Remarks by President Cyril Ramaphosa at the Ninety one 30th Anniversary Celebrations

Founder and CEO of Ninety One, Mr Hendrik du Toit,

Chairman of Ninety One, Mr Gareth Penny,

Executive Mayor of the City of Cape Town, Mr Geordin Hill-Lewis,

His Excellency Antony Phillipson, British High Commissioner to South Africa,

Khosi Livhuwani Matsila of the Matsila Royal House,

Management, staff and clients of Ninety One,

Distinguished Guests,

Ladies and Gentlemen,

It is a great pleasure to celebrate this milestone with all those people who have been part of the Ninety One journey.

It is a journey that began back in the tumultuous times of the early 1990s when Investec Asset Management first opened its doors.

I have been privileged to have been associated with Ninety One in various capacities over the years, including during my time as Chairperson of SASRIA.

Ninety One is a proudly South African firm with a truly global footprint.

Investec Asset Management was founded by a small bank with a reputation for innovation and disruption.

It was founded at a time when the local asset management industry was dominated by the life insurance companies.

Over the past three decades it has established itself within the industry.

With its listing as an independent entity in 2020, it came of age.

True to its founding ethos, Ninety One continues to invest for a world of change.

And it continues to pursue change.

It is a firm committed to transformation and gender equality.

Ninety-One has signed the Women in Finance Charter, and, I understand, hopes to achieve a global target of 30% of women in senior management by 2023.

It is truly commendable that half of the Board of Directors are women, and that in the 2020 reporting period Ninety One increased the number of women in senior management from 26% to 28% globally.

It says much about the firm’s vision that it recently joined the Net Zero Asset Managers Initiative to support investing that is aligned with the goal of net-zero emissions by 2050 or sooner.

This 30-year journey has not been without its challenges and difficulties.

Yet, Ninety One has persevered and made its mark on the domestic and international investment landscape, and will no doubt continue to do so well into the future.

We understand Ninety One’s vision and ambitions to be closely aligned with our national goals – to improve the lives of all South Africans, to attract greater investment, and to grow and transform our economy so it benefits all our people.

We are pursuing these goals at a time when the South African economy, alongside the economies of many countries, is confronting strong headwinds.

Just as we have not been spared the economic impact of the global COVID-19 pandemic, so too will South Africa be affected by the conflict between Russia and Ukraine.

We are already seeing the impact of the conflict on global commodity prices and, should the conflict continue, we will see its effects on many parts of our economy and in the daily lives of our people.

It is therefore vital that the international community work with the governments of Russia and Ukraine to end hostilities now and achieve a meaningful and lasting peace.

As a country, we are firmly focused on driving growth and creating employment.

Real GDP grew by 1.2 per cent in the fourth quarter of 2021, taking the annual growth rate for 2021 to 4.9 per cent.

The annual increase in real GDP in 2021 was primarily led by higher economic activity in finance.

This shows that our economy is recovering.

But even as we expect 2.1 per cent growth this year, it is far below the levels we need.

It is not enough to turn the tide on unemployment and to lift millions of South Africans out of poverty.

That is why in this year’s State of the Nation Address, I called for a new consensus for growth and employment.

We need to deepen our cooperation, build on progress in the implementation of the Economic Reconstruction and Recovery Plan, and focus our collective capabilities on unlocking the potential of our economy and our people.

We are emerging from a period of significant turbulence and stagnation.

But day by day, month by month, we are making headway in addressing the many challenges that have deterred investment and undermined growth.

There has been progress in the implementation of much-needed structural reforms in vital economic sectors, notably in energy generation.

Last week, we began the auction of high frequency communications spectrum, unlocking new spectrum for mobile telecoms for the first time in over a decade.

We are improving operational efficiency in our ports and railways, streamlining and modernising visa application processes to attract skilled workers, and providing the necessary support for small businesses to expand and grow.

A specialised Unit in the Presidency will be dealing with red tape reduction to improve the business operating environment.

Through the Economic Reconstruction and Recovery Plan our national infrastructure build programme is proceeding apace.

The Infrastructure Fund is preparing a pipeline of projects with an estimated value of R96 billion, with a number of catalytic projects expected to start construction this year.

We are working on strategies to harness the potential for new growth industries ranging from cannabis production to electric vehicles to green hydrogen.

Stakeholders have finalised new master plans for the steel industry, furniture and global business services as part of revitalising our manufacturing base.

The conclusion of the Just Energy Transition Partnership last year will support our just transition to a low-carbon, climate resilient and inclusive economy and society.

We have set up the Presidential Climate Finance Task Team, led by former Reserve Bank Deputy Governor Daniel Mminele, to mobilise funds towards the just transition.

We are dealing with the insidious effects of corruption that have been laid bare in the hearings of the State Capture Commission.

Several agencies – including the NPA’s Investigating Directorate, the Hawks, the Special Investigating Unit and the SIU Special Tribunal – are hard at work with investigations, prosecutions and the recovery of funds.

In all these respects, there is still a long way to go, but important progress is being made and results are being seen.

The same can be said of our economy.

The green shoots of recovery have broken ground and we can expect to see more and more signs of growth.

The National Development Plan calls on us not only to grow our economy, but to ensure that it is an inclusive economy.

We must pursue growth and transformation at the same time.

Transformation remains a challenge in this industry, as black-owned firms continue to struggle to attract assets.

Although black staff representation in the sector has increased from 50 per cent in 2014 to 61 per cent in 2021, the industry as a whole has a lack of black and women portfolio managers.

And while the financial sector drives transformation within its own ranks, it has an important role to play in transforming the landscape of our cities, towns and rural areas.

Investment in economic and social infrastructure is an investment in transformation.

The work of Infrastructure SA and the Infrastructure Fund will make it easier for fund managers to invest in these vital projects.

The proposed increased regulatory limit for retirement fund investments into unlisted assets will allow investment managers to allocate capital to projects that can deliver the twin goals of returns and economic impact.

Fund managers such as Ninety One need to use their influence to encourage the companies in which they invest on behalf of their clients to adopt sustainable business models.

These should not just include environmental policies, but also social practices.

As responsible corporate citizens and as a proudly South African firm, we want Ninety One to be part of the national effort to create more jobs and to bring more young South Africans into the world of work.

We look to companies like Ninety One to support initiatives like the Youth Employment Service, which provides young people with workplace experience, and the SA Youth.mobi network, which connects unemployed young people with training opportunities.

It is greatly encouraging that Ninety One has graduate and intern programmes that provide business mentoring for new entrants to the asset management industry.

If there is an opportunity to align with existing interventions to give young people more workplace exposure, let us do so.

These are just some of the ways in which this proud firm can continue to invest for a world of change – and thereby make a world of difference.

As I have witnessed the growth of Ninety One, I have always been inspired by your optimism about South Africa and its prospects.

Even as you continue to grow and expand, your feet remain firmly planted on South African soil.

Just as Ninety One has and continues to embrace change, this country too has known tumultuous changes, in both the past and the present.

We share a common understanding not just of the necessity of change, but of the opportunities it brings.

You are here because you have always seen a brighter future for South Africa.

It is within our grasp.

I congratulate Ninety One on this important anniversary.

May you continue to grow, and may you continue to blaze a trail.

We are proud of what you have achieved.

May the next 30 years be brighter still.

I thank you.

Source: The Presidency Republic of South Africa