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Sasfin Wealth has appointed Craig Pheiffer as chief investment strategist, marking his return to the wealth manager after a 15-year hiatus.
Sasfin has more than R110bn in assets under management and administration combined, with Pheiffer’s appointment coming as the industry braces for less accommodative monetary policy in 2022, something that is expected to be reflected in the general performance of equity markets.
SA’s collective investment scheme industry is estimated to have about R3-trillion in assets under management. According to Alexander Forbes, in 2020 Old Mutual Investment Group remained SA’s biggest asset manager, followed by Ninety One and Stanlib.
“I have always viewed Sasfin with great respect, and I’m excited to be returning to an even bigger company than it was before, but with the same entrepreneurial flair intact,” Pheiffer said in a statement on Monday. “Investing is about the long term but you still need to be agile and forward-thinking to lead the market and not simply follow it,” he said.
Pheiffer has an educational background in computer science and economics, and his Master’s dissertation on “Capital flight from middle-income countries” won the Economic Society of SA’s Founders medal for the best dissertation in 2000, according to Absa. In 2016 he was appointed chief investment strategist of Absa Stockbrokers & Portfolio Management, his most recent position.
“The returns last year were fantastic across the board as markets thrived on a diet of easy policy ‘junk food’,” Pheiffer said, referring to low interest rates and stimulus efforts from governments.
“As central banks cut back on asset-buying programmes and start raising interest rates, the markets will need to adjust to a healthier diet. The momentum that dragged everything up will give way to more selected successes,” he said.
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Published by Arena Holdings and distributed with the Financial Mail on the last Thursday of every month except December and January.