Money, Markets and Masterminds

Hosted by Citywire

Business Investing

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Jun 2026

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About the show

The podcast where we unravel the intricacies of investment, explore the ever-changing market, and tap into the wisdom of the masterminds who shape them both.

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60 recent

June 12, 202638 min

Why asset allocation still trumps market noise

In the latest DFM Discussion episode of Money, Markets and Masterminds, Citywire South Africa editor Ruan Jooste sits down with George Dell, executive director at MitonOptimal South Africa and chair of the FIA’s Discretionary Investments Committee, and Jacques de Kock, head of portfolio management at MitonOptimal South Africa. The trio unpack the challenges facing advisers and investors in an increasingly uncertain world, from market concentration and offshore opportunities to crypto, artificial intelligence and the evolution of the DFM industry. Despite the noise, De Kock argues that asset allocation remains the single biggest driver of long-term returns.

May 28, 202627 min

FSCA warns crypto licence is not a stamp of approval

In the latest episode of Regulatory Rulebook, part of Citywire South Africa Money, Markets and Masterminds podcast series, Diketso Mashigo, departmental head of licensing at the Financial Sector Conduct Authority (FSCA), unpacks the regulator’s evolving approach to crypto asset service providers, why South Africa adopted an interim framework instead of waiting for perfect legislation, and how the FSCA is preparing for the next wave of risks around stablecoins, tokenisation, finfluencers, and digital asset innovation.

May 27, 202627 min

Why some DFMs may not survive South Africa’s outsourcing boom

South Africa’s DFM market is expanding quickly, but Glacier Invest’s head of Implemented Consulting at Glacier Invest, Rafiq Taylor says not every business will survive the next phase of growth. Speaking to Citywire South Africa on this month’s DFM Discussion, Taylor highlights growing pressure from fee compression, tighter margins and rising competition. The episode also covers governance, AI’s role in investing, and why hedge funds and private markets could offer major opportunities in the years ahead. Listen to the latest episode of Money, Markets, and Masterminds.

April 30, 202634 min

FSCA’s Astrid Ludin on two-pot, Cofi and the next era for regulation

In this special edition of the Regulatory Rulebook series, Citywire South Africa sits down with Astrid Ludin, outgoing deputy commissioner at the Financial Sector Conduct Authority and president of the International Organisation of Pension Supervisors, for a rare exit interview. From the successful rollout of the two-pot retirement system to the shift towards risk-based supervision, Ludin unpacks the defining moments of her tenure and the unintended consequences now emerging. She also addresses industry pressure points, including employer non-payment of contributions, rising withdrawals, and the growing importance of data and digital infrastructure.

April 30, 202636 min

DFM value has moved beyond portfolios

Investment Solutions by Alexforbes has reached its two-year track record, giving advisers a clearer view of where the discretionary fund manager (DFM) is adding value and where the model still faces friction. In this episode, Alexforbes DFM specialist and portfolio manager Nadir Thokan discusses performance, manager selection, platform constraints, private markets, fee transparency and why the next phase of DFM growth will depend on genuine differentiation.

March 27, 202622 min

Where insurers are still failing customers

From complex products no one fully understands to pricing that quietly erodes value, the Financial Sector Conduct Authority lifts the lid on the biggest conduct risks still lurking in South Africa’s insurance sector in the latest segment of the Regulatory Rulebook. In this episode of Money, Markets, and Masterminds, Brenda Norton, manager in the Insurance Supervision Department within the Conduct of Business division at the FSCA unpacks why disclosure is no longer enough, where claims are still breaking down and how upcoming reforms could reshape accountability across insurers, advisers and distribution models.

March 23, 202624 min

Advisers should not get distracted by the wrong things - DFM CEO

In this episode of Money, Markets, and Masterminds, Cogence CEO and CIO Jonel Matthee-Ferreira explains advisers risk making poor decisions if they react to short-term volatility instead of staying focused on long-term outcomes. She further unpacks the firm’s move into private markets for retail investors, arguing that access to unlisted assets is becoming increasingly important as public markets shrink, but warning that diversification and liquidity management remain critical. Beyond portfolios, Matthee-Ferreira highlights how DFMs are evolving through technology, partnerships and behavioural insights, allowing advisers to spend less time on implementation and more time with clients. Listen below for more on where Cogence is finding opportunity – including South African fixed income, global equities and gold – while keeping a close watch on concentrated risks such as the build-out of AI.

March 20, 202630 min

Why markets are trading the wrong war

Markets are reacting to missiles and oil spikes, but what if that is exactly where investors go wrong? In the first 2026 episode of the Long Game series, Adrian Saville, investment strategist and professor of economics and finance at GIBS, unpacks why the real drivers of returns sit far beyond the headlines and where the smartest capital is quietly positioning for what comes next. Markets price the event, but economies absorb the structure. Understanding that gap, and the lag between them, may be the difference between reacting to noise and capturing long-term alpha.

February 23, 202627 min

FSCA’s frontline warning to pension fund trustees

In episode two of the Regulatory Rulebook series, Takalani Lukhaimane, who leads the Financial Sector Conduct Authority's Retirement Funds Frontline Conduct Supervision team, highlights where boards are falling short - from section 13A breaches to weak oversight and rising unclaimed benefits. She points to persistent red flags, including superficial minutes, unmanaged conflicts, poor administrator oversight and growing unclaimed benefits - and warns that outsourcing does not remove accountability as outcomes-based supervision intensifies and The Conduct of Financial Institutions (Cofi) bill approaches.

February 11, 202620 min

How this DFM engineers portfolios when markets lose their nerve

When markets panic, most investors react. Discretionary fund managers are meant to do the opposite. In this episode of Money, Markets, and Masterminds, Philip Bradford, chief investment officer at PortfolioMetrix Asset Management, explains how his team constructs portfolios built to withstand volatility rather than chase trends. From managing concentration risk in the ‘Magnificent Seven’ to distinguishing disciplined rebalancing from tactical market timing, Bradford outlines what DFMs are actually paid to get right over a full market cycle.