Leading SA's fixed income evolution

When I stepped into the role of CEO at Futuregrowth, my first thought was simple: don’t break it. For more than three decades, this business has shaped the playbook for responsible and developmental investing in South Africa. This year, our Infrastructure and Development Bond Fund marks its 30th anniversary – a milestone that underscores the depth of trust and innovation I have the privilege, and responsibility, to carry forward. 

My task now is to build on what works while positioning the business for the next chapter. We’re not changing our DNA; we’re strengthening it to remain relevant and resilient for decades to come. 

Where we're heading

Getting to know our team has given me a clearer sense of where we’ve come from and where we need to go. With my arrival, alongside new leadership, comes a natural moment to evolve how we work and think.

Our plan is straightforward: build on what we already do best while expanding into areas where our core skills – interest rates, credit, property, private equity, developmental investing – and our relationship networks give us an edge. That means more private market exposure, deeper offshore capabilities and smarter deployment of technology. 

Clients want broader offshore exposure, and our job is to make that simpler and safer – helping them navigate currency, liquidity, and governance without unnecessary complexity. 

At the same time, South Africa’s real economy still needs capital for energy, logistics, and infrastructure. We’ve been financing these sectors for years, and now the focus is on scaling responsibly, with strong credit discipline and selective co-investment. 

Ultimately, diversification is essential. By combining our liquid fixed-income expertise with private and development equity, we can help clients build portfolios that balance resilience, growth, and impact. 

The thread that ties this together is practical innovation: being a steady hand in fixed income, a bridge to offshore, and a partner who helps clients diversify while managing risk. 

These priorities are shaped by global and local forces that are redefining fixed income markets and understanding them is essential to delivering resilient portfolios. 

The forces shaping fixed income markets

First, the cost of capital has reset. After years of ultra-low rates, money is no longer cheap. Investors are rethinking duration, liquidity, and credit risk, while shifting steadily into private credit for diversification and inflation protection. But private markets bring complexity and governance demands that not every investor is ready for. 

Second, AI is moving from hype to use. Beyond research, its value lies in unglamorous but critical areas like onboarding, compliance, and KYC – processes that create friction for clients. If AI can cut that friction without cutting corners, it’s a genuine edge. But technology can’t replace judgement in investment decisions. 

Third, responsible investing is maturing. “ESG” may be contested, but what matters is sustainability and stewardship – how companies operate for longevity, and how investors engage and hold boards accountable. In fixed income, influence comes not through ownership but through covenants and capital allocation. Subtle, but powerful. 

Finally, service is decisive. Clients aren’t just buying performance they’re buying trust, proven when markets dip or mandates shift. Managers who deliver clarity, accountability, and real insight – not just polished slides – will keep their place at the table. In South Africa, these global dynamics intersect with local realities.

The shift from JIBAR to ZARONIA is reshaping debt pricing, while energy and logistics require significant funding. Our sweet spot is financing the economy responsibly while delivering returns. 

Responsible investing that matters

What sets us apart isn’t just that we talk about responsible investing – it’s that we’ve been doing it at scale for decades. Our approach balances strong, risk-adjusted returns with directing capital toward sustainable businesses and areas that matter for South Africa’s future. We’ve built a suite of developmental funds that finance real-economy needs: renewable energy projects, transport and digital infrastructure, and township retail centres that anchor communities.

These are assets with solid cash flows and measurable social outcomes. Our equity and private debt strategies go further, backing businesses that close structural gaps: affordable housing, SMME finance, and platforms that create jobs and broaden access to services.

Every deal is screened through a responsible investment lens, so governance, environmental and social risks are priced in from the start. We’ve also taken principled stands like saying no to new coal long before this was fashionable and pausing lending when governance concerns threatened client capital. That combination of conviction and pragmatism has earned us trust. For institutional investors, this means you don’t have to choose between performance and purpose. 

A decade from now

I’d like people to say: “Futuregrowth didn’t just manage money, they moved the needle,” delivering competitive returns while proving that patient capital can be a force for real change without compromising fiduciary duty. We want our culture to be unmistakable.

Diversity, equity, and inclusion should guide how we hire, mentor, partner, and allocate capital, strengthening judgement, relationships and outcomes over time. At the same time, we aim to be the partner trustees trust because we are transparent, price risk honestly, and stand firm when governance slips while making life easier for clients through plain-English reporting, practical solutions, and innovation that adds real value. 

Our enduring goal is to be known for combining performance with purpose – powering the economy, advancing diversity, and setting the standard for responsible investing.