No images? Click here Dear StakeholderA recent study commissioned by the Eskom Pension and Provident Fund (EPPF) and conducted by the Responsible Finance Initiative of the Gordon Institute of Business Science (GIBS) focused on the experiences of female professionals in the South African asset management industry. According to the study, only 17.2% of decision-makers in the asset management industry are women, and the researchers set out to understand why. According to the study, “serendipity” was cited as the most common reason for breaking into the “portfolio management club” by women interviewed as part of the study. This means they were lucky enough to find someone senior prepared to take them under their wings and mentor and guide them into a senior portfolio management role. The study singles out the ASISA Academy Fezeka Programme as showing “particular promise” in this regard. To quote from the study: “A critical aspect of the [Fezeka] programme is that it introduces women to successful role models from the industry – a point that many of our interviewees said was much needed.” When I read the study, what stood out was that women leaders in the asset management industry have a strong sense of self-confidence. Key to building self-confidence are emotional intelligence and personal mastery, as well as decision-making, critical thinking, problem-solving and communication skills. These skills come from a particular upbringing and schooling system. We recognise that a number of the participants in our inaugural Fezeka Programme, an industry collaboration aimed at helping the South African asset management industry improve the representation of Black women on investment teams, come from backgrounds where building these skills was not necessarily a strong focus. A key outcome for this programme and all of our graduate programmes is to build leadership skills, starting with self-confidence. I was very excited, therefore, that a few of the Fezeka ladies got to celebrate Women’s Month by experiencing their first-ever sailing trip with the team from Joint Prosperity. This organisation partners with us on the Fezeka programme to deliver leadership skills. What does a sailing trip have to do with becoming a successful investment professional, you may ask? Everything! It widens horizons by exposing the young women to something they have never experienced before, which is part of growing confidence. During August, the ASISA Academy team completed the recruitment drive for the second iteration of the Fezeka programme starting in January 2024. Asset management companies interested in supporting this programme, either with a financial contribution, as a host for the interns, or both, are welcome to contact me to discuss how your company can get involved and the benefits. Alternatively, please click here if your company would like to host a graduate or here if you would like to make a financial contribution. NEWS FROM OTHER GRADUATE PROGRAMMESIMACS@TSiBAStudents from the TSiBA Business School participating in our 13th ASISA Academy IMACS@TSiBA Internship have completed their first month. This is our biggest IMACS@TSiBA Internship yet, and we are grateful to the following sponsors for making it possible to scale this programme from around 10 to 12 students a year to 48 students a year: Allan Gray, Coronation, Foord, Intembeko, M & G Investments, Prescient, RGA, Sanlam and Taquanta. We would also like to welcome the JTC Group, an international financial services company, as a new sponsor. For the first time in 13 years, classes are not taking place at the ASISA Academy. Due to the size of the group, we are delivering lectures at the new TSiBA campus in Ndabeni, Cape Town. We are pleased and relieved that we could switch seamlessly to online classes during the recent taxi strike. As a result, there was no disruption to the programme. Students from the TSiBA Business School participating in our 13th ASISA Academy IMACS@TSiBA Internship. IFA InternshipWell over 200 final-year university students have already applied for the IFA Internship that will be running next year. We are excited to have had a good number of IFA practices applying to host interns; however, we would like to extend the window to 20 September to those IFA practices who might still be pondering on whether to host an intern. Please contact us directly at learn@asisaacademy.org.za Launched in 2016, the IFA Internship provides young Black graduates interested in pursuing a career in financial planning with the opportunity to intern with established IFA practices for 12 months. Just as self-confidence, which can be nurtured and cultivated through diverse experiences, is critical for women who want to succeed in asset management, the same is true for women forging careers in the IFA space. I was thrilled, therefore, when I heard that Naviganti Financial Planning in Durban made it possible for intern Lusanda Tshazo to participate in the annual Childhood Cancer Foundation South Africa (CHOC) walk up Sani Pass in support of children and teenagers affected by cancer. Here is what Lusanda shared about this experience:
RETIREMENT FUND TRUSTEE EDUCATION UPDATEIn August, we presented 26 Retirement Fund Trustee Education (RFTE) workshops to 276 trustees and principal officers. Of these workshops, 13 were public, one was delivered in partnership with Atleha-Edu, and 12 were presented to the following single funds:
Trustees who attended the Exchange Traded Funds (EFTs) and Investment Fundamentals workshops in August, pictured above with presenters Nerina Visser (top left) and David Morris (top left next to Nerina). OTHER COURSES PRESENTED IN AUGUSTUCT CIS and IMACS Short Courses The online UCT Collective Investment Schemes Short Course and the UCT Investment Managements Administration and Client Servicing (IMACS) Short Course kicked off on 15 August 2023 with 15 and 13 delegates enrolled in each course respectively. These popular short courses are delivered over three weeks for three mornings a week. We would like to acknowledge the 12 delegates from the Non-Bank Financial Institutions Regulatory Authority (NBFIRA) who participated in the UCT CIS Short Course from Botswana. Public Investment Sprints We delivered three public Investment Sprints in August, covering Compliance, Investment Management Ethics and an Introduction to the South African Savings and Investment Sector. We received this positive feedback from some of the participants:
Momentum staff Sprint along their learning pathway Momentum requested the Academy to deliver a set of six Sprints over a period of three months to a group of 12 staff members working in the call centre in Centurion. These Sprints will form the basis of a learning pathway for these 12 employees. During August, the following topics were presented: Introduction to the South African Savings and Investment Sector and Fundamentals of Retirement Funds and Life Insurance. We received this feedback from the enthusiastic group:
We invite ASISA members to engage with us in developing learning pathways for staff who wish to broaden their knowledge about the financial services industry and their technical skills. LEARNING OPPORTUNITIES IN THE SPOTLIGHTMoney Smart Week In support of Money Smart Week South Africa, hosted by the National Treasury, the Financial Sector Conduct Authority and the National Consumer Education Committee, the ASISA Academy will present a special Retirement Fund Trustee Education workshop on 8 September 2023. The workshop will cover the following topics:
The workshop is free for trustees and principal officers. Anyone else is welcome to attend at a cost of R1500 (excl. VAT). Please enrol here. Investment Sprints
Retirement Fund Trustee Education
Recommissioning the UCT Life Insurance Underwriters Short Course We are excited to announce that in 2024, we will recommission our UCT Life Insurance Underwriters Short Course, which has been dormant for a few years. Further information will be shared with life companies about this online course, which will run concurrently with our UCT Life Insurance Claims Assessors Short Course during the first half of 2024. If you would like to know more about this course, please click here. For a complete overview of learning opportunities, please visit the ASISA Academy Learning Calendar. LEARN WITH USThe ASISA Academy is recognised as a Level 1 B-BBEE contributor, with more than 75% of the Academy’s beneficiaries being black South Africans. This means employers can claim 135% of their skills development spend with the ASISA Academy. Please get in touch with us to discuss how we can support your skills development requirements. Please visit our website for more information on our many learning opportunities. We also invite you to interact with us on LinkedIn. Best wishes Alicia Davids |