30 September 2021
NEWS & OPINION
PROFILE
Omri Thomas Investment Manager, Abax Investments & Fund Manager, Nedgroup Investments Opportunity Fund
How did you get involved in financial services – was it something you always wanted to do? I started investing while still at school and always knew I wanted to be in investments. The JSE ran an investment competition at the time, and I was constantly managing my demo portfolio. I made some investments in small caps that really paid off. To this day, small caps remain one of my favourite parts of the market when it comes to picking up undervalued stocks.
What have been your best – and worst – financial moments? Being an early investor in Naspers was one of my best financial moments. It is phenomenal to see the value that Naspers has created for the South African savings industry over the years. One of my worst financial moments was when Marcus Jooste resigned as CEO in 2017 and the fraud committed at Steinhoff was exposed. This remains one of the lowest points in South African corporate history.
What was your first investment, and do you still have it? One of my first investments was the original M-Net, which housed Nasionale Pers’s electronic pay-television media business. Within this business, Multichoice was also born. I don’t have the stock anymore. Sadly, I sold my shares in 1991 to fund my 21st birthday party. This remains one of my most expensive parties, in hindsight!
What’s the best book on investing you’ve ever read, and why would you recommend it to others? Reminiscences of a Stock Operator by Edwin Lefevre was written in 1923 and was inspired by the colourful life of a share trader called Jesse Livermore. Many of the lessons expressed in the book are still valid today. Red Notice by Bill Browder reads like a thriller, but it is a real-life account of corruption in Russia under Putin.
“It is phenomenal to see the value that Naspers has created for the South African savings industry over the years” What’s your view on Bitcoin and other cryptocurrencies? Cryptocurrencies are referred to as digital gold. The attraction is limited supply, giving investors/holders the belief that real value is preserved. While I can see the attraction, it is difficult to see wholesale adoption of cryptocurrencies until transacting speed and ability is sorted out. Until then, they remain a fringe asset class dominated by speculators and illicit activity proceeds. There have been plenty of crypto schemes, and investors need to tread carefully when investing here.
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VERY BRIEFLY Jurgen Boyd has been appointed as an independent non-executive director of Sygnia. He retired from the position of Divisional Executive for Market Integrity Supervision at the FSCA at the end of March this year. After qualifying as a Chartered Accountant and before joining the regulator in 2000, he held various roles in the private sector as an accountant, auditor, financial manager, business consultant and financial director. At the FSCA he was responsible for conduct oversight of market infrastructures (including stock exchanges and central securities depositories) as well as over-the-counter derivatives providers and rating agencies. Prior to this he had executive, regulatory and supervisory responsibilities in different sectors of the financial services industry, including the pensions and collective investment schemes industries. Independently owned international Multi Family Office, Stonehage Fleming, has agreed to acquire the Private Client Services business of Maitland, a privately owned global advisory, administration and family office firm. On completion of the transaction, which is subject to regulatory Chris Merry approval in a number of jurisdictions, the business will transfer to Stonehage Fleming, bringing legal, fiduciary, corporate and investment management services capability in nine locations worldwide. The transaction will add £1bn of AUM and £15bn of AUA, taking Stonehage Fleming’s AUM to over £16bn and AUA to over £60bn. Chris Merry, Stonehage Fleming Group CEO, says, “This is an exciting time for Stonehage Fleming; we have the scale, the range of services and practical wisdom developed over many years to be the partner of choice for successful families and wealth creators. We have known and admired Maitland’s Private Client Services business for many years and are looking forward to welcoming their management, people and clients to Stonehage Fleming.” African law firm Bowmans has appointed tax specialist Mike Benetello as an executive in its Johannesburg tax practice, further consolidating its strengths in mining, corporate, M&A and international tax. Deputy chairman Ezra Davids says, “Over the past few years we Mike Benetello have concentrated on expanding our Africa-wide tax practice to meet the growing needs of our clients across the continent. While we have made excellent strides in pursuit of this goal, Mike’s 22 years’ experience in complex taxation matters is another significant gain for our tax practice and our clients.” Benetello joins Bowmans from ENSafrica, where he was tax executive and joint tax practice head, focusing mainly on mining tax, corporate tax and international tax. He was previously at auditing firm PwC, where he was Africa - Head of Tax: M&A and Johannesburg head of corporate and international tax.
