with more innovative

homegrown solutions in 2012.

I would like to express my gratitude to each and every ASISA Board member for their support

and guidance in 2011. A heartfelt thank you also goes to the member representatives who

support ASISA’s committee structures with their valued expertise.

Finally, I would like to thank all ASISA team members for their dedication and loyal

professionalism, which made 2011 the exceptional year that it was.

ASISA is well aware that as a member of the Financial Stability Board, the body tasked by the G20 to monitor implementation of internationally agreed policies to enhance financial stability,South Africa has little choice but to relook and align its own policies where necessary. However, while we may be facing similar challenges as the rest of the world, designing homegrown policies mayin many instances be the better solution.

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STRUCTUREAND

CONSTRUCTION

or me these events highlighted the importance of clearly understanding and

addressing critical issues and challenges before they reach crisis levels. This is true

irrespective of whether you represent an industry or a country. Failure to craft and

implement practical solutions in partnership with relevant stakeholders may result in

the undesirable outcome of having solutions imposed without consultation.

While our country and our industry have weathered the global economic crisis with remarkable

resilience, this is not the time to rest on our laurels. Government is certainly moving ahead with

determination to ensure that the financial services sector remains safe for all South Africans. As

an industry we can either adopt a wait-and-see approach and accept any imposed solutions,

or we can participate proactively in this process.

ASISA, as mandated by our members, has opted for the proactive approach. You will have

gathered from both the Chairman and CEO messages that we are doing this in partnership with

National Treasury and the Financial Services Board (FSB) to ensure that the outcomes meet

the expectations of all stakeholders, including consumers.

ASISA DEPUTY CEO

Peter Dempsey

OPERATIONAL REVIEW

Those of us who thought 2011 would be a year in which our industry could take time to consolidate and regroup after the challenges of 2010 were left sorely disappointed. The global crisis, economic and political, intensified and manifested itself in a number of ways and countries. While Greece struggled for survival on the economic front, countries like Egypt and Libya grappled with political change.

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We achieve these objectives through our various structures as well as our advocacy activities

with a variety of key stakeholders.

One of our challenges will always be communicating effectively with our members and key

stakeholders and we have worked hard to improve this during 2011. I refer to this in more

detail later.

ASISA SUPPORT STRUCTURES

Committees Representatives*

BOARD COMMITTEES 7 185

STANDING COMMITTEES 40 702

WORKING GROUPS 68 941

TOTAL 115 1 828

BOARD COMMITTEES

Representatives*

ECONOMICS & SAVINGS POLICY 30

INVESTMENTS 31

LIFE & RISK 19

MARKETING & DISTRIBUTION 28

REGULATORY AFFAIRS 30

TECHNICAL & OPERATIONS 24

TRANSFORMATION, SKILLS DEVELOPMENT & EDUCATION 23

TOTAL 185

THE ASISA MANDATE

ASISA was established to:... Understand and identify the issues our industry is facing... Engage with the relevant stakeholders to fully understand the

respective viewpoints... Seek an appropriate solution that allows our members to

encourage and gather the savings of South Africans, for the benefit of those citizens and our country as a whole.

*Number of representatives includes primary member representatives, alternatives and ASISA staff. 22

These structures involve significant time and energy from all our member representatives who

serve on them. ASISA could not function without their support and we are truly grateful to all

our members and their representatives who give their time and expertise so willingly.

ADVOCACY ROLE

During 2011 ASISA engaged with a wide range of stakeholders in line with our advocacy role

and mandate. Below is a list of stakeholders we engaged with over the period under review.

International... Association of Luxembourg Fund Industry (ALFI)

... CFA Institute

... Financial Services Council (FSC)

... International Association of Insurance Supervisors (IAIS)

... International Investment Funds Association (IIFA)

... The Korean Financial Industry Association (KOFIA)

Local

ASISA views the media as a key stakeholder and recognises the power of journalists to shape

public opinion of the savings and investment industry. As part of our advocacy role, ASISA

therefore also proactively manages its relationship with the media, with emphasis on frequent

and consistent engagement with journalists. Over the past three years ASISA has established

itself as a preferred port of call for journalists around the country on a variety of topics.

... Banking Association South Africa

... Business Unity SA (BUSA)

... Department of Social Development

... Department of Social Security

... Financial Intelligence Centre

... Financial Sector Charter Council

... Financial Services Board (FSB)

... Government Employees Pension Fund

... Institute of Directors

... Investment Management Practice Group

of South African Institute of Chartered

Accountants (SAICA)

... Johannesburg Stock Exchange

... National Treasury

... National Student Financial Aid Scheme

(NSFAS)

... Nedlac

... Payments Association of South Africa

(PASA)

... Public Investment Corporation

... South African Institute of Chartered

Accountants

... South African Insurance Association

... South African Reserve Bank

... Strate Ltd (Central Securities Depository)

... SWIFT

... The Association of Black Securities and

Investment Professionals (ABSIP)

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STAKEHOLDER COMMUNICATION

ASISA produces two internal and two external publications on a regular basis to ensure the

ongoing flow of information to members and external stakeholders.

INTERNAL

... ASISA Dispatches – Introduced in mid-2011, this is a monthly operational update from our

CEO Leon Campher to all ASISA member representatives and committee members.

... In the Loop - Issued after Board meetings, this is a comprehensive overview and update of

all ASISA activities.

EXTERNAL

... Tickertape – Published bi-annually and distributed to all stakeholders, this publication covers

a variety of newsworthy topics.

... Annual Review – In the first quarter of every year, ASISA releases its Annual Review to all

stakeholders.

We also hosted a very successful conference at Sun City in the Pilanesberg during March

2011. Over 300 industry and stakeholder representatives attended the event, which included

an exhibition at which 15 local and international companies exhibited their services to the

industry. Senior members from National Treasury and the FSB made presentations, as well

as representatives from the International Organization of Securities Commissions, the

International Association of Insurance Supervisors, the Financial Services Council, the

International Pension and Employee Benefit Lawyers Association and the European Fund and

Asset Management Association.

The gala dinner also included a fundraising event for the SOS Children’s Village in Rustenburg,

which is one of FIFA’s six villages built around the world as part of the German 2006 World

Cup. Pledges of more than R500 000 were received from delegates to sponsor various items

needed by the children.

During 2011 we introduced the ASISA Town Hall meetings tofurther strengthen our communication with our members. Held inJohannesburg and Cape Town the meetings specially target representatives of members’ companies not involved with the ASISA structures. We have had positive feedback and will continue this in future.

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2011 IN PERSPECTIVE

So, how have we done in 2011?

Each of the seven board committees identified its key priorities at the start of 2011 and the

structures have been busy progressing, and in some cases finalising, these priorities. Below is a

summary of the key priorities that we worked on during the past year:

Engagements with National Treasury on “A Safer Financial Services Sector to Serve South Africa Better”... A total of six lengthy engagements with National Treasury.

... Specific work groups have been established with stakeholder representation, including ASISA.

Technical & Operations Board Committee... Segregated Portfolio Statistics

... Standardised Reporting

... Segregated Depository Accounts

... Golden Source for Corporate Events

... Implementation of Dividend Tax

Economics & Savings Policy Board Committee... Social Security and Retirement Fund Reform

... Raising savings levels through innovation

... Application of savings in the development finance agenda

... South Africa as a financial centre

Regulatory Affairs Board Committee... Implementation of Regulation 28

... Notice 1503

... Regulation of Collective Investment Scheme Third Party Portfolios

... Credit Rating Services Bill

... Financial Markets Bill

... Collective Investments Schemes Control Act (CISCA) review

... Binder agreements

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... Regulatory Exams

... New Dividend Withholding Tax for 2012

... Life Office tax review

... Retirement fund reform in general and any new proposed tax regime for retirement funds

... Implementation of the Protection of Personal Information Bill once law

... Tax implication of implementing Solvency Assessment and Management (SAM)

Investments Board Committee ... Fund Classification for Collective Investment Schemes

... Implementation of the Code for Responsible Investing in South Africa (CRISA)

... Listing requirements and market practice for Bond Market

Life & Risk Board Committee ... New ASISA Standards on Disclosure and Unclaimed Assets

... Solvency and Assessment Management

... Binder agreement regulations

Marketing & Distribution Board Committees... Disclosure and Treating Customers Fairly (TCF)

... Intermediary Remuneration Review

Transformation, Skills Development & Education Board Committee ... Finalising the draft Financial Sector Charter (FSC) Code

... Input to related BEE legislation, including the BEE Act and the revised generic code

... Funding and operationalising the ASISA Foundation

... Funding and operationalising the ASISA Enterprise Development Fund

... Integrated access product platforms

In conclusion, I am confident and satisfied that ASISA is delivering on its mandate to members

and the key industry stakeholders. There is no doubt that 2012 will present new challenges and

require us to continually focus and prioritise so that we use our efforts where we can make the

greatest impact. We are looking forward to this.

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JOHAN VAN ZYL Sanlam LimitedChairman

HUGO NELSONCoronation Fund ManagersDeputy Chairman

BRUCE HEMPHILLLiberty Holdings

DERRICK MSIBIInvestment Solutions

FRANK CADIZCadiz Asset Management (Pty) Ltd

FRED ROBERTSONCommlife Holdings (Pty) Ltd

WILLIE LATEGANABSA Financial Services Ltd

BERNARD FICKPrudential Portfolio Managers South Africa

HERMAN STEYNPrescient Portfolio ManagersSouth Africa (Pty) Ltd

HERSCHEL MAYERSDiscovery Life (Pty) Ltd

THABO KOJANEInvestec Asset Management (Pty) Ltd

KUSENI DLAMINIOld Mutual Emerging Markets

SHAHEEN EBRAHIMOasis Group Holdings (Pty) Ltd

NICOLAAS KRUGERMMI Holdings

LEON CAMPHERASISA

ROB DOWERAllan Gray Limited

TEBOGO NALEDIAfena Capital (Pty) Ltd

JOHAN VAN ZYL Sanlam Limited

Chairman

HUGO NELSONCoronation Fund Managers

Deputy Chairman

HUGO NELSONCoronation Fund Managers

Chairman





LEON CAMPHERASISA

LEON CAMPHERASISA

WILLEM THERONPSG Konsult Group

JOHAN VAN ZYL Sanlam Limited

Deputy Chairman

ANWAH NAGIAElement InvestmentManagers (Pty) Ltd

Remuneration

Audit

Disciplinary

Consider and reviewcomposition of ASISA Board of Directors as per the Articles of Association

Monitor performance ofmain board

Approve nominations toboard committees

Review contributions ofboard committees

EXECUTIVECOMMITTEE

NOMINATIONSCOMMITTEE

ASISA BOARD

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CHAIRTebogo NalediAfena Capital (Pty) Ltd

CHAIRHerschel MayersDiscovery Life (Pty) Ltd

CHAIRFrank CadizCadiz Asset Management (Pty) Ltd

CHAIRWillie LateganABSA Financial Services Ltd

CHAIRShaheen EbrahimOasis Group Holdings (Pty) Ltd

CHAIRBernard FickPrudential Portfolio Managers South Africa

CHAIRFred RobertsonCommlife Holdings (Pty) Ltd

(for more detail see overleaf)

DEPUTYSteven BraudoLiberty Holdings

DEPUTYHerman SteynPrescient Portfolio ManagersSouth Africa (Pty) Ltd

DEPUTYJohn KinsleyPrudential Portfolio Managers (SA) (Pty) Ltd

DEPUTYDerrick MsibiInvestment Solutions

DEPUTYPaulette HiggsJP Morgan Administration Services (Pty) Ltd

DEPUTYMalcolm GrayInvestec Asset Management

DEPUTYWilhelm van ZylMetropolitan HoldingsPieter KoekemoerCoronation FundManagers

BOARDCOMMITTEES

STAN

DING

COM

MIT

TEES

WOR

KING

GRO

UPS

ECONOMICS &SAVINGS POLICY

LIFE & RISK

INVESTMENTS

MARKETING &DISTRIBUTION

TRANSFORMATION,SKILLS DEVELOPMENT

& EDUCATION

TECHNICAL &OPERATIONS

REGULATORYAFFAIRS

2928

THE ECONOMICS & SAVINGS POLICY BOARD COMMITTEE

This committee will focus on all forward-looking market, product and related policy architecture.

It will seek to achieve meaningful progress in selected policy areas that contribute to the

growth of the savings and investment landscape in South Africa and strive for competitive

equivalence across industry sectors and jurisdictional boundaries relevant to the South African

market. This includes governance, transparency and taxation. In pursuance of the above, it will

proactively engage policy makers and develop other strategic relationships relevant to its

mandate. Research to inform the above, should be undertaken.

STANDING COMMITTEES AND WORKING GROUPS:

Economics and Savings Policy Review CommitteeSocial Security and Retirement Fund Reform Standing Committee ... Annuities Working Group

... Risk Working Group

... Admin and IT Working Group

... Coverage Working Group

Savings Forum Standing Committee ... Savings Working Group

... Economics Working Group

Structural Funding Task TeamJoint National Treasury/ASISA Working Groups on savings incentives and new product designsInter-committee work at ASISA with ... Investments Board Committee (Hedge fund regulation and tax dispensation)

... Regulatory Affairs (Regulation 28 and its notices)

... Transformation Standing Committee (Access product design)

... Tax Standing Committee (all long-range policy)

ASISA POINT PERSON: Stephen Smith

CHAIR: Tebogo Naledi

JOINT DEPUTIES: Wilhelm van Zyl

Pieter Koekemoer

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THE LIFE & RISK BOARD COMMITTEE

The primary purpose of this committee is to focus on all matters relating to risk, health, asset/

liability matching and any other matters specific to the long-term insurance industry.


Medical and Underwriting Standing CommitteeCredit Life Standing CommitteeRisk and Disability Standing CommitteeGroup Risk Standing CommitteeHealth Care Standing CommitteeClaims Standing CommitteeForensic Standing CommitteeFuneral Insurance Standing CommitteeUnclaimed Assets Working GroupMicro-insurance Working GroupSAM Linked Policy Working GroupRE Exam Working Group

ASISA POINT PERSON: Anna Rosenberg

CHAIR: Herschel Mayers

DEPUTY: Steven Braudo

THE INVESTMENTS BOARD COMMITTEE

This committee is responsible for investment issues such as financial instruments, financial

markets, valuation principles, benchmarks, mandates and financial products as well as data

reporting for funds under management.


Global Investment Performance Standards (GIPS) Standing CommitteeFund Mandates and Classifications Standing CommitteeHedge Fund Standing CommitteeFixed Interest and Money Market Standing CommitteeResponsible Investing Standing Committee

31

ASISA POINT PERSON: Sunette Mulder

CHAIR: Frank Cadiz

DEPUTY: Herman Steyn

THE MARKETING & DISTRIBUTION BOARD COMMITTEE

The primary purpose of this committee is to focus on all matters relating to retail and

institutional products where there is a retail consumer using such products and includes the

marketing of these. This will include product development and customer disclosure matters.


Distribution Affairs Standing CommitteeForeign Collective Investment Schemes Standing CommitteeUniversal Disclosure Standards Standing Committee ... Standarised Fund Fact Sheet Working Group

Statistics Provider Standing CommitteeInternational Financial Services Trends Working GroupTreating Customers Fairly Working Group

ASISA POINT PERSON: Peter Stephan

CHAIR: Willie Lategan

DEPUTY: John Kinsley

THE REGULATORY AFFAIRS BOARD COMMITTEE

The primary purpose of this committee is to focus on all matters relating to any legislative,

regulatory, legal, compliance and ethical issues, including the ASISA Code of Ethics.


Collective Investment Schemes Standing CommitteeFAIS Standing CommitteeFICA Standing CommitteeRetirement Fund Operations Standing CommitteeTax Standing Committee

32

...Life Office/Corporate Tax Working Group

... Hedge Fund/ Derivative Working Group

... Product/Customer Tax Working Group

- Medical Schemes Tax Working Group

... Tax Administration/Compliance Working Group

- Dividends withholding tax Working Group

- VAT Working Group

- Employer/PAYE Working Group

CISCA Review Working GroupConsumer Protection Act Working GroupLong-Term Insurance Act Working GroupNational Credit Act Working GroupNotice 1503 Working GroupProtection of Personal Information Bill Working GroupRegulation 28 Working GroupWorking Group on Collective Investment Scheme Third Party PortfoliosFinancial Markets Bill Working GroupCredit Rating Services Bill Working GroupFinancial Services Board Treating Customers Fairly (TCF) Regulatory Steercom: ASISA Working Groups

... Insurance Workstream

... Retirement Funds Workstream

... FAIS Workstream

... CIS & Financial Markets Workstream

ASISA POINT PERSON: Adri Messerschmidt

CHAIR: Shaheen Ebrahim

DEPUTY: Derrick Msibi

THE TECHNICAL & OPERATIONS BOARD COMMITTEE

The mandate of the committee is to provide investors and ASISA members with an efficient

and effective market infrastructure (all technical and operational processes, procedures

and controls) for investment instruments, life office products, collective investment schemes

and employee benefits. This will be achieved by eliminating operational and systemic risk

in the primary and secondary markets through standardisation, the implementation of

33

appropriate market controls and the management of residual risks in the market processes.


Valuations Standing CommitteeAccounting Standing CommitteeReporting Standards Standing CommitteeFinancial Market Operations Standing CommitteeTechnology Standing CommitteePayment Processes Standing Committee Money Market Demat Working GroupCorporate Actions Working GroupEquities T + 3 Working GroupProxy Voting Working GroupBonds Working Group T&O Standards & Guidelines Working GroupTax Reclaim Working Group

ASISA POINT PERSON: Johann van Tonder

CHAIR: Bernard Fick

DEPUTY: Paulette Higgs

THE TRANSFORMATION, SKILLS DEVELOPMENT & EDUCATION BOARD COMMITTEE

The primary mandate of this committee is to focus on all matters relating to the overall

development of skills and transformation in the savings and investment industry.

STANDING COMMITTEES AND ACTIVE WORKING GROUPS:

Access to Financial Services Standing CommitteeEmployment Equity, Skills Development and Education Standing CommitteeConsumer Financial Education Standing CommitteeProcurement and Enterprise Development Standing CommitteeEmpowerment Financing Working GroupCorporate Social Investment Standing Committee

ASISA POINT PERSON: Trevor Chandler

CHAIR: Fred Robertson

DEPUTY: Malcolm Gray

34

PLANNINGAND SUPPORT

As a collective ASISA offers a

combined 426 years of hands-on

financial services industry expertise,

all pooled into one organisation.

Besides our 426 years, ASISA staff

collectively holds 14 business-related

degrees, 19 postgraduate degrees,

as well as 12 diplomas and special

certificates.

Our Senior Policy Advisors, along with

our support team, come with high-level

experience in the financial services

industry.

37

CLOCKWISE FROM LEFT:

Rochelle Scheepers

Leon Campher

Rosemary Lightbody

Peter Dempsey

Thérèse Marie Lisle

38

LEON CAMPHERChief Executive Officer

DIRECTORSHIPS… ASISA, ASISA Academy, Strate Ltd, Safex Clearing Company, International Investment Funds Association, Sun International, Brimstone Investment Corporation Ltd.SERVES ON… Directorate of Market Abuse, Financial Markets Advisory Board, Financial Sector Charter Council, BUSA Council, Nedlac Executive Committee.

PETER DEMPSEYDeputy CEO

AT ASISA… Responsible for technical and expert support provided by ASISA’s seven Board Committees. Drives ASISA’s advocacy role through engagement with various stakeholders.DIRECTORSHIPS… Astute, ASISA Academy and Masthead.SERVES ON… Takeover Regulation Panel, BUSA Council.

ROSEMARY LIGHTBODYSenior Policy Advisor

AT ASISA… Responsible for ASISA’s responses to the Treasury Paper: A Safer Financial Sector to Serve South Africa Better (The Red Book). Also responsible for various projects related to the Red Book, including:

- Represents ASISA on the Financial Services Board (FSB) Treating Customers Fairly (TCF) Steering Committee,

- FSB Intermediary Remuneration Review,- FSB/ASISA Project Team investigating a customised regulatory exam for insurance

representatives servicing the lower income market.SERVES ON… Advisory Committee on Financial Services Providers.

THÉRÈSE MARIE LISLEPersonal Assistant

AT ASISA… Assists the CEO, Deputy CEO and Senior Policy Advisors.

ROCHELLE SCHEEPERSCommunications Coordinator

AT ASISA… Responsible for internal stakeholder communication and events. Administrator of ASISA client relationship system and database. Serves on the ASISA Corporate Social Investments (CSI) Standing Committee and is secretariat to the Transformation Board Committee. Responsible for creating the ASISA annual events and meetings calendar.

YEARS OF INDUSTRY EXPERIENCE





40

28

20

4

18

3938


Johann van Tonder

Roshaan Galant

Eugene Jooste

Anna Rosenberg

Chrisna Rich

40

EUGENE JOOSTEChief Operating Officer

AT ASISA… Member of the executive team responsible for the strategic direction of ASISA. Manages all aspects of the business including information technology, disaster recovery and business continuity planning, human resources, office management, accounting as well as all company secretarial functions. Involved with the Technical & Operations Board Committee and its structures. Provides support to Senior Policy Advisors on board committees, standing committees and working groups.DIRECTORSHIPS… ASISA Academy, FinSwitch (Pty) Ltd.

ANNA ROSENBERGSenior Policy Advisor

AT ASISA… Responsible for the Life & Risk Board Committee. Manages various standing committees and working groups dealing with insurance specific matters as well as more general policy and regulatory developments under other board committees. Engages with stakeholders and represents ASISA on the Long-term Ombudsman Committee and the International Network of Insurance Associations.

JOHANN VAN TONDERSenior Policy Advisor

AT ASISA… Responsible for Technical & Operations Board Committee and its standing committees and working groups. Interacts with Exchanges, Strate Ltd, Central Securities Depository Participants, SARB and the regulators on behalf of ASISA members. DIRECTORSHIP… FinSwitch (Pty) Ltd.

CHRISNA RICHOperations Manager

AT ASISA… Facility management of office, HR function and ASISA member registrations. ASISA representative on Claims, Medical & Underwriting and Forensic Standing Committees. ASISA administrator for Life & Claims Register. Assists the Chief Operating Officer with company secretarial duties and preparation of ASISA Executive and Board Committee meeting packs.

ROSHAAN GALANTAssistant Accountant

AT ASISA… Deals with all financial accounting responsibilities.


20


16


10


28


23

41


Nasleen Williams

Siza Mngadi

Janete Nel

Lucienne Fild

42

JANETE NEL Marketing Manager

AT ASISA… Implements and manages marketing initiatives and events, stakeholder communications and maintenance of ASISA websites. Coordinates the Fundisa initiative. Participates in the Marketing & Distribution and Transformation, Skills Development & Education Board Committees, and various standing committees reporting to these including as point person for the Consumer Education Standing Committee. Represents ASISA at BUSA and the South African Savings Institute.

LUCIENNE FILDIndependent Communications Consultant

AT ASISA… Responsible for ASISA’s media liaison, writing of media releases and assists with producing content for ASISA’s publications.

NASLEEN WILLIAMSAdministration Assistant

AT ASISA… Responsible for all travel arrangements for ASISA staff, reception and assists the ASISA Academy with administrative matters on the courses that are offered.

SIZA MNGADIReceptionist and Office Administrator

AT ASISA… Assists the Marketing Manager. Responsible for general administration and coordination of meetings. Assists with updating the ASISA client relationship database.

TREVOR CHANDLER (absent from picture)Consultant Senior Policy Advisor

AT ASISA… Responsible for Transformation, Skills Development & Education Board Committee and also assists on various aspects of responsible investment. SERVES ON… Financial Sector Charter Council Board, CRISA Committee, Integrated Reporting Working Group and on various structures at Nedlac, the FSB and BUSA.

JENNY GAGE (absent from picture)Marketing & PR Coordinator

AT ASISA… Responsible for internal communications and supporting the effective delivery of external stakeholder strategy. Involved in Consumer Education & Access to Financial Services Standing Committees.


5


24


12


15


9


20

43


Peter Blohm

Lilian Agha

Stephen Smith

Lovedahlia Ninghi

Sunette Mulder

44

PETER BLOHMSenior Policy Advisor

AT ASISA… Responsible for regulatory and related matters of the collective investments industry, tax and various technical matters. An alternate to the CEO on the Integrated Reporting Committee, represents ASISA on various SAICA project groups and serves on the Treasury Technical Working Group on structural funding in SA.

SUNETTE MULDERSenior Policy Advisor

AT ASISA… Responsible for Investments Board Committee and its standing committees and working groups. Serves as the co-chair of the GIPS Risk Working Group and the South African Country Sponsor representative on the GIPS Council and RIPS EMEA of the GIPS® Executive Committee and deputy chair of the CRISA committee.

STEPHEN SMITHConsultant Senior Policy Advisor

DIRECTORSHIPS… Chairman Audit Committee, National Student Financial Aid Scheme (Public Entity)SERVES ON… Collective Investment Schemes Advisory Committee (FSB), Review Committee on Social Security (National Planning Commission)AT ASISA… Responsible for Economic & Savings Policy Board Committee. Focused on review of savings growth and supply in the economy, social security and retirement fund reform and tax policy development.

LILIAN AGHAReceptionist

AT ASISA… Responsible for general administration of Complaints, Lost Policies, the Life Register and managing the switchboard. Takes care of visitors to the ASISA office and ensures that all meetings run smoothly.

LOVEDAHLIA NINGHIOffice Assistant

AT ASISA… Assists with all general duties, including administration tasks relating to ASISA Code on Replacement and Code on S Reference system.


22


15


4


5


22

45


Adri Messerschmidt

Peter Stephan

Wagiedah Matthews

Brad Frank

Felicity Thaysen

46

ADRI MESSERSCHMIDT Senior Policy Advisor

AT ASISA… Responsible for Regulatory Affairs Board Committee. Manages standing committees and working groups and supports other Senior Policy Advisors on committees and working groups reporting to four board committees. Accredited member of the Compliance Institute and serves on the FAIS Executive Committee of the Compliance Institute. Member of Advisory Committee on Financial Services Providers.

PETER STEPHANSenior Policy Advisor

At ASISA… Responsible for the Marketing & Distribution Board Committee and its standing committees and working groups as well as the Tax and Retirement Funds Operations Standing Committees. Has a special interest in the FSB’s Treating Customers Fairly (TCF) programme and all market conduct related issues.

BRAD FRANKPolicy Advisor

AT ASISA… Responsible for LOA Code on Replacement, S Reference Registrar, Zimele brand, intermediary relations, funeral insurance and unclaimed assets.

WAGIEDAH MATTHEWSPersonal Assistant

At ASISA… Secretarial support to Senior Policy Advisors and Consultants and takes care of certain aspects of the ASISA website administration.

FELICITY THAYSENAdministration Assistant

AT ASISA… Communications Coordinator, updating of contacts and accounts on the ASISA client relationship database and assists the PA’s and reception.


20


4


1


10


31

47

LAYINGFOUNDATIONS

ver the past four years the Academy has seen an annual doubling in the number

of its learning programmes with more than 1600 people learning from almost 180

industry experts during that time. Continued rapid growth in 2011 saw two new

major programmes coming on stream. In 2012 we will focus on deepening the

existing suite of programmes in Cape Town and Johannesburg while continuing

to research and develop solutions to meet the evolving learning needs of the industry.

KEY OUTCOMES FOR THE ACADEMY IN 2012

... Deliver the Academy skills programme across all departments at the Financial Services

Board (FSB).

... Successfully pioneer the IMACS elective at our first Partner in Learning university, TSiBA

Education.

... Successfully pioneer the Underwriters programme.

... Distil, capture and share Academy session content with a broader audience via short,

sharp online video clips.

... Grow Academy staff capacity.

The ASISA Academy creates and delivers high quality solutions to meet the skills development needs of South African Savings, Life Assurance and Investment Management organisations. Our learning solutions are informed by and responsive to industry realities, delivered in an academically sound and practitioner-led manner. The Academy has been accredited as a learning provider by the BANKSETA since 2008.

51

LEARNING IN 2012

The Academy will deliver the following programmes in 2012:

EQUITY ANALYSTS’ BOOTCAMP

An intensive 5-day course for the next generation of leading analysts. Our team of expert

practitioners bring their experiences to bear on core concepts for analysts including building a

valuation model, investment philosophies, management interview techniques and advanced Excel.

Ten analysts joined us on the Bootcamp in 2011, many of whom were also attending our CFA

Level 1 Exam Readiness Programme. The Bootcamp runs again in March 2012 and is becoming

a highlight on the learning landscape for new (and nearly new) members of investment

management teams.

CHARTERED FINANCIAL ANALYST (CFA) LEVEL I EXAM READINESS WORKSHOPS

Saturday morning workshops run by four of the country’s top university finance lecturers for CFA

Level I candidates in Cape Town and Johannesburg highlighting the key areas to cover and

exam technique including practice questions and mock exams.

80 candidates attended the programme in 2011. To date, 457 CFA candidates in Cape Town

and Johannesburg have benefitted from this excellent programme. 12 workshops run again in

2012 during April/May and October/November in the run-up to the Level I exams.

INVESTMENT MANAGEMENT ADMINISTRATION & CLIENT SERVICING (IMACS)

PROGRAMME

A 5-day bootcamp for Investment Administration staff across all areas of the business. Expert

presenters from industry share their experience and practically apply concepts with the candidates.

30 investment administrators attended two Bootcamps held in May and August 2011. To date

a total of 83 delegates have participated in the programme. In 2012 we are increasing the

number of Bootcamps from two to three to be held in March, May and September.

ETHICS FOR INVESTMENT MANAGEMENT WORKSHOPS

Debating the future of gifting, personal account trading and other ethical dilemmas facing the

industry hinged around the CFA Institute’s Code of Ethics and run in partnership with CFA South

Africa and Futuregrowth.

These workshops were once again popular in 2011 with almost 100 people participating. The

Academy Principal, Terence Berry, ran the workshop for the Mauritian CFA Society and has

subsequently been invited to join the CFA Institute’s global Approved Speaker Programme

to present this workshop.

52

FIT & PROPER EXAM READINESS PROGRAMME

Half-day workshops to assist Category I and II Key Individuals and Representatives in preparing

for the FAIS Fit & Proper Regulatory Examinations highlighting the key areas to cover and exam

technique including practice questions.

To date 540 Key Individuals and Representatives have attended these workshops with

further workshops scheduled for 2012. The workshops have been running very successfully

in partnership with Tim Howse of eComply, a leading compliance organisation. Of the

attendees who have gone on to write the exam, more than 80% have passed, usually on

their first attempt.

TRUSTEE EDUCATION PROGRAMME

A series of four workshops for retirement fund trustees with a focus on investments. Our pool

of five excellent presenters is available to run workshops in Cape Town and Johannesburg for

individual retirement funds for a fixed, one-day, all-in fee.

In 2011 we refocused the offering to one workshop on Investment Fundamentals. We hope to

see uptake on this programme in 2012 since this is an area of increasing concern and scarcity

of skills amongst trustees.

LIFE INSURANCE UNDERWRITERS PROGRAMME

Pioneered for the first time in 2011, the programme was developed by the Academy in partnership

with the country’s leading Senior Medical Officers and Underwriters to address a critically

scarce skill in the life insurance industry.

2011 saw the first 11 candidates from five insurers and reinsurers participate in the programme

over a period of six months. 40 presenters from across the industry have helped to make this

an extraordinary learning experience for everyone involved.

PARTNER IN LEARNING PROGRAMME – IMACS @ TSiBA

Creating a working bridge between industry and universities in providing specialised learning

and employment opportunities to students considering a career in financial services.

Our first Partner in Learning is TSiBA Education (www.tsiba.org.za) where we have established

a School of Financial Services on the university’s Cape Town campus. The Academy is

running an elective for a select group of ten TSiBA students who will complete the full

IMACS programme over the final 18 months of their Bachelor in Business Administration

degree. Students will graduate from TSiBA with a BBA degree, IMACS certificate and work-

ready for a role in Investment Management Administration having worked for at least four

months with their sponsors during 2012.

5352


Zubeida Jardine

Terence Berry

Debbie Tredoux

Anton Berkovitz

Therese Droste

54

TERENCE BERRYPrincipal of the ASISA Academy

AT ASISA ACADEMY… He thrives on growing a team of industry experts passionate about transforming the learning experiences in the South African financial services and beyond. He also serves on ASISA’s Transformation, Skills Development & Education Board Committee and guides a number of other educational organisations.

ZUBEIDA JARDINEAdministrator & Programme Coordinator

AT ASISA ACADEMY… Developed the administrative function for the ASISA Academy to support the Academy staff and students. Also runs the CFA Level I Exam Readiness Programme.

Consultants:

DEBBIE TREDOUXProgramme Champion – Investment Management Professional Induction (IMPI) & Fit and Proper Exam Readiness Programmes (FAIS)

AT ASISA ACADEMY… During 2008 started working with Terence at the ASISA Academy on its investment-related training programmes: IMPI, Equity Analysts’ Bootcamp and the exam readiness workshops for the Fit & Proper regulatory exams. Also provides bespoke training to a number of industry players.

ANTON BERKOVITZProgramme Champion – Investment Management Administration & Client Servicing (IMACS)

AT ASISA ACADEMY… As a programme champion at the Academy, he marries his passion for education with his years of industry experience. Runs the IMACS suite of courses, including the IMACS Bootcamps, the TSiBA IMACS elective and the IMACS course for the FSB. Has also undertaken a number of projects for ASISA.DIRECTORSHIPS… Ilanyezi Investment Holdings, ABP SA, Nurevas.

THERESE DROSTEProgramme Champion – Life Insurance Underwriters Programme

At ASISA Academy… Her career in insurance and reinsurance spans more than 25 years in South Africa, Singapore, Germany, Hong Kong, Sydney and now South Africa. She joined the Academy team in 2011 to pioneer the development and implementation of the Underwriters programme, which has now been successfully achieved. Therese continues to work part-time as an underwriter thus keeping the reality of the workplace firmly entrenched in this Academy programme.






16

9

19

22

30

5554

Johan van Zyl ... Hugo Nelson Frank Cadiz ... Rama GovendenPaul Rackstraw ... Brent Wyborn

Tebogo Naledi ... Willie LateganRobert Dower ... Gert Wessels

Fred Robertson ... Max KoepHerschel Mayers ... Anwah Nagia

John Green ... Derrick MsibiGavin Wood ... Roland Greaver

Bruce Hemphill ... Wilhelm van ZylNicolaas Kruger ... Shaheen Ebrahim

Herman Steyn ... Bernard FickWillem Theron ... Wentzel Oaker

Terence Berry ... Leon CampherPeter Dempsey ... Eugene Jooste

OVER THE PAST FOUR YEARS…1652 people have learned with the ASISA Academy…176 industry experts have presented on our programmes…we have doubled our courses on offer every year.

PARTNER IN LEARNING PROGRAMME – IMACS @ TSiBA: Creating a working bridge between industry and universities in providing specialised learning and employment opportunities to students considering a career in financial services. The Academy is running an IMACS elective for 10 third- year TSiBA students.ETHICS WORKSHOPS: 97 investment professionals got down to some serious debate around the ethical dilemmas facing our industry in our “Ethics for Investment Management” workshops. A similar workshop was also run in Mauritius for 25 members of the Mauritian CFA society and Institute of Directors.INVESTMENT MANAGEMENT ADMINISTRATION & CLIENT SERVICING (IMACS) PROGRAMME: 30 Investment Administrators attended two Bootcamps held in May and August.EQUITY ANALYSTS’ BOOTCAMP: 10 of the next generation of leading analysts participated in this week-long course in March.LIFE INSURANCE UNDERWRITERS’ PROGRAMME: Pioneered for the first time in 2011 with 11 candidates, sponsored by 5 insurers and reinsurers and taught by 40 industry experts.FAIS REGULATORY EXAM READINESS WORKSHOPS: 540 Key Individuals and Representatives attended 30 workshops with more than 80% going on to pass the exam, usually on their first attempt.CFA EXAM READINESS WORKSHOPS: 80 CFA Level One CFA candidates attended our Saturday morning workshops held in Cape Town and Johannesburg.

TERENCE BERRY

LEON CAMPHER

PETER DEMPSEY

EUGENE JOOSTE

FULL-TIME STAFF

Terence Berry (Principal) & Zubeida Jardine (Administrator)PART-TIME STAFF

Nasleen Williams (Administrative), Roshaan Galant (Accountant) & Hakon Kavli (Quality Assurance)

PROGRAMME CHAMPIONS

Debbie Tredoux (IMPI & FAIS), Anton Berkovitz (IMACS), Therese Droste (Underwriters)

ASSOCIATE EDUCATORS

Prof Colin Firer, Prof Pierre Erasmus, JD van Heerden, Elbie Louw, Dr Francois Toerien, Ryan Kruger, Eleanor Fraser & Helene Smit

GOVERNORS

PROGRAMMES

DIRECTORS

ACADEMY TEAM

56

THESTATISTICS

REPORT

QUICK INDUSTRY STATISTICS

LONG-TERM INSURANCE INDUSTRY (as at 31 December 2011)

... Assets under management just under R1.45 trillion.

... Number of Zimele products for LSM 1-5 policies in forced including credit-life business: 3,641 million

Rbn

DEC’07 DEC’08 DEC’09 DEC’10 DEC’11

Total Assets

TotalPremiums

TotalBenefits

11501075 1129

1309

1450

0

200

400

600

800

1000

1200

172 183 184 209262

166 180 176 191 217

ASSETS AND FLOWS FOR LIFE INDUSTRY

ASSETS AND LIABILITIES

TOTAL ASSETS

TOTAL LIABILITIES

EXCESS ASSETS OVER LIABILITIES

CAR

SURPLUS

R billion

1 450

1 333

116

35

82

1400

1600

59

ASSETS UNDER MANAGEMENT FOR LONG-TERM INSURANCE INDUSTRY

SHARES

48.6%

BONDS11.9%

CASH AND NEAR CASH11.9%

CORPORATE BONDS8.7%

FOREIGN ASSETS10%

PROPERTY / FIXED ASSETS4.3%

CLAIMS / DEBTORS4.6%

LISTED SHARES 39.2%

UNLISTED SHARES 9.5%

60

COLLECTIVE INVESTMENT SCHEME (CIS) INDUSTRY (as at 31 December 2011)

... Assets under management R1.01 trillion in 947 funds

... Fundisa Fund market value at R63.3 million with 17,667 beneficiaries and 12,994 investor accounts.

... R4.8 million was paid to 16,625 beneficiary accounts during December 2011 for the fourth bonus allocation

... Foreign Collective Investment Schemes (FCIS) assets under management R135 billion with 342 funds

Rbn # funds

# funds

0

200

400

600

800

1 200

1 000


Total Assets Net flows

653

69 60

661

96

786

109

939

48

1011831

947

No of funds

ASSETS AND FLOWS FOR CIS INDUSTRY (all Rand dominated funds)

ASSETS AND FLOWS FOR FCIS INDUSTRY (all foreign dominated funds)

Rbn

0 310

350

320

360

330

370

340

380

390

1 000

600

900

500

800

400

200

700

300

100

20

40

60

80

100

120

140


108 108 107114

1 3 10 15

365

342

7

Total Assets Net flows No of funds

135

6160

LINKED INVESTMENT SERVICE PROVIDERS (LISP) (as at 31 December 2011)

... Assets under management R462 billion, of which R399 billion (86.4%) is invested in the local CIS industry.

Rbn


Total Assets Net flows

260

31

268

17

345

401

3939

462

0

50

100

150

200

250

300

350

400

450

500

50

ASSETS AND FLOWS FOR LISP INDUSTRY

62

SISA is the voice of the majority of South Africa’s asset managers, collective investment scheme management companies, linked investment service providers, multi-managers and life insurance companies. These are the organisations that ASISA represents as well as the qualifying criteria for membership to ASISA.

FULL MEMBERSHIPQualifying criteria... Assets under management of R5 billion or more. ... Membership fees must be paid.Qualifying criteria for transformation support... Small black-owned businesses (minimum 51% black-owned). ... Assets under management of R1 billion or more.

ORDINARY MEMBERSHIPQualifying criteria... Assets under management of under R5 billion.... Membership fees must be paid.... By choice, niche operations interested in participating in selected board committees, but

who do not want to participate in electing representatives to the Board and Nominations Committee.

Qualifying criteria for transformation support... Small black-owned businesses (minimum 51% black-owned). ... Assets under management of less than R1 billion.

AFFILIATE MEMBERSQualifying criteria... Any institution or individual involved in a business activity which is complementary to

the business of the Association; it may include actuarial and investment consultants, accountants, lawyers, information providers, industry service providers, industry switches and software firms.

... Members under this category are allowed representation on appropriate Working Groups, may be co-opted onto appropriate Standing Committees and may attend ASISA conferences.

... As from 1 January 2012 all White Label Members will no longer be Affiliate Members and will be represented by the Collective Investment Scheme Manager with whom they have a licensing arrangement.

ASSOCIATE MEMBERSQualifying criteria... OUTSOURCED SERVICE PROVIDERS AND INVESTOR SERVICES DIVISIONS OF THE

CUSTODIAN BANKS- Members can nominate representatives to serve on relevant and appropriate board

committees, but cannot participate in the election of the Board and Nominations Committee.... FOREIGN COLLECTIVE INVESTMENT SCHEMES

- Schemes not controlled by a local organisation.- The Chair of ASISA’s Foreign Collective Investment Schemes Standing Committee will

automatically have a seat on the Marketing & Distribution Board Committee.

AASISA MEMBERSHIP

64

ORDINARY MEMBERS3 Laws Capital (Pty) Ltd

Abax Investments (Pty) Ltd

Acsis Ltd

Alexander Forbes

Alusi Management Company (Pty) Ltd

Argon Asset Management (Pty) Ltd

Atlantic Asset Management

AVBOB Mutual Assurance Society

Bateleur Capital (Pty) Ltd

BIPS Investment Managers (Pty) Ltd

Brait SA Ltd

Citadel Administration Services (Pty) Ltd

Clientèle Life Assurance Company Ltd

Constantia Life Ltd

Edge Capital (Pty) Ltd

Efficient Collective Investments (Pty) Ltd

Fairtree Capital (Pty) Ltd

FedGroup Holdings (Pty) Ltd

Foord Asset Management (Pty) Ltd

General Reinsurance Africa Ltd

Grindrod Collective Investments (Pty) Ltd

Hannover Life Reassurance Africa Ltd

Hermes Management Company (Pty) Ltd

Hollard Life Assurance Company Ltd

IP Management Company (Pty) Ltd

JDG Micro Life Ltd

KGA Life Ltd

Lamda Holdings (Pty) Ltd

Lombard Life Ltd

Mazi Capital (Pty) Ltd

Mergence Investment Managers (Pty) Ltd

MS Life Assurance Company Ltd

Munich Reinsurance Company of Africa Ltd

Nedbank Group Ltd

New Funds (Pty) Ltd

Niche Wealth Management (Pty) Ltd

Novare Investments

Ora Fund Managers (Pty) Ltd

OUTsurance Life Insurance Company Ltd

Peregrine Financial Services Holdings Ltd

Personal Trust International Management Company (Pty) Ltd

Professional Provident Society Insurance Company Ltd

Property Index Tracker Managers (Pty) Ltd

Prosperity Life Ltd

Real People Assurance Company Ltd

Re:CM Holdings (Pty) Ltd

Regent Life Assurance Company Ltd

Rezco Collective Investments Ltd

RGA Reinsurance Co of SA Ltd

SCOR Africa Ltd

Smart Life Insurance

Swiss Re Life & Health Africa Ltd

Tantalum Capital (Pty) Ltd

Taquanta Asset Managers (Pty) Ltd

TriAlpha Investment Management (Pty) Ltd

Union Life Ltd

Vunani Fund Managers (Pty) Ltd

Workerslife Assurance Company Ltd

FULL MEMBERSABSA Financial Services LtdAfena Capital (Pty) LtdAllan Gray LtdAssupol LifeCadiz Holdings LtdCommlife Holdings (Pty) LtdCoronation Fund Managers LtdDeutsche Group Holdings (SA) Discovery Holdings LtdElement Investment Managers (Pty) LtdInvestec Asset ManagementInvestment Solutions LtdKagiso Asset Management (Pty) LtdLibertyMMI Holdings Ltd Oasis GroupOld Mutual (South Africa) LtdPrescient Investment Management (Pty) LtdPrudential Portfolio Managers (SA) Pty LtdPSG Konsult LtdRockland Investment Management (Pty) LtdSanlam Ltd

AFFILIATE MEMBERS27four Investment Managers (Pty) Ltd

36ONE Asset Management (Pty) Ltd

4i Asset Management (Pty) Ltd

Amity Wealth

Analytics (Pty) Ltd

Arnold du Bruin & Associates (Pty) Ltd

Associated Portfolio Solutions (Pty) Ltd

The Financial Services Exchange (Pty) Ltd t/a Astute

Avocado Investment Managers (Pty) Ltd

Aylett and Company (Pty) Ltd

Barnard Jacobs Mellet Holdings (Pty) Ltd

Bastion Wealth Management (Pty) Ltd

Brackenham Investments (Pty) Ltd

Cannon Asset Managers (Pty) Ltd

Carinus Strydom (Pty) Ltd

Catalyst Fund Managers (Pty) Ltd

Centaur Asset Management (Pty) Ltd

Centriq Insurance Company Ltd

Clade Investment Management (Pty) Ltd

Compliance Institute of SA

Deloitte & Touche

Dotport (Pty) Ltd

Dynamic Wealth Management (Pty) Ltd

Financial Alliance (Pty) Ltd

FinSwitch (Pty) Ltd

Fortress Asset Managers

Geoff Cook Investments (Pty) Ltd

Grant Thornton Financial Planning (Natal) (Pty) Ltd

Grindrod Bank Ltd

Harvard House Investment Management (Pty) Ltd

Hein Kruger International

Huysamen Capital Investments (Pty) Ltd

Imalivest (Pty) Ltd

Imara Asset Management SA (Pty) Ltd

IMC Investment Management & Consulting (Pty) Ltd

Investment Data Services

Lynx Fund Managers (Pty) Ltd

Maxim Employee Benefits (Pty) Ltd

Mettis Interactive Services (Pty) Ltd

NFB Asset Management (Pty) Ltd

Noble Private Portfolios (Pty) Ltd

Peresys (Pty) Ltd

Platimum Portfolios (Pty) Ltd

Plexus Asset Management (Pty) Ltd

Quantum Wealth (Pty) Ltd

RisCura Solutions (Pty) Ltd

Robert Cowen Investments (Pty) Ltd

S-BRO Makelaars/Finansiele Adviseurs (Pty) Ltd

Skyblue Fund Managers (Pty) Ltd

Southern Charter Wealth Management (Pty) Ltd

Stringfellow Financial Services

SunGuard Systems SA (Pty) Ltd

Sunglide 33cc (t/a Celtis Financial Services)

Sygnia Asset Management (Pty) Ltd

Thomson Reuters (Markets) SA

ValuGro Capital (Pty) Ltd

Verso Multi Manager (Pty) Ltd

Visio Capital Management (Pty) Ltd

WWF-SA

ASSOCIATE MEMBERSACPI FM Ltd

Ashburton Jersey Ltd

FIL Distributors International Ltd

Foord Asset Management (Guernsey) Ltd

GinsGlobal Investment Management (Mauritius) Ltd

Investec World Axis PCC Ltd

ipac Portfolio Management (Dublin) Ltd

Lloyds TSB Offshore Fund Managers Ltd

Sarasin Funds Management (Guernsey) Ltd

Sasfin Asset Managers (Pty) Ltd

SEI Investments SA Ltd

Stenham Real Estate Equity Fund Ltd

Templeton Asset Management Ltd

OUTSOURCED SERVICE PROVIDERS & INVESTOR SERVICES DIVISION OF THE CUSTODIAN BANKSKleinwort Benson Fund Services (SA) (Pty) Ltd

JP Morgan Administration Services (Pty) Ltd

Maitland Fund Services (Pty) Ltd

Nedbank Investor Services

Silica Financial Administration Solutions (Pty) Ltd

State Street Southern Africa (Pty) Ltd

ASISA MEMBERS (as at 31 December 2011)

* As from 1 January 2012 all White Label Members will no longer be Affiliate Members and will be represented by the Collective Investment

Scheme Manager with whom they have a licensing arrangement.65

CAPE TOWNBridge House Boundary Terraces Mariendahl Lane Newlands 7700

PO Box 23525 Claremont 7735

T: +27 (0)21.673.1620 F: +27 (0)21.673.1630

JOHANNESBURG1st Floor East Wing 21 Bond Street Ferndale Randburg 2194

PO Box 2618 Randburg 2125

T: +27 (0)11.369.0460 F: +27 (0)11.787.9710

www.asisa.org.za

www.asisa.org.za

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