Board of Directors



Snowy Masakale
BSc, BComm (Hons), CFP, MBA

Executive Director (CEO)


Snowy has over 16 years of experience in financial services; specialising in institutional business development, sales & marketing, employee benefit and investment consulting.

She joined Vunani Fund Manager in September 2019 as an Executive Director and Head: Business Development and CEO Designate. She has worked previously with some of the VFM team members at Metropolitan Asset Managers.

Snowy joined RMI in December 2016 as Business Development Director. Prior to joining RMI, she headed up institutional business and marketing at Absa Investments for 6 years. She was responsible for leading the business development strategy within the institutional, corporate and wholesale markets for the passive, alternative and active management businesses. She served as an executive of the investment cluster and a non-executive director of Absa Consulting & Actuaries.

She started her career at Alexander Forbes Financial Services where she spent five years consulting to boards of retirement funds with respect to risk benefits, investment strategies and pension fund related matters.

She was awarded The Most Influential Woman in the Financial Services Sector by ABSIP in September 2014. She sits on the board of a non-profit organisation, Investing in Women Entrepreneurs Global Organisation (INWEGO) and is very passionate about the role of women in the economy and the Financial Services sector.


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Butana Khoza
BCom, PG Dip (Accounting), CA(SA)

Executive Director


Butana graduated with a BCom and Post Graduate Diploma in Accounting from the University of Cape Town and served his articles with KPMG Cape Town. He qualified as a CA (SA) in 1994 and joined the Southern Life group in 1995; initially in internal audit and subsequently as a Manager in the investment division. Various managerial roles culminated in him becoming the Financial Director of Futuregrowth during its corporatizing stage.

Butana left Southern Life in 1998 to become one of the founding executives in the investment banking division of the African Harvest group and was one of 3 principals who led the management buyout of the group in 2002 and the transition to Vunani Limited in 2004, and remains a key shareholder in the group.

Butana has been the Managing Director of Vunani Limited, since April 2010 and also served as chairman of the board of Vunani Fund Managers.

Butana assumed the role of CEO of Vunani Fund Managers in 2014.


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Manana Nhlanhla
MSc

Non-Executive Director


Manana is Executive Chairman of her own investment company, MION, which has investments in marine and shipping (Smit Marine), manufacturing, energy, engineering and manufacturing and until recently gaming. In addition to board membership of some of MION’s investment companies, Manana holds and has held the following board memberships:

  • Former Chairperson of Trade and Investment Kwazulu Natal
  • Former Chairperson of Ithala Bank
  • Current Independent non-executive director of Rainbow Chicken Ltd
  • Current Independent non-executive director of Times Media Group Ltd

Manana joined the board as a non-executive director in September 2014.


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Nkosinathi Chonco
MPhil in Business Ethics

Non-Executive Director (Chairman)



Nkosinathi was appointed as an independent non-executive director of Vunani Fund Managers in September 2011. Prior to this he served as a member of the Group Executive Committee responsible for empowerment and corporate affairs at Metropolitan. Nkosinathi led the team that formulated the empowerment strategy and initiative which resulted in Metropolitan partnering with Kagiso Trust Investments as the BEE partner. Under his leadership, Metropolitan Group was recognized as a leading black empowered financial services group by the Black Management Forum (BMF), Financial Mail and Business Map. Previously Nkosinathi served as an executive director responsible for human resources at Maskew Muller Longman and was employed at British Petroleum as a senior human resources manager.


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Investment Team


Safs Narker
BCom, PGDA, CA(SA), CFA

Chief Investment Officer & Head: Equities
“If you look closely, most overnight successes took a long time.”– Steve Jobs


Safs has 10 years of investment experience. He completed his articles in 1999 at Deloittes, Cape Town focusing on financial services companies. He spent some time in Dubai with KPMG focusing on banking and insurance sectors within the Middle East. In 2000 he joined Ernst & Young with his key clients being asset management and insurance companies. In 2001 he joined Metropolitan where he held various senior management positions. He joined Metropolitan Asset Managers in 2005 where he held various positions including Product Development, Analyst and Portfolio Manager.

Post the merger with Momentum Safs served as an analyst covering the financial services sector and also managed the Momentum Financial Services Fund.


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Tony Bell
BCom (Hons), MBA

Head: Global
“If you do not change direction, you may end up where you are heading.”


Tony has 30 years investment experience and was previously the chief investment officer of Syfrets Managed Assets and Nedcor Investment Bank Asset Management (NIBAM). Tony’s experience as an equity portfolio manager dates back to 1988 when he was charged with the responsibility of managing the Southern Life Staff pension fund. From these beginnings his interest in and management of equity portfolios has continued to the present. Tony has spent many years covering the broad range of sectors on the JSE, firstly as a junior analyst (1987 – 89) and then as a Senior Analyst / portfolio manager (1989 – 2000). Tony assumed responsibility for the target return funds at Vunani Fund Managers during October 2008 and has evolved the equity selection process to culminate in a standalone equity mandate as from June 2011.


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Rowan Williams-Short
MSc, FIFM, CFA, CIPM

Head: Fixed Interest
“Those who have knowledge don’t predict. Those who predict don’t have knowledge.” – Lao Tzu, 6th Century BC Chinese Poet


Rowan Williams-Short has 27 years of experience in investments. He was previously CIO at each of Prudential Portfolio Managers (South Africa), African Harvest Fund Managers and Nedgroup Investments (United Kingdom).

Rowan has an MSc in Mathematical Statistics from the University of British Columbia and holds the CFA charter. He is a Fellow and a Governor of the South African Institute of Financial Markets. In America, he is an active volunteer for the CFA exam program.


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Johan de Kock
BCom (Hons), MBA

Portfolio Manager & Resource Analyst
“Whenever you find yourself on the side of the majority, it is time to pause and reflect.” -Mark Twain


Johan has 28 years of investment experience. He joined the Iscor Pension Fund in 1989 as a bond analyst with responsibilities for money market after heading up credit analysis at Boland Bank from 1988. After a stint on the fixed income side, Johan naturally moved into covering resource stocks for Iscor Pension Fund. After leaving Iscor in 2001 Johan joined Coris Capital where he was responsible for managing the resources portfolio of R3.5bn.

In 2002 Johan oversaw the merger of Coris with one of the first BEE managers in SA, Prodigy Asset Management to form Prodigy-Coris Asset Management. He held the position of Chief Investment Officer with assets in excess of R8bn prior to its sale to Cadiz. Johan was responsible for creating the investment process for the new company. Johan left Cadiz in 2008 to join Metropolitan Asset Managers where he was Head of Equity Research and a portfolio manager within the equity team.


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Ntsekhe Moiloa
MA (Econ), LLM (Finance), CAIA

Portfolio Manager Absolute Return & Multi Asset
空穴來風,未必無因


Ntsekhe joined Vunani FM having spent several years living and working in Frankfurt Germany. He comes with an impressive academic resume that encompasses a Masters in Economics; a Masters in Law specialising in Finance; an Investment Management Certificate from IIMR and he is a CAIA charter holder. These qualifications are amplified with more than a decade of experience in the South African fund management industry; 6 years with Investec Asset Management and the 6 years at Argon Asset Management. His experience spans various investment product and operational areas which have been enhanced through consulting work done with a global accounting firm in Germany. Vunani FM believes that Ntsekhe will complement the Multi asset investment team’s research processes.


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Morotola Pholohane
BCom (Hons), BSc, CAIA, MBA

Portfolio Manager Absolute Return
“Great things in business are never done by one person. They’re done by a team of people.”-Steve Jobs


Morotola joins Vunani Fund Managers after taking a break from the industry to study her MBA fulltime. She has over 10 years’ experience in quantitative research focusing on equities, product development, portfolio construction, risk management and equity derivatives. She spent four years as a derivatives specialist responsible for equity derivatives hedging for the asset management division of MMI, including assisting with the structuring of hedges for various divisions within the MMI group. She has more than six years’ experience in direct management of absolute return funds and broader quantitative research.


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Nino Frodema
MSc (Economics and Finance), CAIA

Portfolio Manager & Analyst
“Investing should be more like watching paint dry or grass grow. If you want excitement, take $800 and go to Las Vegas.” – Paul Anthony Samuelson


Nino has ten years of investment experience. He began his investment career at Coronation Fund Managers and later joined Metropolitan Asset Managers where he managed the Metropolitan Value Fund. Post their merger with Momentum, Nino was appointed senior equity research analyst and fund manager at Momentum Asset Managers.

Nino is a holder of Chartered Alternative Investment Analyst (CAIA) designation and holds a Masters of Science degree in Economics and Finance from the University of Manchester, in the United Kingdom.


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Ntobeko Stampu
BCom (Hons), BSc, CAIA, CQF, ACI

Senior Portfolio Manager: Fixed Interest
“The pessimist complains about the wind; the optimist expects it to change; the realist adjusts the sails.” – William Arthur Ward


Ntobeko is a Professional Investment Manager who enjoys partnering with clients to build purposeful investments that enable clients and their beneficiaries to meet their investment aspirations. After spending nearly two decades working as an investment professional in fixed income and multi-asset portfolios, Ntobeko understands the key drivers of delivering consistent value.

Ntobeko has over 15 years of investment experience gained in both fixed income and multi-asset class portfolios. Over this period, he has occupied various roles: as a Proprietary Trader for RMB FICC; Fixed Income Analyst for Momentum Asset Management; Fixed Income Portfolio Manager for the South African Reserve Bank – Reserves Management; Multi-Asset Portfolio Manager for the Absolute Return teams of both Absa Asset Management and Momentum Asset Management.


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Craig MacArthur
BSc (Hons), CFA

Head: Passive
“He is no fool who gives what he cannot keep to gain what he cannot lose.” – Jim Elliot


Craig studied mathematics and computer science at the University of Cape Town before commencing his investment career as a system developer at Old Mutual Investments in 1993. He subsequently held positions at Southern Asset Management, Nedcor Investment Bank Asset Management and Vunani Fund Managers involved primarily in building computer systems to support investment processes. Craig became a CFA charter holder in 2003 and has particular experience in systematic investment methodologies. Craig was appointed a portfolio manager at Vunani Fund Managers in 2013, responsible for systematic equity funds, as well as assisting in the management of fixed interest portfolios.


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Gerswhin Long
BCom (Hons), MPhil

Portfolio Manager: Alternative Investments
(Representative under supervision)

“We must keep moving, we must keep going. If you can’t fly, run; if you cant run, walk; if you cant walk, crawl. But by all means, keep moving.” – Martin Luther King Jr


Gershwin has over 12 years’ experience in the industry, from deal origination of unlisted debt transaction structuring, management of project finance transactions with renewable energy focus to coverage of listed counter-parties in both State-Owned Enterprises and Development Finance Institutions. He has served as a voting member of listed and unlisted credit committees. He has gained a wealth of experience in development finance with a focus on low cost housing, micro finance institutions, independent school funding and housing rental stock funding.

Gershwin has held various positions at companies including ABSA (Corporate Manager); Old Mutual Investment Group (Investment Analyst) and Futuregrowth Asset Management (Investment Analyst).


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Nompumelelo Qwabe
BCom (Hons)

Junior Investment Analyst
“If everybody is thinking alike, then somebody isn’t thinking.” – George S. Patton


Nompumelelo joined Vunani Fund Managers as a Graduate Trainee Analyst in 2016. She successfully completed the two-year graduate development programme and has recently been appointed as a junior analyst within the active equities team.


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Tshidiso Maduwa
CA (SA)

Junior Credit Analyst
“It is not the strongest species that survive, nor the most intelligent, but the most responsive to change.” – Charles Darwin


Tshidiso has over three years’ post-articles experience as a chartered accountant, including international exposure in the USA where he worked for one of the big four auditing firms as a senior associate. There he focused on real estate companies, mainly on the credit funds which originated ordinary mortgages and mezzanine loans. He later joined one of the major four banks in South Africa within the credit risk reporting team where he analysed the credit performance of the bank and gained further knowledge of credit risk.


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Thami Mafongosi
BCom (Hons)

Graduate Trainee
“Forecasts may tell you a great deal about the forecaster; they tell you nothing about the future.” – Warren Buffet


Thami joins us as a graduate from the University of the North West (Potchefstroom), where she has recently completed a BCom (Hons) majoring in accounting. Thami is a feather in our cap because she was a student who received a bursary from Vunani Fund Managers for her honours year and we are proud that she has made the decision to join us to explore the world of investments.

She joins us as our 2018 graduate placement and hopefully will go on to build a career in the fund management / investment industry, much like Nompumelelo has done.


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Siv Govender

Head: Dealing
“We are all in the gutter, but some of us are looking at the stars.” – Oscar Wilde


Sivagami has 23 years of experience within the financial market. She previously worked as a derivatives trader at Peregrine securities for 5 years. She joined Peregrine from JP Morgan where she was on the trading desk for 4 years. Prior to that she was at Stanlib for 13 years where she worked on both the equity and derivative desks. Sivagami’s responsibilities included the execution and administration of all equities, bonds, money market, forex and derivatives for all fund manager clients.


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