Money, Markets and Masterminds

Episoder

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  Portfolio construction is not about finding the next winner 04.09.2026 33min

  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.
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  FSCA enforcement chief on the misconduct putting advisers at risk 28.08.2026 39min

  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
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  What should advisers really expect from a DFM? 26.08.2026 25min

  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.
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  Why the biggest regulatory shift in years is still to come 30.07.2026 38min

  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.
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  The adviser’s outsourcing dilemma 28.07.2026 28min

  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.
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  Finfluencers, financial literacy and the future of advice 26.06.2026 26min

  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.
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  The Long Game: The risks nobody is pricing in 18.06.2026 29min

  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.
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  Why asset allocation still trumps market noise 12.06.2026 38min

  In the latest DFM Discussion episode of Money, Markets and Masterminds, Citywire South Africa editor Ruan Jooste sits down with George Dell, executive director at MitonOptimal South Africa and chair of the FIA’s Discretionary Investments Committee, and Jacques de Kock, head of portfolio management at MitonOptimal South Africa. The trio unpack the challenges facing advisers and investors in an increasingly uncertain world, from market concentration and offshore opportunities to crypto, artificial intelligence and the evolution of the DFM industry. Despite the noise, De Kock argues that asset allocation remains the single biggest driver of long-term returns.
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  FSCA warns crypto licence is not a stamp of approval 28.05.2026 27min

  In the latest episode of Regulatory Rulebook, part of Citywire South Africa Money, Markets and Masterminds podcast series, Diketso Mashigo, departmental head of licensing at the Financial Sector Conduct Authority (FSCA), unpacks the regulator’s evolving approach to crypto asset service providers, why South Africa adopted an interim framework instead of waiting for perfect legislation, and how the FSCA is preparing for the next wave of risks around stablecoins, tokenisation, finfluencers, and digital asset innovation.
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  Why some DFMs may not survive South Africa’s outsourcing boom 27.05.2026 27min

  South Africa’s DFM market is expanding quickly, but Glacier Invest’s head of Implemented Consulting at Glacier Invest, Rafiq Taylor says not every business will survive the next phase of growth. Speaking to Citywire South Africa on this month’s DFM Discussion, Taylor highlights growing pressure from fee compression, tighter margins and rising competition. The episode also covers governance, AI’s role in investing, and why hedge funds and private markets could offer major opportunities in the years ahead. Listen to the latest episode of Money, Markets, and Masterminds.
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  FSCA’s Astrid Ludin on two-pot, Cofi and the next era for regulation 30.04.2026 34min

  In this special edition of the Regulatory Rulebook series, Citywire South Africa sits down with Astrid Ludin, outgoing deputy commissioner at the Financial Sector Conduct Authority and president of the International Organisation of Pension Supervisors, for a rare exit interview. From the successful rollout of the two-pot retirement system to the shift towards risk-based supervision, Ludin unpacks the defining moments of her tenure and the unintended consequences now emerging. She also addresses industry pressure points, including employer non-payment of contributions, rising withdrawals, and the growing importance of data and digital infrastructure.
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  DFM value has moved beyond portfolios 30.04.2026 36min

  Investment Solutions by Alexforbes has reached its two-year track record, giving advisers a clearer view of where the discretionary fund manager (DFM) is adding value and where the model still faces friction. In this episode, Alexforbes DFM specialist and portfolio manager Nadir Thokan discusses performance, manager selection, platform constraints, private markets, fee transparency and why the next phase of DFM growth will depend on genuine differentiation.
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  Where insurers are still failing customers 27.03.2026 22min

  From complex products no one fully understands to pricing that quietly erodes value, the Financial Sector Conduct Authority lifts the lid on the biggest conduct risks still lurking in South Africa’s insurance sector in the latest segment of the Regulatory Rulebook. In this episode of Money, Markets, and Masterminds, Brenda Norton, manager in the Insurance Supervision Department within the Conduct of Business division at the FSCA unpacks why disclosure is no longer enough, where claims are still breaking down and how upcoming reforms could reshape accountability across insurers, advisers and distribution models.
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  Advisers should not get distracted by the wrong things - DFM CEO 23.03.2026 24min

  In this episode of Money, Markets, and Masterminds, Cogence CEO and CIO Jonel Matthee-Ferreira explains advisers risk making poor decisions if they react to short-term volatility instead of staying focused on long-term outcomes. She further unpacks the firm’s move into private markets for retail investors, arguing that access to unlisted assets is becoming increasingly important as public markets shrink, but warning that diversification and liquidity management remain critical. Beyond portfolios, Matthee-Ferreira highlights how DFMs are evolving through technology, partnerships and behavioural insights, allowing advisers to spend less time on implementation and more time with clients. Listen below for more on where Cogence is finding opportunity – including South African fixed income, global equities and gold – while keeping a close watch on concentrated risks such as the build-out of AI.
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  Why markets are trading the wrong war 20.03.2026 30min

  Markets are reacting to missiles and oil spikes, but what if that is exactly where investors go wrong? In the first 2026 episode of the Long Game series, Adrian Saville, investment strategist and professor of economics and finance at GIBS, unpacks why the real drivers of returns sit far beyond the headlines and where the smartest capital is quietly positioning for what comes next. Markets price the event, but economies absorb the structure. Understanding that gap, and the lag between them, may be the difference between reacting to noise and capturing long-term alpha.
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  FSCA’s frontline warning to pension fund trustees 23.02.2026 27min

  In episode two of the Regulatory Rulebook series, Takalani Lukhaimane, who leads the Financial Sector Conduct Authority's Retirement Funds Frontline Conduct Supervision team, highlights where boards are falling short - from section 13A breaches to weak oversight and rising unclaimed benefits. She points to persistent red flags, including superficial minutes, unmanaged conflicts, poor administrator oversight and growing unclaimed benefits - and warns that outsourcing does not remove accountability as outcomes-based supervision intensifies and The Conduct of Financial Institutions (Cofi) bill approaches.
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  How this DFM engineers portfolios when markets lose their nerve 11.02.2026 20min

  When markets panic, most investors react. Discretionary fund managers are meant to do the opposite. In this episode of Money, Markets, and Masterminds, Philip Bradford, chief investment officer at PortfolioMetrix Asset Management, explains how his team constructs portfolios built to withstand volatility rather than chase trends. From managing concentration risk in the ‘Magnificent Seven’ to distinguishing disciplined rebalancing from tactical market timing, Bradford outlines what DFMs are actually paid to get right over a full market cycle.
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  Why top DFMs would rather miss rallies than lose clients 29.01.2026 18min

  In this episode of Money, Markets, and Masterminds, Analytics Multi-Manager CIO Daniel Schoeman argues that the real test of a fund manager comes during periods of stress and underperformance, when philosophy, process and decision-making discipline are exposed. He explains why diversified portfolios are intentionally designed to avoid extreme drawdowns, even if that means lagging peers in strong markets, and why consistency matters more than topping performance tables over a single year. Listen for Schoeman’s views on why underperformance can be a signal rather than a red flag, how DFMs think about drawdowns and diversification, and why portfolios should be designed for client behaviour as much as for markets.
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  Inside the regulator’s AI rulebook: FSCA lifts the lid on finance’s next frontier 27.01.2026 19min

  This episode of Money, Markets, and Masterminds marks the launch of an exclusive monthly Citywire South Africa series with the financial regulator, offering a behind-the-scenes look at how regulation is evolving as technology reshapes the industry. Editor Ruan Jooste is joined by Nolwazi Hlophe, senior fintech specialist at the Financial Sector Conduct Authority (FSCA) and co-author of the joint FSCA–Prudential Authority report on artificial intelligence in the local financial sector. Drawing on the first comprehensive, data-driven study of AI adoption across banking, insurance, asset management, pensions and fintech, the discussion separates hype from reality. The conversation explores where AI is already delivering tangible benefits, where adoption remains cautious, and how issues such as bias, explainability, accountability and systemic risk are shaping regulatory thinking. It also examines why AI governance is no longer a technical issue, but a board-level responsibility, with human oversight remaining non-negotiable. This Citywire South Africa exclusive sets the tone for a monthly series designed to unpack the rules, the red tape and the regulatory judgement calls shaping the future of South Africa’s financial system.
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  Morningstar warns: Preparation, not prediction, will shape 2026 01.12.2025 23min

  What does it really take to navigate 2026 without falling into the prediction traps that derail so many investors? In this final Mind Over Markets with Morningstar episode on Money, Markets, and Masterminds, Citywire South Africa sits down with Dan Kemp, Chief Research and Investment Officer at Morningstar to unpack the firm’s flagship Morningstar 2026 Global Outlook. From the dangers of overconfidence and the behavioural pitfalls triggered by uncertainty, to the rise of AI-driven concentration, shifting currency valuations and where genuine value is emerging across South Africa, the UK and China, this conversation cuts through the noise and focuses on what matters most: preparation. If you want a clear, grounded framework for the year ahead – one that helps you keep clients invested, disciplined and resilient – you will not want to miss this episode.