44 Coronation_Journey - (single pages) low res

T R A N S FO R M AT I O N

BUILDING A SUSTAINABLE FUTURE

The Coronation transformation journey began at the
genesis of our business more than 20 years ago.

The year was 1993, and South Africa was on the cusp
of true democracy. Fuelled by the collective will to
achieve economic transformation, the foundations
for meaningful social change were laid.

KEY ACHIEVEMENTS

PEOPLE

2000 2016

%
100

80 75

60 55 57 57
46 31
43 13
40 23
The Board:
20 Black

0 Total: SA investment Exco:
Total: Black team: Black Black

Female

2005 OWNERSHIP
2016
Coronation launches the first staff-only empowerment transaction in
South Africa through the sale of 10% of its business to The Imvula Trust
More than 20% black ownership of the business, as measured in
terms of the Financial Sector Code

1993 EDUCATION AND DEVELOPMENT
2007
2012 Founding of the Coronation Bursary Programme
Launch of the Coronation Staff Bursary Fund
Establishment of the Coronation Internal Internship Programme

1996 INDUSTRY

1999 Partners in the launch of Namibia Asset Management, the first
2001 Namibian-controlled asset manager
2004 Founding and funding of African Harvest Asset Management
2006 Founding and funding of Kagiso Asset Management
Establishment of the Coronation Growing Entrepreneurs Programme
Launch of the Coronation Business Support Programme

OUR TRANSFORMATION JOURNEY

OUR TRANSFORMATION JOURNEY

Coronation is built on the founding values
of long-term investing, client centricity and
being performance-driven. Over the years we
have grown to become one of the country’s
leading investment managers, responsible for a
significant portion of the South African savings
pool. We are an investment-led business with
a strong culture of ownership – 25% of the

company is owned by staff.

As an independent, long-term investment manager we understand the importance of
clients. It is in placing our clients’ needs at the forefront of all decision making, that we
have built an enviable track record of exceptional performance across all the portfolios
that we manage.
At Coronation, our greatest assets are our long-term investment philosophy and our
people. We are a meritocracy that greatly values teamwork. We are a group of diverse
and talented individuals who share a passion and responsibility for delivering exceptional
results for our clients.
For more than two decades we have dedicated time and resources to ensure that
real transformation is embedded in our culture, our values and how we do things on
a day-to-day basis.
We understand that for transformation to be effective it has to be meaningful, substantive
and sustainable. It is an integrated component of our business strategy.
Over the years we have made meaningful strides in transforming our business and have
used our influence to effect change across the broader financial services industry. While
by no means at our end goal, we are proud of what we have achieved. In the pages that
follow, we detail our journey to-date.

03

T R A N S FO R M AT I O N
THROUGH OWNERSHIP

From left: Duane Cable – Head of SA Equities; Quinton Ivan – Head of SA Equities Research;
Pallavi Ambekar – Portfolio Manager

04

TRANSFORMATION THROUGH OWNERSHIP

A UNIQUE BUSINESS STRUCTURE
OF EMPLOYEE OWNERSHIP

Staff ownership is an integral part of our culture and a defining characteristic of our
business. From the outset, we have always endeavoured to create an environment where
our people are empowered to make decisions for the long-term benefit of clients and the
business. In living this philosophy our choice of empowerment partner was always clear.

20% DIRECT BLACK OWNERSHIP
as measured in terms of the Financial Sector Code

A SIGNIFICANT NUMBER GIVEN THAT CORONATION IS ONE OF
THE TOP 50 COMPANIES ON THE JSE AND MANAGES ASSETS IN
THE REGION OF R600 BILLION

In 2005, we partnered with our black staff in the creation of The Imvula Trust (Imvula), the
first staff-only black economic empowerment deal in the country. By working exclusively
with our own people, we created a partnership that would have the most meaningful
impact on our business and, over time, achieve true and meaningful social change. In the
creation of a new generation of owners, we made a long-term investment in our people,
our business and the economy.

The transaction was guided by the following key principles:
• achieve true direct economic ownership from inception
• a uniquely ungeared structure
• all current and future black staff of Coronation to participate irrespective of role
• no limitations or rules to trading

Since inception, a total of 187 black individuals have directly benefited from the economic
upliftment afforded through their personal shareholding in Coronation.

The 20% direct black shareholding in Coronation is made up of staff’s direct holdings
and holdings via Imvula.

THE ECONOMIC HISTORY OF IMVULA

1 APRIL 2005 Coronation sells 10% of its shareholding in Coronation
Investment Management (Pty) Limited to the Imvula Trust
(Imvula) at market-related price.

29 AUGUST 2012 Imvula settles all of its remaining debt, enabling all
beneficiaries to participate fully in dividend payments.

28 FEBRUARY 2013 Imvula’s 10% shareholding in Coronation Investment
Management (Pty) Limited converts to a direct 10%
shareholding in Coronation Fund Managers Limited -
unlocking the full value created by the structure through
ease of trade.

05

TRANSFORMING
FROM WITHIN

From left: Charles de Kock – Head of Absolute Return; Kirshni Totaram – Global Head of Institutional Business;
Llewellyn Smith – Chief Operating Officer

06

TRANSFORMING FROM WITHIN

EXCELLENCE THROUGH DIVERSITY

Our people are one of our greatest assets. While we may have grown to become one of
the most successful asset management companies in South Africa, we remain true to our
boutique culture of teamwork, excellence, and being performance-driven.

Coronation is a meritocracy. Every employee has a meaningful and measurable
contribution to make in ensuring our continued success. After all, it is on their collective
intellect, capability and motivation that the business depends every day.

Over the years, we have successfully recruited, trained and retained exceptional black
talent; some of whom now hold critical management roles within the business: 75%
of our executive committee are black; more than half of our total South African staff
complement are black and 55% are female, and within the South African investment
team of 47 individuals, 43% are black.

The current skills deficit experienced across many sectors of the country’s economy
means that black talent is hard to find and even harder to retain. To assist in growing and
deepening the investment industry’s pool of talent we have created a number of internship
programmes (detailed overleaf) as well as permanent black trainee analyst roles within
our investment team. Our intention in creating this pipeline of skills development is to
nurture great talent for our business and the industry as a whole.

To ensure that our staff complement reflects the citizens of the country, and that
diversity prevails across all levels of the business, we follow a disciplined recruitment
and selection process.

TRANSFORMING OUR BUSINESS FROM WITHIN

TOTAL STAFF 57% of total SA staff are black
55% of total SA staff are female
3 out of 5 managers that run operational and client-facing
departments are black

SA INVESTMENT 43% black
TEAM 3 out of 6 senior managers within the investment team are black
6 out of 13 portfolio managers are black

EXECUTIVE TEAM 75% of the executive committee are black
AND BOARD 57% of the board of directors are black

07

TRANSFORMING FROM WITHIN

ENCOURAGING PEOPLE
TO GROW CONTINUALLY

The ongoing development of people is critical to our success and to the success of the
industry. While we may not always be in a position to meet the career aspirations of
every employee, we facilitate their growth and play an important role in their training and
development. We are proud of the numerous investment analysts and operations staff
who have since left our employ to take up senior positions in the financial services industry.
All employees, irrespective of role or tenure are encouraged to deepen their knowledge
and skills through on-the-job learning, part-time study and by attending conferences
and workshops. In addition, we offer support in the form of the Coronation Mentorship
Programme and independent coaching where requested. The mentorship programme
provides guidance on the company culture and work environment, as well as industry
insight. Across the business, we currently have 20 trained mentors who offer guidance to
both staff and students on our bursary programme. In terms of coaching, this individual
support programme is offered where staff members identify the need to establish certain
skills and techniques that will enable them to reach their full potential.
Each year, we dedicate significant spend to achieving this critical component of our
performance-driven culture.

In developing the pipeline of talent, we currently offer two paths for graduate trainees:

Internal internship
This extremely successful two-year work experience programme for unemployed
graduates was launched in 2012. Over the past four years, a total of 35 graduates have
benefited from our programme: 17 are currently on the programme (15 of whom are
black) and of the original 35, 14 have been employed in permanent positions within our
client-facing business areas (9 of whom are black).

External internship
To further transform the industry through the development of much needed skills, we
launched the external internship programme in 2015. The programme is run in partnership
with three of our suppliers: Solve, Maitland Fund Services and E-Comply, each offering
a graduate internship for periods of 12 - 18 months. In addition, our highly successful
business support programme, launched in 2006, has an explicit focus on training and
development of the country’s black stockbroking industry (full details on page 16 – 19).

08

TRANSFORMING FROM WITHIN

From left: Tumisho Motlanthe – Investment Analyst; Nishan Maharaj – Head of Fixed Interest Research;
Neill Young – Portfolio Manager

09

TRANSFORMING FROM WITHIN

GROWING YOUNG TALENT

Since 1993, almost 100 bright, young, previously disadvantaged students from
underprivileged areas all over South Africa have been given the chance to achieve
their dream of a better future through the Coronation Bursary Programme.
The programme funds full tertiary bursaries to study at any recognised university within
South Africa, awarded on merit and financial need. Over the period of study, students
are supported by trained tutors and matched with a Coronation mentor to assist with
integration into university life. Furthermore, all students have the opportunity to gain
practical work experience through vacation work, primarily at our Cape Town head office.
Candidates also have the opportunity to be financed by the Coronation Staff Bursary
Fund, which was created in 2007 through voluntary donations made by Coronation
staff. In this instance, funding has typically been allocated to bursars of the Coronation
Bursary Programme who have expressed a desire to complete a post-graduate degree
or Masters programme.
In acknowledgement of the vital role played by education in releasing individuals from
a life of poverty, we extended our reach to include high school students in 2012. Since
then, we have provided 62 scholarships to previously disadvantaged students through
our involvement with the South African Innovative Learning Intervention.

156

BURSARIES AND SCHOLARSHIPS ALLOCATED
TO DESERVING YOUNG SOUTH AFRICANS

10

TRANSFORMING FROM WITHIN

From left: Dumisani Chiume – Research Analyst; Kanyane Matlou – Investment Analyst;
Nwabisa Mkhuzo – Receptionist; Riaan van Niekerk – Head of Information Systems

11

TRANSFORMING AND
GROWING OUR INDUSTRY

From left: Aviwe Panya – Communications co-ordinator: Personal Investments;
Anton Pillay – Chief Executive Officer; Pieter Koekemoer – Head of Personal Investments;
Zukisa Luswazi – Investment Analyst; Valda Daniels – PA: Personal Investments;
Abdurahiem Abrahams – Client Service Consultant

12

TRANSFORMING AND GROWING OUR INDUSTRY

ENTERPRISE DEVELOPMENT

Pre-dating black economic empowerment legislation in South Africa, we pioneered
a number of corporate initiatives that have contributed to transformation and the
development of skills in the asset management and financial services industry in
Southern Africa.

Our most notable successes include:

• Partnering in the launch of the first Namibian-controlled asset manager
to form Namibia Asset Management in 1996

• The establishment and funding of African Harvest Asset Management
in 1999 (subsequently bought out by Cadiz Asset Management)

• The launch of Kagiso Asset Management, a joint venture with
Kagiso Trust Investments, in 2001

• AFRICAN HARVEST ASSET MANAGEMENT
(subsequently bought out by Cadiz Asset Management)

OUR INVOLVEMENT A joint venture between Coronation Holdings and the
National Empowerment Corporation (as it was known at the
time), African Harvest Limited was listed on the JSE in 1998
primarily as an empowerment capital raising business.

At inception, Coronation Fund Managers’ then CEO,
Leon Campher, took on the role of African Harvest CEO.
The primary operating subsidiaries were the asset
management and investment banking businesses.

KEY HIGHLIGHTS The asset management business continues as Cadiz Asset
Management and the investment banking business as
Vunani Securities. A significant number of the industry’s
leading players were part of the African Harvest stable.

Continued overleaf.

13

TRANSFORMING AND GROWING OUR INDUSTRY

• NAMIBIAN HARVEST
(today Namibia Asset Management)

OUR INVOLVEMENT Launched in 1996. A joint venture between Coronation and
a group of Namibian shareholders, led by the late Aaron
Mushimba. The first Namibian-controlled asset manager in
Namibia.

In terms of the arrangement, Coronation was responsible
for all operational (asset management and infrastructural)
aspects of the business, including the training and transfer
of asset management skills to Namibian employees.

KEY HIGHLIGHTS Namibia Asset Management continues to operate as a
listed Namibian entity, managing N$20.4bn in assets
under management. It is one of the most successful asset
management companies in Namibia.

• KAGISO ASSET MANAGEMENT

OUR INVOLVEMENT Established in 2001 as a subsidiary (51%) of the South African
empowerment group Kagiso Trust Investments, Coronation
was a significant shareholder and partner with a 49% share in
the operation.

The business was created as a result of the strong business
relationship between Coronation and Kagiso Trust
Investments. Coronation was a 25% shareholder in Kagiso
Trust Investments and enjoyed a long-standing working
relationship with Eric Molobi (a Coronation board director for
many years) and JJ Njeke.

Coronation provided the initial infrastructure (offices, dealing
desk, unit trust licence), resources and training of employees
until such time as Kagiso Asset Management became self-
sustaining and profitable.

KEY HIGHLIGHTS In 2005, Coronation sold its shareholding in Kagiso Asset
Management to key staff members, thereby facilitating
an owner-managed, black empowered business that now
manages R49bn in client assets.

As at 31 March 2016

14

TRANSFORMING AND GROWING OUR INDUSTRY

From left: Beverley Duncan – PA: Investments; Wardah Moerat – PA: Investments;
Camilla Nordien – Remuneration Specialist; Sean Morris – Lead Fund Manager SA Institutional Business;
Laurenda Prins – PA: Investments; Sameer Adams – Team leader: Business Engagement and Operations

15

TRANSFORMING AND GROWING OUR INDUSTRY

CORONATION BUSINESS
SUPPORT PROGRAMME

As an asset management company, we are responsible for the procurement of
stockbroking services on behalf of our many clients. Those stockbroking houses that
comprise our list of preferred suppliers are required to ‘qualify’ on a number of criteria
and, over the years, the allocation to black stockbrokers has increased consistently.

In 2006, we identified the opportunity to introduce a ground-breaking and ambitious
approach to transform the South African stockbroking industry. As a custodian of a
significant portion of the South African savings pool we used our ‘purchasing power’
to launch The Coronation Business Support Programme - a sustainable and effective
intervention to grow niche black stockbrokers that, since inception, has allocated more
than R200 million to its participants.

Our starting point was to conduct an exhaustive process of tenders and due diligence to
hand-pick a small number of niche black stockbrokers to participate in our programme.
This was a vital step in our approach as our aim was to provide not only upfront financial
allocations, but also measurable support and assistance in the development of long-
term sustainable businesses.

AN ACTIVE ROLE IN SHAPING THE
ASSET MANAGEMENT INDUSTRY

From the outset, we committed a minimum of 10% of our South African equity annual
brokerage to successful participants. This we committed upfront for a period of three to
five years, enabling the participants to hire staff, develop resources and plan for the longer
term (key highlights are detailed on pages 18 and 19). The participants also benefited
from our operational and strategic management support and guidance in managing and
growing strong and sustainable enterprises. This vital component of the programme
has over the past 10 years (a period of significant change in the stockbroking industry)
proven invaluable. Were it not for the insights and hands-on support of Coronation
management and staff, many of these companies would not be in existence today.

The transformation enabled by the programme has been both material and meaningful,
with some businesses having evolved into sustainable stockbroking houses with value-
added offerings to the investment community as a whole. The growth in earnings and
staff numbers can be measured in the success of the various bespoke training and
development programmes as well as in the enhanced service offerings to their clients.
Additionally, this enormously successful initiative has inspired the launch of a broader
industry programme with the aim of further transforming and strengthening the black
stockbroking community. In collaboration with the Association for Savings and Investment
South Africa (Asisa), four leading industry participants (sponsors), of which we are one,
launched this new and exciting programme on 1 August 2016.

16

TRANSFORMING AND GROWING OUR INDUSTRY
17

TRANSFORMING AND GROWING OUR INDUSTRY

PROGRAMME ACHIEVEMENTS SINCE JOINING THE CORONATION
PARTICIPANTS PROGRAMME
VUNANI SECURITIES
• Participant since 2006 Vunani Securities has been a programme participant
• BEE ownership level: 77.5% for more than 10 years. Over this period their business
• BEE verification level: Level 2 has grown to become a significant player in the industry,
focusing on domestic stocks and a broad covering in the
THEBE STOCKBROKING mid-cap segment of the market.
• Participant since 2006
• BEE ownership level: 100% As a result of their participation, they have grown their
• BEE verification level: Level 1 service offering to their clients, and have increased their
research coverage to include the mining sector. They
AFRIFOCUS SECURITIES have also greatly expanded their training capability as
• Participant since 2006 part of the Vunani Securities Training Academy. Vunani
• BEE ownership level: 100% Securities is a registered financial service provider and
• BEE verification level: Level 1 full service stockbroker member of the JSE.

Founded in 1969, Thebe is an independent full service
brokerage, offering services to both the private client
and institutional market.

As a founding participant, Thebe has been able to
greatly expand its service offering. For institutional
investors it established an independent small-mid cap
research team, providing access to company managers
for small- to medium-sized fund managers. For retail
investors it offers bespoke portfolio construction, daily
trading strategies via a mobile platform and investor
education sessions. In terms of training, it launched a
graduate development programme, providing financial
markets experience and training in the areas of research,
trading and fund management. Thebe is also currently
structuring an Enterprise Development Mentorship
Programme for black financial services intermediaries in
conjunction with the Thebe Foundation and University
of Johannesburg. The programme is aimed at improving
the quality and number of intermediaries in financial
services so as to broaden access to financial services for
middle market investors.

A stockbroker member of the JSE since 2000, Afrifocus
offers services to institutional and private clients across
South Africa.

Since joining the Coronation programme in 2006, Afrifocus
has expanded its company coverage and established
a graduate skills transfer programme. Graduates of the
training programme continue to work in the industry,
including some of the largest asset managers and banks
in the country. Africocus recently secured an exclusive
partnership with CM-CIC, a large global brokerage
firm, that will provide them with growing access to SA
dual-listed and macro-economic strategy research.

18

TRANSFORMING AND GROWING OUR INDUSTRY

PROGRAMME OVERVIEW OF COMPANY AND ACHIEVEMENTS
PARTICIPANTS SINCE JOINING THE CORONATION PROGRAMME
PRESCIENT SECURITIES
• Participant since 2009 Founded in 1999, Prescient Securities (PSec) is a
• BEE ownership level: 52.6% niche BEE stockbroking firm primarily focused on the
• BEE verification level: Level 2 institutional market.

LEGAE SECURITIES Since joining the Coronation programme in 2009, PSec
• Participant since 2006 has established an experienced team that can trade
• BEE ownership level: 57.8% across all asset classes both locally and internationally.
• BEE verification level: Level 1 The firm has also built a highly-rated research team
that offers various value-added services. Over the
LEFIKA SECURITIES past five years, the company has deepened its training
• Participant since 2013 and mentorship programme to provide meaningful
• BEE ownership level: 60% opportunities for a sizeable number of black employees
• BEE verification level: Level 1 to attain relevant academic qualifications.

As at 31 March 2016 Founded in 1996, Legae was the first black-owned and
managed stockbroking firm registered as a member of
the JSE. It offers equity brokerage services and boutique
research to institutional, corporate and private clients.

While Legae has actively trained and developed
previously disadvantaged individuals for 20 years, as
a participant of the Coronation programme it has been
afforded the opportunity to launch new structured
graduate training programmes and courses. The
company’s aim is to offer one of the best graduate
programmes for stockbrokers in the country. In addition,
Legae has been able to expand its technical and external
research capabilities as a result of the programme.

Founded in 2004, Lefika Securities offers equity and
fixed income brokerage, equity analysis, as well as
research services to more than 50 clients including
pension funds and asset managers.

A direct result of becoming a programme participant
has been the launch of a new two-year graduate training
programme focused on training black females.

19

TRANSFORMING AND GROWING OUR INDUSTRY

PREFERENTIAL PROCUREMENT

Our holistic approach to preferential procurement affords us the opportunity to
meaningfully contribute to the economic growth and empowerment of all South Africans.
Through this programme we aim to broaden our reach to a growing number of
predominantly black-owned and black female owned supplier businesses, thereby
encouraging the formation of new enterprises and the creation of much needed
employment opportunities.

BROADENING OUR REACH
TO B-BBEE ACCREDITED SUPPLIERS

The strict implementation of our procurement policy guides the continual increase in
the procurement of services from B-BBEE accredited suppliers. It also requires that
we identify potential future B-BBEE accredited suppliers.
Through our supplier oversight programme, regular due diligences are conducted
to confirm existing and prospective supplier credentials. Where necessary we exert
our influence over those suppliers where transformation progress is in conflict with
our procurement policy, or the objectives upon which we have agreed with suppliers.
We remain committed to awarding a greater proportion of spend to empowered
suppliers over time.

INDEPENDENT FINANCIAL ADVISER
(IFA) DEVELOPMENT PROGRAMME

We are a sponsor and funder of Asisa’s IFA Development Programme, launched in late
2015. The aim of this programme is to provide business development support to black
IFAs by equipping them with practical practice management skills and knowledge.
The programme also includes an IFA internship for talented black individuals to
gain theoretical knowledge and practical work experience at one of the country’s top
IFA practices.

20

TRANSFORMING AND GROWING OUR INDUSTRY

From left: Clinton Martin – Financial Manager;
Nur-Reza Salie – Financial Accountant;
Pranay Chagan – Fund Manager SA Institutional Business

21

TRANSFORMING THE
BROADER COMMUNITY

From left: Mark Le Roux – Head of Fixed Interest;
Natasha Miller – Head of International Operations;
Christa Cousins – Client Relationship Manager;
Andile Moko – Client Relationship Manager;
Cecilia Lekoma – Client Relationship Manager

22

TRANSFORMING THE BROADER COMMUNITY

UPLIFTING SOCIETY

The foundation of society rests on the communities in which we operate and to which
our people return home each day. Our role as a business is to create opportunities that
will empower individuals by establishing and contributing to long-term programmes that
result in meaningful change to people’s lives.
A truly uplifting intervention that has positively impacted economic development, job
creation and poverty alleviation in rural and peri-urban communities across South Africa
is the Coronation Growing Entrepreneurs Programme.
Pioneered in 2004, in collaboration with the South African Institute for Entrepreneurship,
the programme trains small-scale emerging farmers across South Africa in the areas
of good governance, financial management, practical and legal aspects of farm
operations, and recordkeeping, with the aim of commercialising their efforts into a
sustainable business.

4 500

SINCE INCEPTION, THE CORONATION GROWING ENTREPRENEURS PROGRAMME
HAS CONTRIBUTED TO THE CREATION OF MORE THAN 4 500 SMALL-SCALE
BLACK EMERGING FARMERS ACROSS SOUTH AFRICA

Our long-term investment in the upliftment of society since 1993 is reflected in our many
inspiring corporate social investment programmes. Full details of these can be found in
the Corporate Social Investment section of our website, www.coronation.com.

23

We believe that true transformation can only
be meaningful, substantive and sustainable if

it is treated as a long-term commitment.
Our unique approach to transformation is consistent
with our key values and is embedded in our culture.

Coronation is a Level III contributor in terms
of the Financial Sector Code.

OUR TRANSFORMATION VIDEO CAN BE VIEWED ON OUR WEBSITE:
WWW.CORONATION.COM/ZA/INSTITUTIONAL/TRANSFORMATION

24

From left: Anton Pillay – Chief Executive Officer; Alexandra Watson – Independent Non-Executive Director;
John Snalam – Chief Financial Officer; Judith February – Independent Non-Executive Director;
Shams Pather – Independent Non-Executive Chairman; Lulama Boyce – Independent Non-Executive Director;
Jock Mckenzie – Independent Non-Executive Director

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