Ethan Dube
MSc (Economics), MBA (Sweden)

Non-Executive Director

Ethan is currently the Executive Deputy Chairman of Vunani Limited and brings a wealth of experience to the board having worked as an analyst and fund manager at Southern Life Asset Management, and subsequently at Infinity Asset Managers. He is the lead founder of the Vunani Limited group and was Group CEO for 12 years prior to stepping down in March 2020 and transitioning the role to Butana Khoza.

Ethan holds an MSc (Economics) and an Executive MBA (Sweden) and has over 35 years of industry experience.

Read more

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.

Read more

Thobeka Bonoyi
BAdmin, BCom (Hons), Master Taxation

Non-Executive Director (Indepedent)

Thobeka’s qualifications include a Master’s Taxation from University of Cape Town, BCom (Hons) (Economics) from University of Western Cape, BAdmin from the University of Western Cape and she is currently busy with Chartered Secretariat.

Thobeka is currently Group Company Secretary and Governance at MTN Group with the responsibility of providing advisory counsel to the MTN board on governance and regulatory requirements as well as governance assurance across the 18 countries in which MTN has operations.

Thobeka previously held the position of Group Company Secretary at PetroSA. Prior to that, she was Group executive at Woolworths (2012 – 2016) responsible for the Group Company Secretariat leading the Legal, Risk and Compliance Departments for all entities under Woolworths Holdings as well as Country Road and David Jones in Australia. She served as Group Executive at Metropolitan responsible for Corporate Governance for a period of 4 years and post the merger with Momentum for a period of two years; leading legal, risk, compliance, and tax departments as well as Company Secretariat.

Read more


Lithalethu Mtembu

BCom (Hons), CA (SA), MBA

Non-Executive Director (Indepedent)

Lithalethu has 15 years’ experience in both public and private sectors leading Financial and Operational teams. Her experience includes forensic investigation and project management on infrastructure projects.

Lithalethu is currently a senior lecturer at the University of South Africa (UNISA).

She also served as a consultant to various businesses in a wide range of industries advising on strategy, operations and corporate governance.

Read more

Safs Narker

Executive Director

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.

Read more

Michelle Savage
BCompt (Hons), CA(Z)

Executive Director

Michelle has been the Financial Manager since September 2007 and is responsible for the preparation of the company’s monthly management accounts, budgets and annual financial statements.

Michelle trained as a chartered accountant in Zimbabwe where she served her articles with Deloitte & Touche and was an audit partner in the firm for three years.

She was a director at Temple Asset Management until May 2002 when she relocated to the UK and worked as revenue manager for ACI Worldwide, a provider of electronic payment solutions to global financial institutions. She moved to Cape Town in 2007 and joined Vunani FM.

Read more


Butana Khoza
BCom, PGDip (Accounting), CA(SA)

Butana 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 previously served as CEO of Vunani Fund Managers for a period of approximately 6 years between July 2014 and March 2020. He rejoins Vunani FM from Vunani Limited, where he most recently served as Group Chief Executive Officer since 2020.

Read more



Safs Narker

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.

Read more

Johan de Kock
BCom (Hons), MBA

Head: Domestic Equity Research
“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.

Read more

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.

Read more

Nompumelelo Qwabe
BCom (Hons)

Equity Analyst

Graduate of VFM Graduate Development Program.
“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 was subsequently appointed as an analyst within the active equities team.

Read more

Jami Jepthas

Equity Analyst
“Invite people into your life who don’t look or act like you. You might find they challenge your assumptions and make you grow.”– Mellody Hobson

Jami has over 7 years of investment experience. She completed her Bachelor of Business Science in Finance in 2013 at the University of Cape Town. Before joining Vunani Fund Managers, Jami spent 5 years at Mianzo Asset Management where she held the position of Equity Analyst covering various industrials companies. She also worked with the Multi-Asset team, being responsible for macroeconomic research.  Thereafter she moved to Mergence Investment Managers as an Investment Analyst in the Listed Equities team, focusing on companies in the consumer goods and services sector. Jami joined Vunani Fund Managers in May 2023.


Read more


Rowan Williams-Short

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.

Read more

Sihlobile Zulu 
BCom (Hons)

Credit Analyst
Graduate of VFM Graduate Development Program
“Time is your friend; impulse is your enemy.” – John C. Bogle

Sihlobile joined the Vunani Fund Managers Graduate Development Program in 2020 after completing her studies in BCom (Hons), majoring in Business Finance. She has gained invaluable experience and shown diligence as a Graduate Trainee and has now joined the Fixed Interest team as a Credit Analyst.

Read more

Musa Ngema 

Senior Credit Analyst

Prior to joining Vunani Fund Managers Musa worked at Futuregrowth as a Senior Investment Analyst responsible for SA and ex-SA unlisted credit investments. He has extensive technical transaction execution experience in private debt and equity investment management. He has worked for various Pan-African and Global Institutions, including, Alexander Forbes Investments and the Development Bank of Southern Africa (SADC Senior Coverage and Origination Investment Officer).


Read more



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

Head: Multi Asset

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.

Read more

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.

Read more


Rory Spangenberg

Head: Global Equities

““You can know everything but understand nothing.”

Rory has 22 years investment experience and was previously the Chief Investment Officer and Director of Global Equities at Northstar Asset Management. He joined Northstar in 2017 after the acquisition of SignalHill Investment Management, which he founded. Prior to SignalHill, Rory spent 10 years with Investec where he managed global equity, and South African equity and income growth strategies. Before joining Investec, Rory worked in research sales for Barnard Jacobs Mellet and as the equity portfolio manager of the Sasol Pension Fund. He started his investment career as an analyst with Appleton Asset Management after gaining finance experience with Merrill Lynch in London.

Read more

Reka Borole

BBusSci (Fin), PGDA, CA (SA), CFA

Global Equity Analyst 

“Think of the search for stocks like grocery shopping for the highest quality goods at the best possible price.” – Christopher Browne

Reka has over 10 years’ experience in the industry. He completed his articles with KPMG in 2013 and thereafter worked as an Investment Banker at Rand Merchant Bank for 4 years. Reka spent the next 6 years working in startups, first as a co-founder of an Insurtech venture and thereafter as a founder of a venture capital advisory business.

Read more

Lesedi Mabuza


Global Equity Analyst 



Lesedi has 4 years of investment experience. She joined Vunani Fund Managers from Sentio Capital Management, where she served as a Junior Analyst covering stocks in the industrial sector and some global companies.

Read more



Craig MacArthur
BSc (Hons), CFA

Head: Passive Investments
“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.

Read more

Lazola Ngcengula
BSc, BCom (Hons), CFA, FDP

Quantitative Analyst
(Representative under FAIS supervision)
“You’re not what you think you are, but what you think, you are!” –  William James

Lazola worked for 5 years on the sell side as an alternative data analyst before joining Vunani Fund Managers as a Quantitative Analyst. Over this period, he developed various data-centric skills and underwent rigorous training on how to apply these skills in the financial services industry. His training and skill set included working with unstructured datasets, analytical programming, data science and machine learning.

Lazola holds a BSc in Mathematics and Statistics, and a BCom (Hons) in Quantitative Finance. He is also a CFA and FDP (Financial Data Professional) Charterholder.

Read more


Allan Allison

Head: Dealing

Allan joins the Vunani FM team from the JSE Limited where he ran the Cape Town office. Prior to the JSE, Allan spent more than 20 years in various dealing roles covering the full spectrum of instruments, culminating in Head of Dealing at Cadiz and fixed income dealer at African Harvest.

He holds a Master’s in Business Administration from UCT amongst other qualifications.




Read more

Batheeng Mashoeshoe

“If you hang around the barbershop long enough, sooner or later you’re going to get a haircut.” – Denzel Washington

Batheeng began his career in Asset Management in 2017. 

He joined Vunani Fund Managers in 2022 after spending 4 years as a graduate and equities dealer at Argon Asset Management. Prior to joining Argon, he participated in various graduate programs with different asset managers, such as Mazi Asset Management, Stanlib Asset Management and Legae Securities (Peresec).

Batheeng’s responsibilities include the execution and administration of all equities (local and global), bonds, money market, forex and derivatives.

Read more