The Financial Services Working Group of the South African Chapter of the BRICS Business Council will host a series of three virtual 90-minute roundtable discussions over a period of three weeks during the month of May 2021. The sessions are made possible by 27four Investment Managers and the Industrial Development Corporation of South Africa.




Watch the recordings and learn about speakers:


  • Accelerating investment for inclusive economic growth.
  • Leveraging the fourth industrial revolution to achieve digital inclusion and build resilience across supply chains.
  • Sustainable Development Goals as a uniform measure of progress in addressing the challenges of wealth inequality.


Watch a recording of this session:

TP Nchocho, CEO, Industrial Development Corporation

Mr Tshokolo Petrus Nchocho (TP) is the CEO for the Industrial Development Corporation (IDC). He has over 20 years’ experience in the economic development, finance and banking arenas. Prior to joining the IDC, he was CEO of the Land and Agricultural Development Bank (“Land Bank”) – a position he held since February 2015. He holds a B.Com degree from the University of the North, an MBL from UNISA School of Business, an M.Sc Finance from the University of London, as well as an AMP from Harvard University. His passion for socio-economic development has seen him serve on the boards of some community-based organisations including the Youth Enterprise Society (YES), which is a non-governmental organisation based in Harrismith, Free State. At YES, he volunteered Business Advisory Services to young entrepreneurs. He also served on the board of Yeast Housing Company, an inner-city housing section 21 company operating in central Pretoria/Tshwane.

Andy Jury, Group CEO, Mukuru

Andy Jury is the Group CEO of Mukuru which is a NextGen Fintech platform and the largest money transfer provider in Africa. Under Jury’s guidance, Mukuru has grown its customer base to more than 8 million and has accelerated the expansion of its business to over 100 remittance corridors. Jury is expanding the offering of financial services products to enable emerging African consumers to climb the financial ladder by providing financial inclusion. Prior to Mukuru, Jury held senior positions over his 9 years at the Edcon Group including Chief Executive: Speciality Stores Division. He holds a B.Sc. from the University of Cape Town and an MBA from the University of Oxford’s Said Business School.

Vladimir Gorchakov, Deputy Director: Sustainable Development Group, Analytical Credit Rating Agency

Vladimir Gorchakov was appointed as Deputy Director of the Sustainable Development Risk Assessment Group in the Analytical Credit Rating Agency in April 2021. Vladimir has more than 10 years of experience in the rating industry in Russia and abroad. Before joining the ACRA team, since 2017 Vladimir has been involved in the analysis of ESG financial products as well as development of the rating methodologies at RAEX-Europe in Frankfurt-am-Main (Germany). In particular, he was involved in the verification of the first Russian green bonds (RSB KhMAO), the first green bonds issued on the Sustainability Sector of the Moscow Exchange (Bank Center-Invest) and in the issuance of the first ESG rating of the Russian bank (Moscow Credit Bank). Until 2014, Vladimir was in charge for the regional studies at Expert RA (Moscow).

Masego Madzwamuse, CEO, Southern Africa Trust

Masego is a social and economic justice warrior with over 20 years’ experience. Her passion is driving work that demonstrates the interdependence between democracy, economic development and human rights. She is especially interested in strengthening social movements and nurturing young and emerging civil society voices and leaders. Prior to joining the Southern Africa Trust, she worked at the Open Society Initiative for Southern Africa as the team leader for the Economic and Social Justice Cluster providing grants to organisations and movements in the area of social accountability, socio-economic rights, land tenure, development economics, social policy, food security, climate change, and illicit financial flows. She is one of the co-editors of the book Towards democratic developmental states in southern Africa attesting to her sharp research interests and deep commitment to the development of Africa. She holds a Master’s degree in Environmental Science from the Rhodes University and is at the tail end of completing the MPhil in Development Policy and Practice with the University of Cape Town. Masego was selected to be a part of the Aspen Institute New Voices Fellowship class of 2020.

Maanda Tshifularo, CEO and Founder, SuperLead Advisory

Maanda is the CEO and founder at SuperLead Advisory (a strategy, operations and leadership consultancy). He is also an adjunct faculty at the University of Pretoria’s Gordon Institute of Business Science. Until recently, he was the Head of Dialdirect Insurance, where he successfully led a business turnaround and was also awarded the South African Product Innovation of the Year in the financial services category. He has held management at MTN SA and executive roles at Discovery Health and 1Life Insurance. Maanda’s experience includes working as a strategy management consultant at Deloitte Consulting and at McKinsey & Company. Prior to his career as a management consultant, he worked as a chemical engineer at Mintek. In 2019, he was named one of the Mail & Guardian’s Top 200 Young South Africans and the Junior Chamber International’s Top 10 Young Persons in South Africa. He is currently at an advanced stage of his PhD studies at the University of Johannesburg. Maanda is a skilled facilitator, podcast host, summits moderator and an Integral Coach® (UCT GSB). He is enrolled onto the 2021 Executive Development Program at the Wharton Business School of the University of Pennsylvania.


  • Developing a BRICS ESG Index framework.
  • Product listings on BRICS and other exchanges.
  • Promoting investment in BRICS companies embracing ESG.

Speakers and moderator:

Alexey Bogomolov, Director of Partnership Programmes Development, RSHB Asset Management

Alexey Bogomolov graduated from Moscow Land Reclamation Institute in 1978 and worked from 1979 to 1993 as hydraulic engineer on major integrated water management projects in the Soviet Union and abroad (Middle East, Latin America, Italy, including as expert of a UNDP mission in Zambia. He holds a degree in Hydraulic Engineering, an M.Sc. in Business Administration from LaSalle University, an MBA from Antwerpen University and a Diploma of English. He also holds patents in hydraulics. Alexey also speaks Italian, Dutch, Spanish and French. Alexey pioneered the development of the banking and investment banking services in Russia and the Commonwealth of Independent States from 1993, working at Incombank as project manager for the debut ADR programme and Eurocommercial paper programme as well as a JV in asset management. From 1997 to 2007, at ABN AMRO in Russia, he was Corporate Director responsible for arranging Eurobonds, EMTN, ABS forming major Russian corporates and later as Managing Director, Senior Banker for Financial Institutions and Public Sector in Russia and CIS and arranged many fixed income and equity transactions for Russian banks and public sector organizations. Represented ABN AMRO in AmCham and AEB in Russia. From 2007 to 2018 at BNP Paribas, Russia, he was Managing Director responsible for relations with major financial institutions and organizations in Russia and CIS which resulted in landmark transactions such as the first Russian Rouble Euroclearable Eurobond, the first CHF, CNY Eurobonds for major Russian banks. US$7bn 3 tranche sovereign Eurobond for the Russian Federation, partnerships with Russian banks in bank assurance and asset management. At present Alexey Bogomolov works for RSHB Asset Management, (subsidiary of the Russian Agricultural Bank) as Director of Partnership Programme Development with Russian and international organizations. While at RSHB AM in June 2020, he worked out and implemented the first ESG ETF. He initiated and designed a new ESG index for Russian corporate issuers of Eurobonds, as well as an agribusiness producers index. Alexey Bogomolov is a member Russia’s group of experts of the BRICS Business Council and Russian – Italian Coordination Council “The Ethical Business”. Alexey has teaching experience for EMBA students at Moscow Banking School of Finance Academy and the Academy of National Economy. He is an expert in UNDP projects and is a member of the Russian Geographic Society.

Dr Daniel Page, Head of Quantitative Strategies, 27four Investment Managers

Dr Daniel Page is the head of Quantitative Strategies at 27four Investment Managers. Daniel’s ambit of responsibilities ranges from management of all passive portfolios (tracker and smart beta), quantitative research, asset/liability modelling (ALM), strategic asset allocation modelling and the development of quantitative manager selection tools. Daniel is currently involved in academia, lecturing at the University of the Witwatersrand in Johannesburg, South Africa as a senior lecturer and has authored and published 10 articles in peer reviewed journals focusing on asset pricing and style based investment strategies.

Gareth Allison, Executive Director, Client Coverage Africa, MSCI

Gareth Allison is an Executive Director and Head of Client Coverage for Sub-Saharan Africa. He is responsible for MSCI’s business development and coverage for all client types in Sub-Saharan Africa. He is based in Cape Town.
Gareth joined MSCI in 2007 and, prior to joining MSCI, worked at Wilshire as a Managing Director responsible for business development in EMEA. At Wilshire, he covered different territories in EMEA. Prior to Wilshire, Gareth worked in various business development roles including for Bloomberg LP, covering French & Italian speaking territories in Switzerland and for Tullett & Tokyo as an Italian Government Bond Broker. Before that, Gareth was a professional Rugby Union player for NEC Harlequins in London and Clermont in France. During this time Gareth also represented England ‘A’. Gareth received his Bachelor’s Degree in Languages from Reading University and Master’s in Management Studies from the University of Oxford. He is fluent in Italian, French and English.

Valdene Reddy, Director: Capital Markets, Johannesburg Stock Exchange

Valdene Reddy is the Director of Capital Markets at the Johannesburg Stock Exchange (JSE). In this capacity she is responsible for all primary and secondary market activity across all asset classes, as well as Issuer Services. This includes the sourcing of new debt and equity primary issues, the development and ongoing management of all secondary market trading in cash and derivative markets (Equities, Bonds, Interest Rates, Commodities and Currencies), and new product and market development across Capital Markets. Valdene’s career spans more than 15 years across various financial institutions. She began her career in 2005 at the Bank of America Merrill Lynch where she worked in equity sales and trading, focusing on covering local institutional clients. A year later, she moved onto their derivatives desk, where she focused on a vast span of equity-linked derivative products, facilitating the sales, structuring and trading of these instruments with local and foreign clients. The product universe included market-making and sales in standard and custom index futures and options, various other delta 1 instruments such as swaps, futures and forwards, and complex non-linear, derivative structures. Thereafter, Valdene moved to Renaissance Capital as Head of Equity Derivative Sales, strategically leading the change from a broking model to a market-making model, across listed equity derivative products. The client coverage universe was primarily servicing institutional clients, which included time on the Renaissance Capital International desk covering SA, Russian & other African markets. For the past 5 years, Valdene has been at the JSE, previously as Head of Equity & Equity Derivatives within the Capital Markets division. In this role, her primary focus was building and leveraging services and relationships across JSE clients (member firms, institutional and retail investors, brokerages and banks) to enhance and develop new products and offerings within the Equity & Equity Derivatives markets. Valdene graduated with a B.Bus.Sc. Actuarial Science degree from the University of Cape Town.

Fatima Vawda, Managing Director, 27four Investment Managers

Fatima has over two decades of experience as a practitioner in the South African, African and international capital markets. She has significant experience in servicing some of the largest retirement funds in South Africa, as well as an in-depth understanding of the functioning of the South African capital markets and regulatory framework. Prior to joining the corporate sector in 1997, Fatima spent two years as a lecturer in applied mathematics at the University of the Witwatersrand. She is a Director of the Association of Savings and Investments South Africa (ASISA), Chairperson of the Reporting Working Committee of the Financial Sector Transformation Council and Deputy Chairperson of the Financial Services Working Group of the South African chapter of the BRICS Business Council.


  • Priority projects and project readiness.
  • Co-ordination and implementation.
  • PPP funding and regulation.
  • Expected timeframes from feasibility to commissioning.
  • Removing structural constraints to accelerate economic growth.

Speakers and moderator:

Mohale Rakgate, Chief Investment Officer, SA Infrastructure Fund

Mohale Rakgate is the Group Executive: Infrastructure Fund, a “ring fenced” division at the Development Bank of Southern Africa (DBSA). The infrastructure fund was announced by the President of South Africa in 2018 as an initiative to transform the current infrastructure funding mechanism to become a blended financing platform by utilizing co-financing and blended financing from public and private sectors. Prior to this position, Mohale was Group Executive: Project Preparation Division at the DBSA. Project Preparation is a division of the Bank that plays a critical role in providing risk capital in the planning and preparation stages of sustainable infrastructure developments. Planning and project preparation addresses challenges hindering infrastructure investment in South Africa, the SADC region and further afield on the African continent. In addition to planning, programmes, and project preparation, Mohale was also responsible for DBSA’s climate finance activities which include accreditation to access concessional funding from entities such as the Green Climate Fund and Global Environmental Facility to support the development of infrastructure projects. Prior to joining DBSA in 2007, Mohale was an investment professional with the International Finance Corporation based in Washington DC, working on infrastructure projects in various regions of the developing world.

Sameer Bhatia, President, CRISIL Risk & Infrastructure Solutions

Sameer Bhatia is the President of CRISIL Risk & Infrastructure Solutions Limited (CRIS), which is a fully owned subsidiary of CRISIL. CRIS has two divisions, CRISIL Infrastructure Advisory and CRISIL Business Intelligence & Risk Solutions (BIRS). Sameer heads both these divisions. CRISIL Infrastructure Advisory is one of the leaders in the areas of infrastructure policy, development and transaction advisory services. BIRS is uniquely positioned to be a leading global risk and analytics solution provider to help banks and financial institutions, offering insights to enable business performance. As President, Sameer is responsible for deepening client engagements and relationships across BIRS’ businesses and capture new business opportunities in India and Emerging Markets. Sameer has nearly 30 years of rich consulting experience across Business Strategy, Corporate & Competitive Strategy, Policy & regulatory advice, Transaction Advisory and leading large program management mandates. He has led more than 300 mandates as Partner /engagement leader. He has strong domain expertise across a wide range of infrastructure sectors including Urban development (Smart Cities, municipal services), Energy & Resources (Oil & Gas, Power & Mining), Transportation and Logistics, Real Estate & Special Economic Zones and Industrial Products Manufacturing & Services. He has strong credentials in the infrastructure

finance domain, having led several mandates on developing innovative financing solutions. Apart from advising large corporates, Sameer has deep client relationships with the government (central, state and city level), regulators and multilaterals. Apart from India, he has also worked extensively with clients in the Middle East, Asia-Pacific and Africa regions. Sameer is an active member of several national committees on infrastructure and infra financing in India, with organisations such as CII, FICCI and SEBI. He is also the leading member of the Financial Services Working group of the BRICS Business Council. Sameer has a post-graduate degree (MBA) in Business Administration, and a degree in electrical engineering. Prior to joining CRISIL, he was a Senior Director (Partner) in the Consulting practice of Deloitte in India.

Vuyo Ntoi, Co-Managing Director, African Infrastructure Investments

African Infrastructure Investment Managers (AIIM) is one of the most experienced private equity investment managers with a 20 year track record focused exclusively on African infrastructure. AIIM currently manages US$2bn in assets under management (AUM) out of 5 regional offices on the continent with a portfolio extending across more than 63 investments, 29 exits and operations in 19 countries throughout sub-Saharan Africa across its 7 African infrastructure funds. The funds are designed to invest in long-term institutional unlisted equity in African infrastructure projects such as toll roads, renewable energy, power generation, midstream energy, airports, ports and digital infrastructure assets. Vuyo was appointed Co-Managing Director in August 2020 and, prior to that, was the Co-Portfolio Manager of the IDEAS Managed Fund. Vuyo has two decades of investment experience and has been involved in private infrastructure investing in Africa since 2003. Vuyo has been involved in the management of AIIM’s funds since joining the team with responsibility for originating, analysing and implementing investments for these funds. Vuyo was initially involved in the build-up of the South Africa Infrastructure Fund’s (SAIF) holdings in South African toll roads, including additional stakes in TRAC, N3TC and Bakwena. In addition, Vuyo was involved in the early refinancing of these toll road assets. Vuyo also played a leading role in AIIM’s pioneer investment outside South Africa, the Lekki Concession Company. More recently, Vuyo led the investment of AIIM Fund’s into Cenpower IPP power project Tema Ghana and Albatros Energy Mali power station, the first IPP in Mali. Vuyo holds a number of directorships, including positions on the boards of some of AIIM’s portfolio companies. He is also a Trustee of the Africa Infrastructure Developers Association (AFiDA) and a board member of the South African Photovoltaic Industry Association (SAPVIA). Vuyo is a Director on the AIIM Board and is a member of the Executive Committee, while also serving as a member of the Investment Committees of AIIF2, AIIF3 and the IDEAS Managed Fund. Prior to joining AIIM, Vuyo was an investment analyst and strategist in the Research and Investment Management team at iPAC South Africa, an investment management and consulting company within the Brait Group.

Chad Potter, Private Equity and Infrastructure Investment Executive, 27four Investment Managers

Chad Potter has more than 10 years’ experience (9 years in the UK) in Transaction and Advisory Services supporting international corporate and private equity clients during his time at Deloitte. He has worked on a number of cross-border transactions across various sectors, including manufacturing, infrastructure, oil and gas, mining, power and distribution, construction, technology, consumer business, real estate, financial services, healthcare and agri-business. Chad has experience in providing clients with transaction services support, including: buy-side and sell-side due-diligence, SPA, financial modelling, valuation and separation services. Chad has strong business diagnostic skills, including undertaking complex, quantitative analysis of debt and operational financial models and assisting clients with the accounting aspects of sale and purchase agreements (purchase price adjustment mechanisms and completion accounts policies) and, in particular, significant transactional experience across the oil & gas value chain.