Money, Markets and Masterminds

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.

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.

In this episode of Money, Markets, and Masterminds, Analytics Multi-Manager CIO Daniel Schoeman argues that the real test of a fund manager comes during periods of stress and underperformance, when philosophy, process and decision-making discipline are exposed. He explains why diversified portfolios are intentionally designed to avoid extreme drawdowns, even if that means lagging peers in strong markets, and why consistency matters more than topping performance tables over a single year.



Listen for Schoeman’s views on why underperformance can be a signal rather than a red flag, how DFMs think about drawdowns and diversification, and why portfolios should be designed for client behaviour as much as for markets.

This episode of Money, Markets, and Masterminds marks the launch of an exclusive monthly Citywire South Africa series with the financial regulator, offering a behind-the-scenes look at how regulation is evolving as technology reshapes the industry. Editor Ruan Jooste is joined by Nolwazi Hlophe, senior fintech specialist at the Financial Sector Conduct Authority (FSCA) and co-author of the joint FSCA–Prudential Authority report on artificial intelligence in the local financial sector. Drawing on the first comprehensive, data-driven study of AI adoption across banking, insurance, asset management, pensions and fintech, the discussion separates hype from reality.



The conversation explores where AI is already delivering tangible benefits, where adoption remains cautious, and how issues such as bias, explainability, accountability and systemic risk are shaping regulatory thinking. It also examines why AI governance is no longer a technical issue, but a board-level responsibility, with human oversight remaining non-negotiable.

This Citywire South Africa exclusive sets the tone for a monthly series designed to unpack the rules, the red tape and the regulatory judgement calls shaping the future of South Africa’s financial system.

What does it really take to navigate 2026 without falling into the prediction traps that derail so many investors? In this final Mind Over Markets with Morningstar episode on Money, Markets, and Masterminds, Citywire South Africa sits down with Dan Kemp, Chief Research and Investment Officer at Morningstar to unpack the firm’s flagship Morningstar 2026 Global Outlook.

From the dangers of overconfidence and the behavioural pitfalls triggered by uncertainty, to the rise of AI-driven concentration, shifting currency valuations and where genuine value is emerging across South Africa, the UK and China, this conversation cuts through the noise and focuses on what matters most: preparation.

If you want a clear, grounded framework for the year ahead – one that helps you keep clients invested, disciplined and resilient – you will not want to miss this episode.