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About us

At Perpetua,
we are committed.

Founded in 2012, we are an independent, owner-managed investment management firm committed to excellence in insights, conduct, engagement and outcomes.

Our investment approach is disciplined, pragmatic and repeatable and we are careful stewards of our clients’ capital.  We believe rigorous fundamental analysis, proprietary research and robust risk management are core to an enduring investment approach.

Based in Cape Town, South Africa, we are global investors who utilise our unique emerging markets perspectives to seek out opportunities across all asset classes and markets.

Perpetua is 85% owner-managed. RMI Investment Managers, a subsidiary of JSE-listed Rand Merchant Investment Holdings Limited, owns 15% of Perpetua Investment Managers.

Our brochure

Perpetua Investment Managers is an independent, majority black and women-owned investment management firm.

We strive for excellence in performance, conduct and engagement and operate out of a purpose-driven and values-based culture.

Our investment beliefs

Our investment philosophy is centred on the bottom-up, fundamental research of investments. We seek out investments that offer value and invest with a long-term and patient view.

Our investment process ensures we invest according to the convictions of our research with an emphasis on discipline, rigour and repeatability.

We seek to deliver outperformance through an active and risk-managed investment approach.

Our investment beliefs

Our investment philosophy is centred on the bottom-up, fundamental research of investments. We seek out investments that offer value and invest with a long-term and patient view.

Our investment process ensures we invest according to the convictions of our research with an emphasis on discipline, rigour and repeatability.

We seek to deliver outperformance through an active and risk-managed investment approach.

Perpetua at a glance

85%

Staff-owned

24

Staff members

R14.0bn

Assets under management

60%

Female staff

Our vision

We seek to attract and retain engaged, loyal clients by understanding their needs for financial security and impact, while exceeding their expectations through thoughtful and courageous decision-making, care and support.​

We endeavour to create a supportive and caring workplace which empowers people to grow, contribute and achieve mastery in meaningful work while being appreciated and rewarded for their high impact towards our vision and mission.​

Through this we strive to be a respected and courageous investment industry leader.

Our vision

We seek to attract and retain engaged, loyal clients by understanding their needs for financial security and impact, while exceeding their expectations through thoughtful and courageous decision-making, care and support.​

We endeavour to create a supportive and caring workplace which empowers people to grow, contribute and achieve mastery in meaningful work while being appreciated and rewarded for their high impact towards our vision and mission.​

Through this we strive to be a respected and courageous investment industry leader.

Directors

Latest news

Mastering insightful investing

Perpetua is independent, owner-managed investment management firm. We strive for excellence in performance, conduct and engagement and operate out of a purpose-driven culture.

 

We consistently employ a long-term investment approach that is thoughtful, rigorous and that doesn’t follow the crowd.

Delphine Govender

Delphine is the firm’s Chief Investment Officer and is an Executive Director of the firm. As CIO, Delphine has ultimate responsibility over the investment function and capability and has portfolio management responsibilities over all asset classes.

Delphine has over 28 years’ financial services experience of which the past 25 years have been spent directly in investment management. Delphine co-founded Perpetua in 2012 after having spent almost 11 years at Allan Gray Limited, where she held positions of Portfolio Manager and executive Director. She is a qualified CA(SA) and CFA charterholder.

Logan Govender

Logan is an Executive Director of Perpetua and as a co-founder has been with the firm since inception. Logan is responsible for ultimate oversight of the business and operations functions within the firm.

Logan has over 30 years’ experience in the financial services industry. This has spanned from audit and advisory experience at Deloitte to investment banking and structuring experience at PSG Investment Bank, Mettle, Zero One Nine Capital, and Pr1me Investment Managers. He is qualified CA(SA) and holds post graduate diplomas in Taxation (UND) and Financial Markets and Instruments (RAU).
Patrick Ntshalintshali
Patrick is a Portfolio Manager and is an Executive Director of the firm and has been with Perpetua since 2014. Patrick is one of Perpetua’s equity and multi-asset class portfolio managers and is also responsible for the portfolio risk management of all portfolios, serving as Chair of the Portfolio Risk Committee.

Patrick has over 26 years in the financial services industry and joined Perpetua from Vunani Fund Managers where he was a Portfolio Manager and Head of Equity Research. Prior to that he was founding member at Mtungwa investment holdings and before that an analyst and portfolio manager at Old Mutual Asset Managers over 8 years. Patrick started out his career at Syfrets Managed Assets, where he started out as an investment analyst and then became a portfolio manager. Patrick holds BCom (Hons) and has completed the Executive Development Programme (EDP) at Stellenbosch University.

Raymond Ndlovu

Raymond is Independent, Non-executive Chairman of the Board, having been appointed in 2016.

Raymond has over 30 years’ experience as a specialist and operational entrepreneur in the financial services sector. He has a broad scope of technical and general management skills and exposure to various aspects of the financial services industry including project & trade finance, asset management, stockbroking/capital markets, venture capital, business development, general management, and mentoring.

Raymond is keenly involved in and passionate about entrepreneurship, business strategy, financial structuring, investments, and transformational leadership in all spheres of corporate and professional life. He has a special interest in ethical leadership and sound corporate governance as strategic imperatives and competitive differentiators.

Raymond holds a BBusS (Hons).

Alida de Swardt

Alida is an independent and non-executive member of the board, since 2019, representing RMI which holds 15% of Perpetua Investment Managers.

Alida joined RMI Investment Managers in April 2016 as Head of Distribution and Marketing and assumed the role of CEO in March 2018.

Alida started her career at RMB in 1999 as part of the derivative structuring business. In 2008 she was appointed as the Head of Sales and Structuring for FICC and then Head of Financial Institutions for Global Markets in 2014. Prior to RMB Alida spent 4 years at the IDC in their International Finance division.

Alida holds a BCom (Hons) in Investment Management.
Refilwe Moloto
Refilwe is an independent and non-executive member of the board, having joined in 2022.

Refilwe has close to two decades of expertise in executive roles in asset management, institutional governance, development economics and experience as a director. She began her career as an Economist & Emerging Market Debt Analyst with Merrill Lynch before joining their Emerging Markets Institutional Equity Sales team. Refilwe joined Investec Asset Management’s in 2010 in their Client Management team. She has been a member of the Sovereign Investor Institute (Africa) where she was Member of the Advisory Board, World Bank Group and IMF annual meetings, the Macroeconomic & Financial Management Institute’s Combined Executive Forum, and the Official Monetary and Financial Institutions Forum. Refilwe currently runs Ambassador Advisory, an investment and strategic advisory firm focused on African economic development. She has also been the host of the “Breakfast with Refilwe Moloto” on Primedia’s CapeTalk radio station where she covers local and global news events, politics, economics and financial markets.

Refilwe holds a BBusSci specialising in Economics.

Lonwabo Maqubela

Lonwabo is Deputy Chief Investment Officer and Portfolio Manager and has been with Perpetua since the firm’s inception. Lonwabo one of Perpetua’s equity and multi-asset class portfolio managers and is also responsible for oversight of all the equity research conducted by the firm.

Lonwabo has over 17 years’ financial services experience, of which the past 14 years have been spent directly in investment management. Lonwabo joined Allan Gray Limited in 2007 as an analyst where he spent 4 years after which he joined Stanlib as an In September 2012, Lonwabo joined Perpetua as one of the firm’s first staff. He is a qualified CA(SA) and CFA charterholder.
Graeme Ronné
Graeme is a Portfolio Manager and joined the firm in 2018. He has portfolio management responsibilities over global equities both within specialist and balanced portfolios and has oversight for the global equity research capability at Perpetua.

Graeme has over 18 years’ direct investment management experience. In 2006 Graeme joined Element Investment Managers as an analyst. In 2013 Graeme then joined Cadiz Asset Management where he held the position of Head of Equities and Portfolio Manager. He holds a BCom (Hons) and is a CFA charterholder.
Pooja Tanna
Pooja is a Portfolio Manager and joined the firm in July 2023. She has portfolio management responsibilities over the fixed income assets both within specialist and multi-asset class portfolios. Pooja heads the fixed income capability at Perpetua.

Pooja has over 18 years financial services experience of which the past 17 years has been spent directly in the field of fixed income. Pooja joined Perpetua from Old Mutual Investment Group where she had been a portfolio manager in the Customized Solutions team. Prior to that Pooja spent 2,5 years at Standard Chartered Bank where she was Head of the Fixed Income Trading Team. The majority of Pooja’s experience has been gained at Nedbank Capital where she spent close to 12 years in various roles but primarily as a senior trader in interest rate derivatives. Pooja has BSc (Hons).
Jeremy Gorven
Jeremy is a Senior Investment Analyst at Perpetua and joined the firm in October 2023. Jeremy is responsible for research and analysis over equities for inclusion in global equity, domestic equity and multi-asset class portfolios.

Jeremy has over 13 years investment experience and joined Perpetua from Stonehage Fleming, where he served as Head of Equity Research (South Africa) and a Portfolio Manager. Jeremy is holds a BBusSci with a specialisation in Finance and is a CFA charterholder.
Thomas Blamey

Thomas is an Investment Analyst at Perpetua and has been with the firm since July 2021. Thomas is responsible for research and analysis over equities for inclusion in domestic equity, global equity and multi-asset class portfolios.

Thomas has over 8 years of experience in the investments industry having worked at Cadiz Asset Management before joining Perpetua.
Thomas has a BCom and is a CFA Level 3 candidate.

Janet Muzenda
Janet is an Investment Analyst at Perpetua and she has been with the firm since 2018. Janet is responsible for research and analysis over equities for inclusion in domestic equity, global equity and multi-asset class portfolios.

Janet joined the firm as a graduate on the firm’s graduate trainee investment analyst programme and has gained all her investment experience to date at the firm. She holds a BBusSci specialising in Accounting with Finance and is a CFA Level 3 candidate.
Brittany Shapiro
Brittany is an Investment Analyst at Perpetua and she has been with the firm since December 2018. Brittany is currently responsible for research and analysis over equities for inclusion in domestic equity, global equity and multi-asset class portfolios.

Brittany joined the firm as a university graduate on the firm’s graduate business analyst programme and spent the first two years gaining experience in business and client services at the firm. Thereafter Brittany specialised in ESG research and moved to dedicated investment analysis in 2022. She holds a BCom (Hons) in Financial Analysis and Portfolio Management and is a CFA charterholder.

Shelton Muzanya

Shelton is an Investment Analyst at Perpetua and he has been with the firm since 2020. Shelton is responsible for research and analysis over equities for inclusion in domestic equity, global equity and multi-asset class portfolios.

Shelton joined the firm as an intern then graduate on the firm’s graduate trainee investment analyst programme and has gained all his investment experience to date at the firm. He holds a MCom.
Nomfundo Mdluli
Nomfundo is a Sustainability Analyst and joined the firm in April 2023. Nomfundo is responsible for contributing to sustainability, responsible investing and ESG specialist tasks at the firm. 

Nomfundo joined the firm from Just Share (Cape Town) where she was an ESG Analyst since 2021.  Prior to that Nomfundo spent a year at First Avenue Investment Management as a Trainee Equity Analyst. Nomfundo holds a BCom and a post graduate diploma in Financial Markets.
Astrid de Castro
Astrid is Head of Operations at the firm, having joined in 2019. Astrid is responsible for overseeing all operational aspects including administration, accounting, legal, risk management and compliance. Astrid has over 11 years industry experience. After completing her articles at Deloitte, Astrid joined KPMG in their Alternative Investments team based in the Cayman Islands. Thereafter, she spent 3 years at BNY Mellon Fund Management as an Assistant Financial Fund Manager. Astrid holds a BSc IT with Finance and is a qualified CA(SA).
Kevin Dantu
Kevin is Head of Clients, having joined the firm in January 2020. Kevin is responsible for business development and client relationship management.

Kevin has more than 20 years of experience in the investment industry and over 30 years of experience in financial services. Immediately prior to joining Perpetua he worked at Franklin Templeton Investment South Africa where he spent seven years as Institutional Regional Sales Manager for sub-Saharan Africa. Prior to that Kevin spent five years at Cadiz Asset Management starting in 2007, and two years at Symmetry Multi-manager (now Old Mutual Multi-Managers) where he was Head of Client Relationship Management at the time of his departure in 2007. Kevin holds a BCom degree having majored in Economics and Finance.

Najma Adams

Najma is Manager of Administration, having joined the firm in 2015. Najma is responsible for managing all client administration requirements.

Najma has 28 years industry experience, having worked at Old Mutual, SMK stockbrokers, PSG and Element Investment Managers. Najma has a Diploma in Accounting.
Nadine Roberts
Nadine is an Investment Performance Analyst, having joined Perpetua in 2018. Nadine is responsible for evaluating, measuring, and reporting on the performance of the investment portfolios.

Nadine has 19 years industry experience, having worked at Cadiz African Harvest Asset Management and Cadiz Asset Management. Nadine holds a National Diploma in Business Computing.
Ashley Walker
Ashley is an Implementation Analyst, having joined the firm in 2020. Ashley is responsible for generating portfolio exposure reports, implementation of investment decisions and preparation of risk reports.

Ashley has 15 years industry experience, having worked at Apex Fund Services (known previously as Maitland Group). Ashley holds a BCom and is a CFA level 1 candidate.

Alexia Morris

Alexia is the Planning and Integration Manager, having joined the firm in 2022. Alexia is responsible for facilities management, marketing and client services support.

Alexia is new to the investment industry but she has 7 years administration and marketing experience at AB Inbev and Klein Constantia Winery. Alexia holds a BSocSci.
Jo-Anne Gopalsamy
Jo-Anne is Investment Team Support, having joined the firm in 2018. Jo-Anne is responsible for administrative support functions for the investment team.

Jo-Anne has 5 years industry experience and holds and National Diploma in Tourism Management.
Nomsa Ngqina
Nomsa is Receptionist and Investment Team support, having joined the firm in 2015. Nomsa is responsible for various administrative duties, such as data entry, preparing documents, and coordinating internal and external meetings.

Nomsa has 8 years industry experience.
Nomvuyo Tyesi
Nomvuyo is part of our office support team and has been with the firm since 2014. Nomvuyo is responsible for maintaining the efficiency and smooth operation of the office.

Nomvuyo worked at Optis Investment Management before coming to Perpetua. She has 11 years industry experience.

Mandisa Kwababa

Mandisa is part of our office support team and has been with the firm since 2018.

Mandisa has 5 years industry experience.
Felicity van Rensburg
Felicity is responsible for catering and office support at the firm. She joined Perpetua in 2016 and has been catering for meetings and staff lunches for 7 years.