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.


Programme and 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.

Speakers and moderator:

Phuthi Mahanyele-Dabengwa, South Africa CEO, Naspers

Phuthi Mahanyele-Dabengwa joined Naspers as South Africa CEO in July 2019. Before joining Naspers, she was the cofounder and Executive Chairperson of Sigma Capital, an investment holding company formed in 2015. Early in her career, Phuthi worked in New York at Fieldstone, an international firm specialising in the financing of infrastructure assets. She is part of the “Dignity Day” programme led by Young Global Leaders of the World Economic Forum which is focused on empowering youth to articulate their ambitions and gain respect through dignity. She has been awarded several accolades such as CNBC Africa’s All Africa Business Leaders “Woman of the Year” award in 2019 and the Forbes Woman Africa “Businesswoman of the Year” award in 2014. In 2013, she was awarded a “Distinguished Achievement” award by The Douglass Society, and the Africa Investors recognised her as a “Leading Africa Woman in Business of the Year” in 2012. In 2011, Rutgers University conferred on her the “Rutgers Vision of Excellence Award”. In 2009, she was awarded the “Most Influential Woman in Government and Business” by Financial Services. The Wall Street Journal counted her among the “Top 50 women in the world to watch”. Phuthi holds a BA in Economics from Rutgers University, USA, and an MBA from De Montfort University in the UK. She also completed the Kennedy School of Government Executive Education Programme “Global Leadership and Public Policy for the 21st Century” at Harvard University in 2008. She sits on the board of the Cyril Ramaphosa Foundation and was Chair of the Kagiso Shanduka Trust (KST) Audit and Risk Committee in 2016. In 2017, she was appointed to the KST Board of Trustees. Phuthi is an independent director of Vodacom and previously served on the boards of Discovery Insure and Gold Fields. She serves on the advisory board of Stellenbosch University’s business school.

Tshokolo 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.

Maxim Khudalov, Director of Corporate Ratings Group, Analytical Credit Rating Agency

Maxim Khudalov has more than 17 years’ experience in metals and mining, oil and gas and finance sectors. He worked for leading Russian steel and mining companies like Severstal, Mechel and Polymetal. He worked in one of the leading Russian banks, Gazprombank. He has experience in the assessment of projects and analytical research. Maxim is currently employed by Russian credit rating agency ACRA, where he is responsible for Sustainable Development research and ratings.

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, Group Executive: Infrastructure Fund, Development Bank of Southern Africa

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.

Fadzai Nyamasve, General Manager: Growth and Diversification, Transnet

Fadzai Nyamasve is strategy and growth director for AECOM in Africa and leads Africa’s growth and business development initiatives for key clients and focus countries. She is responsible for client account management and major bid pursuits. Fadzai began her career as an electrical engineer in Australia and holds Bachelors degrees in Engineering and in Business Management from Murdoch University in Australia. She has successfully led project teams in end-to-end project delivery in Australia, Mozambique and South Africa across a variety of industries including mining and metallurgy, rail, ports, water and energy.

Parth Sharma, President – Corporate Development, Reliance Group

Parth Sharma is a global business leader, having successfully set up and significantly grown businesses in Defence, Financial Services and Infrastructure. He is passionate about creating success through international alliances and industry-government cooperation. Parth is currently leading Corporate Development at The Reliance Group, India, carving growth through International alliances and tie-ups. He previously led Kangnam Corporation in the Naval Defense Industry and composite material applications at the Kangnam Group. Earlier Head of ING Life Korea’s Corporate Business, Parth grew the business from an asset size of 40 billion KRW in 2010 to 400 billion KRW in 3 years, through strategic transformation and differentiated services. He was actively involved in international trade development and government/Industry forums as Chairman, European Chamber of Commerce in Korea (HR Forum) as well as a Founding member/Vice Chairman of the Indian Chamber of Commerce in Korea, fostering industry cooperation between Korea and India in the areas of Automotive Supply Chain, Defense, Heavy Engineering and Energy. Parth is experienced in leading Operations/Customer Services, Risk and IT. Previously, he worked as the Chief Operating Officer of KB Life (JV between Kookmin Bank and ING), ING Life India and with SAP and Baan India. Guest lecturer at KAIST Graduate School of Management. Official Advisor to leading Industry associations in Korea.

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.