Ghost Stories

For more than 25 years, Satrix has helped South Africans access local and global markets through ETFs. Now, the business is taking that expertise beyond the country's borders, with listings in Namibia, Botswana and Kenya as it works to bring simple, low-cost investment solutions to a new generation of African investors.

In this episode of the Ghost Stories podcast, The Finance Ghost is joined by Duma Mxenge, Head of Business and Market Development at Satrix, to unpack the opportunities and challenges of expanding ETFs across the continent.

From navigating regulations and market infrastructure to understanding what investors in different African countries actually want, Duma shares insight into the work being done behind the scenes to build deeper, more accessible capital markets.

We also explore why demand for global exposure is often stronger than demand for local equity products, whether an Africa-focused ETF is realistic any time soon, and what the future may hold for cross-border investing on the continent.

In this episode, we cover:

Why Satrix believes the time is right to expand beyond South Africa

The journey from initial research in 2019 to listings in Namibia, Botswana and Kenya

Why African investors are increasingly looking for global market exposure

The popularity of products tracking the S&P 500, MSCI World and Nasdaq 100

How ETFs can help deepen African capital markets

The regulatory, liquidity and operational challenges of cross-border ETF listings

Why institutional and retail investors are responding differently to these products

The importance of education, distribution and local partnerships

Whether an Africa-wide equity ETF is a realistic prospect

Alternative ways for South African investors to gain exposure to growth elsewhere on the continent

The role Satrix hopes to play in building Africa's investment ecosystem over the coming decades

Disclaimer:

Satrix Investments (Pty) Ltd is an approved financial service provider in terms of the Financial Advisory and Intermediary Services Act, No 37 of 2002 (“FAIS”). The information above does not constitute financial advice in term of FAIS.

Satrix Managers (RF) (Pty) Ltd a registered and approved Manager in Collective Investment Schemes in Securities. Collective investment schemes are generally medium- to long-term investments. With Unit Trusts, Exchange Traded Funds (ETFs) and Actively-managed ETFs (AMETFs), the investor essentially owns a “proportionate share” (in proportion to the participatory interest held in the fund) of the underlying investments held by the fund. With Unit Trusts, the investor holds participatory units issued by the fund while in the case of an ETFs and AMETFs, the participatory interest, while issued by the fund, comprises a listed security traded on the stock exchange.  ETFs and AMETF are registered as a Collective Investment and can be traded by any stockbroker on the stock exchange, LISP platforms and or via online trading platforms. ETFs and AMETFs may incur additional costs due to being listed on the JSE. Past performance is not necessarily a guide to future performance, and the value of investments / units may go up or down. A schedule of fees and charges, and maximum commissions are available on the Minimum Disclosure Document or upon request from the Manager. Collective investments are traded at ruling prices and can engage in borrowing and scrip lending. Should the respective portfolio engage in scrip lending, the utility percentage and related counterparties can be viewed on the ETF and AMETF Minimum Disclosure Document. The index, the applicable tracking error and the portfolio performance relative to the index can be viewed on the ETF and AMETF Minimum Disclosure Document.

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Burstone has evolved from a traditional property company into something very different. Instead of relying on shareholders to fund growth, the company is increasingly using institutional partners and private capital to scale its platform.

But can that model deliver the returns that investors are looking for?

In this episode of Ghost Stories, Andrew Wooler (CEO of Burstone Group) joins The Finance Ghost to unpack the thinking behind the strategy.

This includes details on the launch of the Core Plus platform in South Africa with Nedbank Property Partners, as well as a reflection on the Blackstone journey in Europe.

Along with more technical concepts like first-loss exposure and the ring-fencing of debt, this podcast offers a great insight into how Burstone uses "Other People's Money" to drive returns.

In this episode, we cover:

Why Burstone moved away from the traditional REIT growth model

The logic behind the Nedbank Property Partners Core Plus platform

What went wrong, and what was learned, from the Blackstone partnership

First-loss exposure, ring-fenced debt and look-through gearing explained

Whether Burstone's platform strategy can ultimately drive stronger returns for shareholders

This podcast has been sponsored by Burstone, but The Finance Ghost was allowed to ask whichever questions he felt were most pertinent for an investor audience. Please always do your own research and do not treat this as an endorsement of the stock.

Chapters

(00:00:00) - Intro
(00:01:48) - How Burstone evolved from Investec Property Fund
(00:05:35) - The platform strategy: using partner capital to grow
(00:10:03) - Private capital vs. public markets
(00:12:15) - The Core Plus platform in SA explained
(00:17:54) - What happened in Europe with Blackstone?
(00:22:14) - First-loss exposure explained
(00:24:11) - Ring-fenced debt, recourse and the loan-to-value ratios
(00:28:39) - Burstone’s outlook and long-term strategy

Debt has never been simple, but the shift from JIBAR to ZARONIA has added a whole new layer of complexity.

In this episode of Ghost Stories, The Finance Ghost is joined by Ian Norden of Intengo Market to unpack what South Africa's new benchmark rate means for borrowers, lenders and treasury teams, and why debt management is becoming increasingly data-intensive.

From covenant tracking and hedging strategies to AI-powered administration and access to capital markets, the discussion explores the real-world challenges facing CFOs and treasurers. Ian explains how Intengo is helping companies move beyond spreadsheets, improve governance and unlock funding opportunities in a rapidly evolving debt landscape.

In this episode, we cover:

Why the transition from JIBAR to ZARONIA is changing the way debt is managed

The hidden operational risks that come with growing debt portfolios

How poor administration can affect lender relationships and funding outcomes

The role of AI in treasury management, covenant tracking and debt reporting

How Intengo helps corporates access funding while reducing complexity and manual effort

Ready to learn more? Visit the Intengo Market website here and connect with Ian on LinkedIn here.

A year after becoming the first JSE-listed company to join Ghost Stories for a results podcast, STADIO returns to discuss the next chapter of its growth journey. CEO Chris Vorster and CFO Ishak Kula unpack how the group reached its 56,000-student target and, more importantly, how it plans to grow to 80,000 students by 2030 while maintaining academic quality, affordability and attractive returns on capital.

The conversation explores the building blocks of the STADIO growth formula, from new campuses and blended learning to operating leverage and curriculum development. We also discuss employability, the role of industry partnerships, the Springboks sponsorship, and why management believes the group can continue expanding while investing heavily in the future.

In this episode, we cover:

The roadmap from 56,000 students today to 80,000 students by 2030

How STADIO balances contact, distance and blended learning

The economics of operating leverage in higher education

Campus expansion plans and capital allocation priorities

Why management believes the Springboks partnership will help build the STADIO brand

This podcast has been sponsored by STADIO, but The Finance Ghost was allowed to ask whichever questions he felt were most pertinent for an investor audience. Please always do your own research and do not treat this as an endorsement of the stock.

Changing auditors is not something most CFOs do often, but when the moment arrives, the decision can have far-reaching implications for governance, stakeholder confidence and the effectiveness of the audit process.

In this episode of Ghost Stories, The Finance Ghost is joined by Yolandie Ferreira, Head of Africa for Forvis Mazars Africa, to explore what companies should consider when appointing a new auditor and why the process is about much more than compliance.

From audit quality and industry expertise to AI, auditor independence and sustainability assurance, the discussion unpacks the factors that separate a routine audit from a truly valuable audit relationship. Whether you're preparing for an auditor transition or simply want a better understanding of how modern auditing creates trust and accountability, this episode offers practical insights from the front lines of the profession.

In this episode, we cover:

Why companies change auditors and how CFOs should approach the transition

Common misconceptions about auditing, fraud detection and audit quality

The role of industry expertise, geographic reach and auditor relationships

How AI is changing audit processes while leaving human judgment at the centre

Why sustainability assurance is becoming increasingly important for businesses and stakeholders