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November 6, 2026

Insights

Winning the bid, losing the return

In our 2026 Mid-Year Investment Outlook (see here), we argued that the margin for safety in South African credit continues to narrow. Credit spreads have tightened despite a more complicated macro environment, while the introduction of FLAC and the transition from JIBAR to ZARONIA had failed to produce the increase in compensation that many investors initially expected. Liquidity continues to remain the dominant force. That remains our view, however, focusing only on the level of spreads risks overlooking a more interesting question: who actually controls the credit curve.

6th November 2026

Sanchia Sobotker-Johnson 

Sanchia joins Perpetua as the Head of Finance, Enterprise Risk and Compliance.

Sanchia is a Chartered Accountant and registered Compliance Officer with extensive experience across finance, enterprise risk management, regulatory compliance, governance and audit. She has spent much of her career in the investment management industry, having held senior roles at Aluwani Capital Partners, Abax Investments, Mergence Investment Managers and Kagiso Asset Management. She began her professional career in audit at KPMG and the Auditor-General of South Africa.

Sabena Omar

Sabena joined Perpetua as an Investment Analyst. She is responsible for conducting fundamental research and analysis to support the investment decision-making process across the firm’s portfolios.

She brings over three years of sell-side equity research experience from Avior Capital Markets, where she covered the General Financials and Property sectors. During her time at Avior, she was co-rated first for General Financials research in the Financial Mail Top Analyst Awards for two consecutive years and rated second in her third year.

Sabena holds a BCom Honours in Investment Management degree from the University of Pretoria, graduating cum laude from her undergraduate degree. She is currently a CFA Level III candidate.

Sabena Omar

Sabena joined Perpetua as an Investment Analyst. She is responsible for conducting fundamental research and analysis to support the investment decision-making process across the firm’s portfolios.

She brings over three years of sell-side equity research experience from Avior Capital Markets, where she covered the General Financials and Property sectors. During her time at Avior, she was co-rated first for General Financials research in the Financial Mail Top Analyst Awards for two consecutive years and rated second in her third year.

Sabena holds a BCom Honours in Investment Management degree from the University of Pretoria, graduating cum laude from her undergraduate degree. She is currently a CFA Level III candidate.

Chris Sickle

Ntokozo Magagula

Ntokozo is an Investment Analyst at Perpetua and has four years of investment experience. He joined the firm in August 2026.

Prior to joining Perpetua, Ntokozo was an Investment Analyst at Camissa Asset Management, where he worked from 2023. Before joining Camissa, he completed his articles at PwC, working predominantly with financial services audit clients.

Ntokozo holds a Bachelor of Accounting Science and an Honours degree in Accounting Sciences from the University of the Witwatersrand. He is a qualified Chartered Accountant (SA) and a CFA Level 3 candidate.

Darmhik Naicker

Darmhik joined Perpetua as a Risk & Quantitative Analyst Intern in 2026.

He holds a BCom Honours degree in Statistics and Data Science from the University of Cape Town, with a strong foundation in finance, quantitative analysis, and risk management.

Tasha Xinindlu

Tasha joined Perpetua as a Marketing Intern in 2026. 

She has a Business Administration Degree major in Marketing and Entrepreneurship from Tsiba Business School. 

 

Najmeerah Simons 

Najmeerah Simons is the Finance, Risk and Compliance Manager at Perpetua, where she oversees financial management, regulatory compliance, and risk governance across the business.

 

She brings experience from the Auditor General of South Africa, where she has served in various roles over a six-year period. She has also spent two years prior to her time in audit and assurance at an asset management firm where she worked in local, property and global finance divisions. Najmeerah holds a Bachelor of Business Science specialising in Finance and Accounting from the University of Cape Town and is qualified Chartered Accountant (South Africa).

Tasneem Abrahams

Tasneem joined Perpetua as a Finance and Business Trainee in 2025. 

She has a Business Administration Degree major in Finance and Investments from Tsiba Business School. 

Samantha Edwards

Samantha joined Perpetua as a Client Service Intern in 2025. 

She has a Business Administration Degree major in Finance and Investments from Tsiba Business School. 

Sisipho Jokazi

Sisipho joined Perpetua as a Business Analyst in November 2025. Before joining Perpetua, she spent 6 years at M&G Investments Southern Africa in the Institutional Clients team as an Institutional Client Associate providing client service support on a range of clients. At Perpetua, she is responsible for providing support in the servicing of clients; business development support (assisting in growing client base); components of client account management such as handling investment-related queries, performance analysis, and risk reporting. 

 

She holds a BBA degree and PGDip from TSiBA Business School and Regent Business School respectively. 

Jason Clark

Jason joined Perpetua as an Investment Performance & Risk Analyst. He is responsible for evaluating, measuring, and reporting on the performance and risk of the investment portfolios.

 

He brings experience from Luxcara, a German clean-energy asset manager, and Allan Gray, where he served in various roles over a five-year period. Jason holds Bachelor’s and Honours degrees in Economics from Stellenbosch University and is currently pursuing an MSc at the University of Bath. He also holds the CIPM® designation through the CFA Institute, specialising in investment performance measurement.