JOHAN VAN ZYL SanlamChairman

HUGO NELSONCoronation FundManagersDeputy Chairman

BRUCE HEMPHILLLiberty Group

DERRICK MSIBIInvestment Solutions

FRANK CADIZCadiz African Harvest Asset Management

FRED ROBERTSONCommlife Holdings

WILHELM VAN ZYLMetropolitan Holdings

GRAHAM MASONPrudential PortfolioManagers South Africa

HERMAN STEYNPrescient InvestmentManagement

HERSCHEL MAYERSDiscovery Life

JOHN GREENInvestec Asset Management

KUSENI DLAMINIOld Mutual SA

SHAHEEN EBRAHIMOasis Group Holdings

NICOLAAS KRUGERMomentum Group

LEON CAMPHERASISA

ROB DOWERAllan Gray

TEBOGO NALEDIAfena Capital

JOHAN VAN ZYL Sanlam

Chairman

HUGO NELSONCoronation Fund

ManagersDeputy Chairman

BRUCE HEMPHILLLiberty Group

GRAHAM MASONPrudential Portfolio

Managers South Africa

LEON CAMPHERASISA

JOHAN VAN ZYL Sanlam

Chairman

HUGO NELSONCoronation Fund

ManagersDeputy Chairman

BRUCE HEMPHILLLiberty Group

GRAHAM MASONPrudential Portfolio

Managers South Africa

LEON CAMPHERASISA

ANWAH NAGIAElement InvestmentManagers (Pty) Ltd

WILLIE LATEGANAbsa Financial

Services Ltd

... Remuneration

... Audit

... Disciplinary

... Consider and reviewcomposition of ASISA Board of Directors as per the Articles of Association

... Monitor performance ofmain board

... Approve nominations toboard committees

... Review contributions ofboard committees

EXECUTIVECOMMITTEE

ASISA BOARD

NOMINATIONSCOMMITTEE

STAN

DING

COM

MIT

TEES

WOR

KING

GRO

UPS

ECONOMICS &SAVINGS POLICY

LIFE & RISKBUSINESS

INVESTMENTS

MARKETING &DISTRIBUTION

TRANSFORMATION,SKILLS DEVELOPMENT

& EDUCATION

TECHNICAL &OPERATIONS

CHAIRJohn Green

DEPUTYTebogo Naledi

CHAIRHerschel Mayers

DEPUTYWilhelm van Zyl

CHAIRFrank Cadiz

DEPUTYHerman Steyn

REGULATORYAFFAIRS

CHAIRNicolaas Kruger

DEPUTYRob Dower

CHAIRShaheen Ebrahim

DEPUTYDerrick Msibi

CHAIRKuseni Dlamini

CHAIRFred Robertson

DEPUTYJohn KinsleyPrudential PortfolioManagers (SA) (Pty) Ltd

DEPUTYPaulette HiggsJP Morgan Administration Services (Pty) Ltd

DEPUTYMalcolm GrayInvestec AssetManagement

BOARDCOMMITTEES

All for one,one for all,

that is our device. Alexandre Dumas

CONTENTSALL FOR ONE AND ONE FOR ALL.02

Chairman’s Welcome from Johan van Zyl

ONE PLUS ONE EQUALS THREE.06A message from ASISA CEO Leon Campher

ONE WAY.10A summary from ASISA Deputy CEO Peter Dempsey

ONE STEP BEYOND.16

ONE CHANCE.22

ONE DAY AT A TIME.26

IT TAKES ONE TO KNOW ONE.34

ONE TWO THREE.44

ALLFOR ONE

ANDONE FOR

ALL

SISA has happened! In my view this is the association’s single biggest achievement for 2009. Over the past year, ASISA has grown into a well integrated and representative association, staffed with exceptionally strong people with extensive industry experience. I think even the naysayers in our midst need to give us credit for what we have achieved in a relatively short period.

In 2008, our industry, our regulator and our policymaker were still dealing with four trade

associations representing and promoting different aspects of the savings and investment

industry, often pulling in opposite directions. Just over a year later we are one.

Our industry now speaks with one voice and represents the unified goal of ensuring that the South African savings and investment industry remains relevant and sustainable into the future, in the interest not only of ASISA and its members, but also the country and its citizens.

Why is it so important that ASISA drives this goal with vigour? ASISA represents the majority

of companies active in the biggest sector of South Africa’s economy, namely the savings and

investment industry. A total of 151 ASISA member companies hold assets of more than

R2.5 trillion. A substantial portion of these assets belongs to the citizens of this country.

This industry also channels significant amounts of money into critical delivery areas through

public/private partnerships.

It is therefore in everyone’s interest that this industry remains successful into the future. We

fully recognise that the paradigm under which we operated in the past has shifted and that it

needs to be renegotiated. ASISA is busy doing just that. The association has proven a pro-

active and committed partner to Government in designing solutions that will hold long-term

benefit to all our stakeholders, including the consumer.

With ASISA up and running, our next priority has been to put in place a solid strategy which

carries the approval of the ASISA Board. This process has recently been completed and I am

pleased to report that the ASISA strategy reflects the priorities of our country, as well as

international direction. More detail on ASISA’s direction is provided elsewhere in this Review.

CHAIRMAN’S WELCOME

AJohan van Zyl

4

As an industry we also need to be cognisant of the fact that our world has changed for good.

The global financial crisis that started gripping the world in the third quarter of 2008 severely

shook the foundations of the various systems under which we operated. South African financial

services institutions may have escaped ruin, but nevertheless many of us rushed to re-evaluate

the way we do business. And none of us have escaped the dip in consumer confidence.

We need to accept that it is our responsibility as an industry to ensure that the principles

of good corporate governance are adhered to at all times. Our industry, as represented

by ASISA, is also working together with our regulator and policymakers to maintain robust

regulatory structures.

Following the global events of the past 18 months, consumers have been left frustrated and disappointed. South African financial institutions may have survived the meltdown, but South Africa was not spared the pain. For the first time in 17 years, South Africa went into recession in 2009, mainly after a decline in demand for commodity exports as a result of the global economic downturn. In addition spiraling Eskom tariff increases and job losses put further pressure on inflation. South Africa suffered close to one million job losses.

Unfortunately some of the negative sentiment has been directed at our industry. There is a

common belief in some quarters that the financial services industry has failed the consumer.

While I acknowledge that South Africans have certainly shared in some of the pain caused

by the global meltdown, I do not believe that the negative sentiment towards our industry is

warranted.

Throughout the meltdown the financial services sector maintained its position as the single

biggest contributor to the country’s GDP and the most important mechanism through which

the nation’s savings are channelled. Our industry braved the fallout from the crisis and there

was not a single casualty. The only money lost was as a result of extreme volatility in the

equity markets, something that we can never influence.

ASISA therefore also faces the challenge of advocating our industry’s important role as

custodian of our nation’s savings and investments, and must help change the perception that

the industry has failed the citizens of this country.

I am looking forward to working with the members of the ASISA Board and Leon Campher’s

team for another year. With our strategic direction clearly mapped I am positive that we will

succeed in steering the savings and investment industry onto a path of sustainable growth to

the benefit of our country and its citizens.

5

ONEPLUS ONE EQUALSTHREE

he global financial crisis intensified in September 2008 and left a path of destruction, mainly across corporate US and Europe. Some of the big shocks included the filing of bankruptcy by financial services firm, Lehman Brothers, and the fall of Merrill Lynch on 14 September 2008. Two days later the American International Group (AIG) was saved from collapse by the Federal Reserve.

Two weeks later we launched ASISA. While this was sheer coincidence, the timing could not

have been better - never before had there been such an urgent need for the savings and

investment industry to work together as one.

I firmly believe that if our industry had still been segmented by the time the global financial

crisis started flushing inefficiencies and weaknesses out of financial services industries

around the world, we would be operating in a very different environment today. Before we

united the industry by forming one association, namely ASISA, there were four associations

representing member companies that all share one common goal: to provide consumers with

savings and investment options.

The result was that regulators and policymakers had to engage with four different lobby

groups, often on issues of common interest. The focus of these lobby groups was generally

pitched at finding solutions at product level, rather than putting product specific agendas

aside and aiming for what would be good for the industry, its stakeholders and its clients.

In short, there was no synergy and our regulator and policymakers were increasingly growing

impatient with the savings and investment industry. The reality pre- October 2008 was that

different representatives from the same industry were pulling in different directions. Synergy

is achieved when energy, resources and effort are combined to achieve a common purpose.

The laws of synergy dictate that one plus one equals three, meaning that a focused group can accomplish far more than the efforts of individuals. Our industry realised this and ASISA opened its doors just in time to start working with our regulator, policymaker and other stake-holders on burning issues at a strategic level.

A MESSAGE FROMASISA CEO

TLeon Campher

8

I can assure you that ASISA has had many burning balls in the air during 2009. These are

discussed in detail further on in this Review. However, I would like to single out one – the

development of efficient capital markets.

Efficient capital markets are essential to economic growth, which in turn leads to

job creation, infrastructure investment, rural development and the other priorities as

identified by Government. Equally, efficient markets also attract foreign investment

and ensure better sovereign ratings, which provide access to cheaper capital for

development. ASISA has therefore spent much time in 2009 actively engaging with

Government and other strategic stakeholders (like the JSE and Strate) with the aim of

enhancing the efficiency of our capital markets.

By the time this Review starts making its way to you, the first ASISA Conference will have

just gotten underway. The theme of the conference is “SA Inc – 2010 and beyond: A public/

private partnership”. This theme ties in with another one of ASISA’s key objectives, namely to

actively partner with Government on the SA Inc strategy aimed at promoting South Africa as

the economic gateway to Africa. By the time our next Annual Review is published, we aim to

have gained a solid understanding of the challenges facing this strategy and how to mould a

public/private partnership strong enough to create the momentum needed to propel the SA

Inc strategy forward to the benefit of our country as a whole.

Since inception, ASISA has enjoyed the backing of an exceptionally strong Board of Directors.

In a break from past practices, members can only be represented on the ASISA Board by

their most senior representative. The aim is to ensure that high level strategic thinking shapes

the future of the financial services industry. In addition, Board members are not allowed to

nominate alternates, which means they are required to attend all Board meetings in person.

I would therefore like to thank each and every Board member for their unwavering

commitment to ASISA and the valuable time they have made available. Without your support

and valued strategic input we would not have achieved the successes we are able to report

back on in this Review. My heartfelt gratitude also goes to the member representatives who

tirelessly, and without reward, support ASISA’s committee structures.

Finally, I have been privileged to work with a dedicated and knowledgeable team

consisting of ASISA staff members and consultants. I look forward to another year of

working together to ensure that our industry remains relevant and sustainable to the

benefit of all our stakeholders, including the consumer.

9

ONEWAY

n future, the success of ASISA will be measured by the extent to which our members and their activities are recognised as being relevant and vital to the future sustainability of South Africa. We look forward to demonstrating the many ways in which one association, with its more holistic, more democratic and more encompassing approach, will work harder for the industry as a whole.”

Until October 2008, there were four industry associations representing financial services,

excluding the banking and short term insurance sectors. These were the Life Offices’

Association (LOA), Association of Collective Investments (ACI), Investment Managers

Association of SA (IMASA) and the Linked Investment Service Providers Association (LISPA).

The need for a more unified and holistic approach was identified as far back as 2004. The

requirement was for one representative body, which would pro-actively engage with the

policymaker and regulator, as well as intermediaries and consumers, on regulatory and other

crucial issues of concern.

The thinking behind the concept was that a single body would be better able to actively

pursue the creation of an environment that promotes equal opportunities for its members

through holistic legislation, while keeping watch over the interests of consumers and ensuring

the sustainability of the industries it represents and the intermediaries who promote it.

Ultimately, the entire industry, as well as the citizens of South Africa, would benefit.

Acting on this, the members of the ACI, IMASA and LISPA, and eventually the LOA, decided

in principle to consider forming a single industry association and disbanding the original

institutions. Final approval from the Boards of the four associations was obtained early in

2008, green-lighting the beginning of a complex but carefully structured plan that led to the

formation of ASISA.

At this point, several important guiding principles were agreed upon. The industry was especially concerned with levelling the playing fields for different product wrappers. Enabling holistic legislation was identified as a major focus area, while a strong consumer

12

A SUMMARY FROM ASISA DEPUTY CEO

Peter Dempsey

“I

focus would need to be maintained. Active engagement and partnership with Government and the regulator would be crucial, as would democratic participation by both large and small members, to ensure inclusiveness and avoid becoming a cartel-like structure.

A ‘one company, one vote’ rule would apply, providing for membership at the highest holding

company level and ensuring that big and small players would have an equal voice. Added

to this, all participants in the process were adamant that the new association should offer

employment to every employee from the former associations. And, since each of the four

original associations had important work to do on issues at a detailed product level, it was

agreed that all these matters should be given equal airtime, and no critical issues should be

allowed to fall through the cracks during the transition phase.

These pre-conditions were certainly a big ask, but not insurmountable. The project came to

fruition with the establishment of ASISA on 1 October 2008 and it is extremely gratifying to

report that each and every one of the guiding principles mentioned above was adhered to.

A great deal of work has been done by ASISA to ensure that none of the former

associations’ specific issues have been neglected or allowed to falter.

It would have been naïve to think that this process could unfold without complex issues arising. In fact, there are very few examples internationally where single umbrella associations representing large sectors of the financial services have been established. Australia is a notable example and ASISA has drawn on and been supported by Australia’s Investment and Financial Services Association (IFSA) as a role model and mentor.

The period that followed the launch of ASISA was a busy and complex one, during which time

ASISA established an operational capacity and set up all the necessary structures with its

members to facilitate progress in line with the over-arching objectives of the association.

In this foundation phase there have been several highlights. The four former associations’

offices were closed and consolidated into two, one in Cape Town and another in Johannesburg.

13

All former staff members were accommodated in suitable roles in the new organisation and new

staff with specific industry skills and experience were brought on board.

A key accomplishment has been the strong and cooperative relationship that ASISA has managed to build with the Financial Services Board (FSB) as well as National Treasury. While the industry and its regulator and the policymakers are not meant to see eye-to-eye all the time, it is crucial that these parties are able to interact well within a relationship based on mutual trust and respect to ensure that all stakeholders, including the consumer, are treated fairly.

We also began the important process of quantifying the role of the industry in building

and growing the nation’s savings. A partnership relationship with the public sector is slowly

developing through a number of joint investigations - such as Social Security and Retirement

Reform.

Important new relationships with key stakeholders, such as the South African Reserve Bank, are being formed. With the global regulatory framework in the process of dramatic reform, international trends are being understood and interpreted for application to the South African environment. For instance, Treating Customers Fairly is an international principle that will audit the behaviour of companies. By 2011, all major international companies may voluntarily be assessed and rated based on their approach to treating all customers fairly, irrespective of wealth.

Solvency II is another important international initiative to ensure that life insurance

companies have buffers in place to avoid going under and jeopardising their customers’

savings and investments. Due to be implemented by European insurers in 2012, Solvency II will

14

15

protect both the policyholder and the financial system as a whole, by ensuring that insurance

companies are financially sound.

These international principles will be applied locally, but interpreted and adapted to suit the

South African context.

Details of certain specific local initiatives are examined elsewhere in this Annual Review, but

the following are some of the key initiatives that ASISA has been, or is currently, addressing:

... Conflict of Interests

... Treating Customers Fairly

... Treatment of living annuity disclosures

... Standardising critical illness definitions

... The future of White Label unit trust funds

... Capital adequacy and solvency for limited life companies

... Tax concerns in certain dividend type income funds

... Trading cycles on the JSE

... Treatment of inward listings

... Rewriting of key regulations

... Changes to commission structures on certain life products

in January 2009

... Social reform initiatives

... Transformation

One year down the road, the foundation stage is complete, ASISA structures and strategic

direction have been mapped out and agreed on, and the right stakeholders have been

identified.

ONESTEPBEYOND

ommunism in Europe was finally recognised as a flawed ideology in the 1980s and soon met a spectacular end. Cowboy capitalism, the extreme opposite of communism, started unravelling towards the end of 2008 when global financial markets suffered their most spectacular meltdown in history as a direct result of too much greed. With both extremes out of the way, the world is suddenly facing

a new normal. This new normal now needs to be defined and new rules put in place to ensure that flawed ideologies are never again allowed to erode the savings of the world’s citizens.

However, for all the hardships caused by the global financial crisis, it was good for one thing.

Global players are finally pulling on the same side of the financial reform rope. The stakes

are high and a tug-of-war is no longer in anybody’s interest.

Internationally, governments have been stepping in with a massive coordinated approach

to reform. While South Africa escaped the brunt of the global meltdown, this international

wave of re-regulation will nevertheless have an impact – perhaps even quite a profound

impact on South Africa.

Most of the reform initiatives are being driven by the leaders of the Group of Twenty (G20), of which South Africa is a member. Being a membergives South Africa a seat on the G20’s Financial Stability Board - the international advisory body on regulation and financial stability. Therefore, as a contributing policymaker, South Africa is in a position to influence the international reform debate. Conversely, as a policy follower, South Africa also has a responsibility to implement policy in line with the Financial Stability Board’s recommendations.

18

C

GLOBAL PRIORITIES

Following the global financial meltdown towards the end of 2008, the G20 started grappling

with “the greatest challenge to the world economy in modern times” early last year. Progress

on the G20’s resolve to “extend regulation and oversight to all systemically important

institutions, instruments and markets” was reviewed in Pittsburgh during September 2009.

Priority areas for the G20 and the Financial Stability Board include improving global and

domestic coordination of policies to achieve closer cooperation between countries. The

strengthening of the global capital framework and liquidity continue to be key. There is

now a vigorous programme in place to, amongst others, reduce the moral hazard posed by

systemically important institutions, strengthen accounting standards and expand oversight of

the financial system by introducing regulations for hedge funds, over-the-counter derivatives

and credit rating agencies. Securitisation will be relaunched on a sound basis to allow global

securitisation markets to function fully again.

ASISA’S ROLE

ASISA has been mandated by its members to remain close to international developments and to contribute to the global initiative where possible. ASISA’s role is to assist in ensuring that priorities are grounded in the reality of the local context, including government’s key medium term priorities.

HOW WILL INTERNATIONAL POLICY REFORM IMPACT SOUTH AFRICA?

How South Africa manages its financial system as an integrated whole is one of several

challenges that faces the local task team. Defining regulation so that it includes all

systemically relevant pools of private capital and market participants is one. Deciding on a

structure to adequately address the broader systemic risks and the micro-risks that stem from

financial products is another.

ASISA has, during the course of 2009, actively engaged both the Regulator and National

Treasury with research and ideas on how these oversight systems could be enhanced.

19

While, for example, the De Larosiere Report submitted at the Pittsburgh Summit stated that

hedge funds “did not play a major role in the emergence of the crisis”, ASISA has, along with

the international agenda on the subject, been exploring ways in which existing regulation

can be enhanced.

This affects the interaction between the banking and investment industry, the regulation of

all actors involved in this market and the basis upon which instruments are graded by Credit

Rating Agencies. It also affects the basis upon which regulated investment portfolios can

access unlisted instruments to ensure transparent and fair valuations.

For 2009 and 2010, South Africa shares in five G20 mandated priorities:

1. Principles for compensation, which need tobe law by March 2010

2. Regulation of credit agencies, by December2010

3. Hedge fund regulation 4. Over-the-counter derivatives legislation5. To identify relevant legislation for revision

Over and above these priorities, South African organisations also have to deal with

Solvency II. This legislation will be implemented by European insurers by 2012. It aims to

protect policyholders and the financial system as a whole by ensuring the financial soundness

of insurance undertakings.

The Insurance Department of the Financial Services Board (FSB), in consultation with the

industry, is in the process of developing a number of requirements in line with international

standards like Solvency II, but incorporating specific South African aspects.

20

STEPPING BEYOND

South Africa’s constructive engagement in the international effort is fundamentally important

from the point of view that the global regulatory decision-making forum is now more

inclusive than ever before.

After World War II, the Bretton Woods conference resulted in the birth of the World Bank

and a freshly overhauled financial system. The key contributors in the process were the

USA and Britain, who together controlled a large percentage of the World Bank. African

countries and developing nations were left largely out in the cold until the Opec countries

broke up the party in the early Seventies.

Now, by inviting engagement from global stakeholders, the Financial Stability Board has

begun to pave the way for a system which promises to be more sustainable in the long run

and better able to restore people’s trust.

ASISA embraces the prospect of being part of this new, inclusive decision making process. Together with National Treasury and Government, ASISA’s task is to ensure that interpreting and rolling out policy reform works not only for the greater good of the global endeavour, but also for South Africa’s nation-building goals, its members and ordinary citizens.

The past year could be described as a process of defining the reform landscape, its objectives and possible solutions. In the year ahead ASISA will be refining these ideas with members and the FSB so that workable outcomes are achieved.

At the same time ASISA will be directing much effort at trying to secure an equitable

outcome for all South Africans not yet able to benefit from the advantages of a sophisticated

financial system. This includes in particular retirement provision, access, transparency and

improving financial literacy.

Together with our members, our task is to promote policy reform that continues to position

South Africa as a stable destination for long term capital and a gateway of choice into

Africa.

21

ONECHANCE

ver-population, scarcity of resources and climate change are forcing governments and corporations to consider a more holistic, more people-centred approach. True sustainability means getting up to speed with whatever it’s going to take to ensure the survival of planet and people - and quickly. It’s about business with a conscience and it means reconsidering the needs and the rights

of people and respecting the environment that sustains us all.

ASISA believes that sustainability in the South African context means designing products

and services that answer to fundamental needs, make it easier for people to look after their

money and improve their lives in meaningful ways. One example is the Fundisa Fund. Launched

in November 2007, Fundisa is a joint initiative of the collective investment schemes (unit trust)

industry and the Department of Education. The fund, which has a minimum investment of R40,

is designed to encourage parents to save for their children’s higher

education. The Department of Education and the savings and investment

industry offers a bonus of R1 for every R4 saved, to a maximum of R600

per learner per year.

Another example is the Zimele brand, which aims to help people earning

R3000 a month or less to easily identify those life insurance products

that meet the Financial Sector Charter’s minimum access requirements.

The intention behind the brand is to make it easier for LSM 1-5 consumers

to identify products that are appropriate and offers fair value.

SUSTAINABILITY BEGINS AT HOME

Sustainability is more than just a word. It’s a philosophy that needs to be lived by good corporate citizens. At ASISA we believe that although our footprint is comparatively small, we should set the example to our industry by getting our house in order.

In setting up our ASISA offices in Newlands, we followed a disciplined conservationist

24

O

approach. The building that was previously home to Coronation Fund Managers got

revamped in a sparing way, proving that an aesthetically startling result can be achieved

without going overboard. Statistics show that buildings consume 40% to 50% of the world’s

energy. For this reason, our brief to the designers was to reuse and recycle wherever possible.

ASISA’s offices have a number of green features, including:

... An intelligent lighting system with motion detectors that switch it off when nobody is around

... Flooring solutions that have won awards for sustainability

... Re-upholstering existing furniture and, where necessary, procuring locally made furniture

or bamboo furniture, one of the greenest materials available

... Ceiling mounted air-con which uses less energy than most conventional systems

... ‘Green’ paint

... Digital printing technology - faster and less wasteful

... A paper shredding system to deal with waste

ASISA ACADEMY

With skills development being a hot issue, the ASISA Academy fills an important gap, helping to make academic knowledge graft harder in the real world. The ASISA Academy is a partner organisation of ASISA, operating as a separate, SETA-accredited Section 21 company - its aim being to create, evolve and deliver high quality solutions that meet the practical and development needs of ASISA’s members and stakeholders. It came from the need for a fresh approach to developing skills and achieving broader and quicker transformation of the sector.

2009 highlights …

... The first group of students from the Investment Management Professional Induction (IMPI)

programme graduated. This was the culmination of 16 gruelling months not only for the

candidates but also the presenters - 88 industry professionals from 35 organisations.

... The inaugural Trade Cycle Course brought to life the Investment Management

Administration & Client Servicing (IMACS) programme – an exciting new series of four

courses.

... More than 100 Chartered Financial Analyst (CFA) candidates attended 12 Saturday

support workshops.

... Almost 200 industry practitioners attended the ethics workshops the Academy ran in

partnership with CFA South Africa and Futuregrowth.

25

ONEDAY ATA TIME

ow do we come to the office each day and know we’re on the right path? An insight into the strategy that guides ASISA’s actions and activities:

ASISA does not work in a vacuum nor do we do our work in a static business

landscape. Every business day brings with it a new set of challenges and issues to

consider. For this reason, it is imperative to have a sound strategic overlay in place, to guide

our thinking, direct our focus and keep the wheels solidly on the tracks.

Our strategic purpose and mandate is to establish the association as a trusted partner to

financial industry players, checking that efforts by ASISA members to support the nation’s

savings, development and transformation initiatives are valued and recognised. Our industry

needs to be kept relevant and sustainable by delivering solutions that suit the needs of our

country, while considering both local and global imperatives.

The development of efficient capital markets must be the key driver behind all our actions

and intentions. Efficient capital markets are the cornerstone of sound economic growth, a

healthy job market, rural development and investment in infrastructure – and other national

priorities identified by Government. They also ensure that international capital flows more

readily into South Africa, resulting in other positive spin-off.

ASISA engages with diverse bodies to find ways of improving the efficiency of South Africa’s

capital markets - the JSE, Strate and Government, to name a few. This kind of discourse

makes it possible for us to refine our objectives and activities to help South Africa develop

greater efficiency.

ASISA’s key activities have been grouped into four strategic themes:

Market Conduct Market Environment Market Operation Relevance and Sustainability

28

H

MARKET CONDUCT

This deals with the relationship between product provider or service provider and clients as

well as consumers in general. Consumer protection is the underpin and is also a key part of

the Financial Services Board’s (FSB’s) mandate. Since 1994 there has been a rigorous focus

on consumer rights and protection. FAIS states that “a provider must render services honestly,

fairly, with due skill, care and diligence and in the interests of clients and the integrity of

the financial services industry.” The Consumer Protection Act has been enacted and the

Protection of Personal Information Bill is in the parliamentary process. The FSB has also

started a project to develop a framework on Treating Customers Fairly.

ASISA’s aim is to support a financial services sector that is trusted by clients and consumers and serves their needs, and in which they are empowered by receiving simple and relevant information about products and services. We will partner with all stakeholders to help make this a reality.

OBJECTIVES

1. Promoting an effective and appropriate regulatory framework

2. Enhancing competition, transparency and disclosure

3. Treating Customers Fairly

4. Working towards an environment that has informed consumers who are able

to take responsibility for their choices

KEY ACTIVITIES

Each of the objectives mentioned above is supported by numerous activities,

which ASISA is involved in. An example relating to the objective of Treating

Customers Fairly (TCF) involves developing products that are equitable and

appropriate for the target market. Examples are the standardised definitions for

critical illness products, and products that carry the brand of Zimele and the

Fundisa Fund, which are both intended for low income markets. ASISA will also

participate in the FSB’s project team on TCF which has the overarching objective

of ensuring that companies operating in the financial services industry have an

embedded culture of TCF throughout the product life cycle.

29

MARKET ENVIRONMENT

The regulatory framework creates the market environment in which our members do business.

In other words, it establishes the rules of the game. The policymaker and regulator use the

regulatory framework to control, direct or manage an activity, organisation or system.

Regulation should not impose an unfair burden on member organisations, place inappropriate

constraints on the growth and development of member organisations or adversely affect the

sustainability of member organisations.

Following the global financial crisis, international bodies have reviewed the vulnerabilities

affecting a financial system. Recommendations made and decisions taken by these bodies

direct the actions of policymakers and regulators. South Africa is a member of the Financial

Stability Board and will follow these international trends. South Africa is a major destination

for international capital and for this reason it is extremely important that we interpret

and apply global direction in ways that suit the local context while being mindful of our

Government’s key medium term priorities.

OBJECTIVES

1. Protecting consumers (fair and equitable treatment)

2. Ensuring a fair, efficient and transparent environment

3. Reducing systemic risk

KEY ACTIVITIES

Several initiatives and activities are underway in support of the above-mentioned objectives. Treating Customers Fairly, Solvency Assessment and Management, proper disclosure, management and prohibition of Conflicts of Interest and various new pieces of legislation ensure fairness and transparency and enhance the integrity of the financial services industry.

30

MARKET OPERATION

This covers the financial market infrastructure, including all technical and operational

processes, procedures and controls relating to the market infrastructures used by ASISA

members. It relates to investment instruments, life office products and collective investment

schemes.

The focus is to provide investors and members with the most efficient and effective market

infrastructure, achieved by eliminating as much of the operational and systemic risk in the

primary and secondary markets as possible. The way forward will involve standardising

and implementing appropriate market controls, to manage any residual risk in the market

processes.

OBJECTIVES

1. Efficiency and Effectiveness – should lead to reduction in cost and risk

2. Liquidity – more efficient and effective markets should increase liquidity

3. Transparency - through price discovery and information dissemination

4. Risk reduction – operational, settlement and counterparty

5. Cost reduction - to benefit the investor

6. Market Standards - with regard to messaging and data transfer

7. Position South Africa as a leading global player

8. Access to the markets for all participants

KEY ACTIVITIES

A key activity for ASISA under this theme is the Money Market project. The aim of this project is to eliminate the risk of theft and fraudulent paper certificates in the Money Market environment. Another objective is to standardise portfolio reporting that underpins the market operation.

31

RELEVANCE AND SUSTAINABILITY

The world around us is shifting. This has resulted in significant changes to the very context

in which we operate as an industry. For the industry to remain relevant in the eyes of its key

stakeholders, it needs to position itself to respond to these changes in ways that ensure its

sustainability in the long term.

We do this as a collective by contributing to the public discourse on key facets of the

markets in which we operate and by implementing transformational processes that support

change. At the same time, we also need to recognise historical stumbling blocks created by

South Africa’s legacy and work with policymakers to develop solutions to overcome them.

There is a need to focus on transforming the view of South Africa as a credible and

significant player, globally. Being a contributor to the international decision-making process,

South Africa must play its part by fulfilling global expectations of how good corporate

citizens operate. For instance, the Socially Responsible Investment Protocol is a United

Nations initiative that prescribes a code of conduct for corporates. Sustainability also has to

do with being mindful of the tremendous responsibility that goes with the industry’s significant

social, economic and environmental impact on its stakeholders.

OBJECTIVES

1. Influence context

2. Position for change

3. Facilitate transformation

KEY ACTIVITIES

A key activity that underpins these objectives is exploring developmental public private partnerships on aspects such as public infrastructure development with labour, government and community. ASISA does this by participating in various fora such as Nedlac.

32

33

The world around us is shifting.

This has resulted in significant

changes to the very context

in which we operate as an

industry. For the industry to

remain relevant in the eyes of

its key stakeholders, it needs

to position itself to respond

to these changes in ways that

ensure its sustainability in

the long term.

IT TAKESONE

TO KNOWONE

hey say people are just people. Or are they? As a collective, ASISA offers a combined 348 years of financial industry expertise, all rolled into one organisation. We’re proud to say that besides our 348 years, ASISA people also collectively hold 17 business related degrees, 17 postgraduate degrees, as well as 23 diplomas and special certificates. Our senior policy advisors, along with the majority of our

support team, come with high level experience in the financial industry. Who better to work on behalf of the industry than people who’ve been there already? Take a quick look at where ASISA people have been - and what they’re doing for the industry now.

36

TLEON CAMPHERChief Executive Officer

After graduating from Stellenbosch University, spent thirteen years with Old Mutual Asset Management and eight with Syfrets and Managed Assets (MD / Portfolio Manager). Founder member and Executive Director - Coronation Holdings. CEO - Coronation Asset Management. Assisted in the formation of IMASA and served as CEO - 2003 to 2008, before initiating the formation of ASISA.

DIRECTORSHIPS ... ASISA, Strate Ltd, Safex Clearing Company, International Investment Funds Association, Sun International, Brimstone, Amalgamated Appliances

SERVES ON ... Directorate of Market Abuse, Financial Markets Advisory Board, Financial Sector Charter Council, BUSA Council, Nedlac Executive Committee

AND ALSO ... An avid reader. Loves following sport and travelling with his wife Morae.

38

PETER DEMPSEYDeputy CEO

Practiced law before joining Old Mutual in 1984, gaining experience in distribution, off-shore, product and service and broker network businesses. Also chaired Old Mutual International in Guernsey. Headed up SA’s largest independent broker network. Retired 2008, prior to the formation of ASISA.

AT ASISA ... Responsible for technical and expert support provided by ASISA’s seven Board Committees. Drives ASISA’s advocacy role through engagement with various stakeholders.

AND ALSO ... The family has supported several charities since 1997, including mental health, HIV and child TB sufferers and an orthopaedic hospital for children. Married to Gill and enjoys travel, wine and golf.

26

37

EUGENE JOOSTEChief Operating Officer

Two decades in investments industry, including Syfrets, Old Mutual Asset Managers, Metropolitan Asset Managers (Head of Operations) and

Metropolitan Group (Head of Group Investment Services).

AT ASISA ... Manages all aspects of the business infrastructure. Involvement with Technical & Operational Board Committee. Provides support to Senior

Policy Advisors on Board Committees, Standing Committees and Working Groups.

AND ALSO ... Keeps fit. Loves hunting. Cooks like a pro and makes a brilliant stuk of biltong.

ANNA ROSENBERGSenior Policy Advisor

Admitted as an attorney in 1995. Worked at the London Stock Exchange and

Financial Services Authority. Joined the LOA as legal advisor prior to the establishment of ASISA.

AT ASISA ... Point person of the Life & Risk Board Committee. Manages various standing committees and engages with stakeholders.

AND ALSO ... Loves wine, travel and spending time in nature.

20

ADRI MESSERSCHMIDTSenior Policy Advisor

Spent seven years at the Financial Markets Department of the Financial

Services Board. Headed up Sanlam Investment Management Compliance Department. Coordinated all compliance functions in the Investments cluster

of companies.

AT ASISA ... Responsible for Regulatory Affairs Board Committee. Manages Standing Committees and Working Groups and supports FAIS Standing Committees. Supports other Senior

Policy Advisors on Committees and Working Groups under four other Board Committees. Accredited member of the Compliance Institute. Member of Advisory Committee on Financial Services Providers.

AND ALSO ... Is married, enjoys reading and spending time with her son and twin daughters.

18

14

38

JOHANN VAN TONDERSenior Policy Advisor

Started with Sanlam in Investment Management. Assisted in setting up Tasc Administration as an Outsourced Administration company, before it was acquired by JPMorgan, looking after administration of investments. Represented Tasc and JPMorgan on IMASA Technical and Operational Standing Committee. Represented IMASA on Money Market Advisory Committee.

AT ASISA ... Responsible for Technical & Operational Board Committee, and interacting with Exchanges, Strate, Central Securities Depository Participants and the regulators on behalf of the ASISA members. Finswitch Board member.

AND ALSO ... Married with two children. Enjoys movies, being at home and getting out in his running shoes.

SUNETTE MULDERSenior Policy Advisor

Started out at Old Mutual in Actuarial Finance. Joined Galaxy Portfolio Services in product development then Old Mutual Asset Managers as manager of performance analysis. Appointed senior performance analyst at Coronation Fund Managers & Cadiz Asset Managers.

AT ASISA ... Responsible for Investments Board Committee and its standing committees and working groups. Serves on GIPS ® Executive Committee as Chair of Investment Manager sub-committee.

AND ASLO ... Appreciates good books, films and time at home with family and friends.

ANTON DU PLOOYSenior Policy Advisor

Involved in Collective Investment Schemes industry since 1999. Head of Unit Trust Research at Profile Media, one of SA’s registered statistics providers. 2006: Market Information Analyst at ACI.

AT ASISA ... Responsible for industry data and statistics. Point person for Fund Mandates, Foreign Collective Investment Schemes and Statistics

Providers standing committees.

AND ALSO ... Married to Lizelle. Gets involved in competitive sport shooting and adventure motorbike riding.

25

13

10

39

BRAD FRANKPolicy Advisor

Admitted as an attorney in 2008 then joined the LOA, dealing withS Referencing and the LOA Code on Replacement.

AT ASISA ... S Reference Registrar. Responsible for the Zimele brand, intermediary relations, assistance business and unclaimed assets.

AND ALSO ... Ranks 4th in SA for Advanced Ballroom dancing, Top 10 for Advanced Latin American dancing, Top 10 for Mambo/Salsa and Top 15 for Viennese Waltz (SA Schools/Universities).

JANETE NELMarketing Manager

Involved in financial services since 1987. Switched to marketing in 1999 while at Standard Bank Unit Trusts Limited. Appointed head of marketing at

the ACI in 2005.

AT ASISA ... Implements and manages marketing initiatives, stakeholder communications and website. Spearheads the Fundisa initiative. Participates

in the Marketing & Distribution and Transformation, Skills Development & Education Board Committeesand various standing committees.

AND ALSO ... Loves reading, gardening and cooking for her friends at home.

JENNY GAGEMarketing & PR Coordinator

Worked at Arthur Andersen then joined Metropolitan Health Group in 2000, becoming PA to the CEO. 2003: joined IMASA, assisting Leon Campher

and Rodney Reid in the formation of an industry association.

AT ASISA ... Responsible for internal communications and supporting the effective delivery of the external stakeholder strategy. Involved in

Consumer Education and Access to Financial Services Standing Committees.

AND ALSO ... Plans adventurous trips with husband Ian and daughter Sarah.Sponsors two AIDS orphans at Home from Home.

2

22

10

40

CHRISNA RICHOperations Manager

Spent 6 years at Sanlam in marketing and distribution and worked closely with intermediaries at a regional level. 10 years with the LOA as PA to the CEO and Administration Manager.

AT ASISA ... Facility management of office and HR function. ASISA representative on Claims, Medical & Underwriting and Forensic Standing Committees. Administrator for Life & Claims Register. Assistant to Chief Operating Officer.

AND ALSO ... Narrowly escaped a career as an air hostess when SAA rejected her application based on her height!

THÉRÈSE MARIE LISLEPersonal Assistant

Qualified legal secretary. Worked at St Cyprian’s Nursery School, studied tourism and worked in retail for 11 years. 2006/2007: Assisted Consul General at the British Consulate before joining the LOA.

AT ASISA ... Assists the CEO, Deputy CEO and senior policy advisors.

AND ALSO ... Did the “Big Brother Big Sister” mentorship programme where she became sponsor and guide to an underprivileged child from SOS Children’s Village.

WAGIEDAH MATTHEWSPersonal Assistant

Worked at Psygro (1997-2000) first as receptionist then Workshop Coordinator, and later at Dragons Sport until 2002. Started at the LOA in 2002 - promoted to Information Coordinator and Assistant to the Deputy Executive.

AT ASISA ... Assistant to ASISA senior policy advisors and consultants, also taking care of certain aspects of ASISA website administration.

AND ALSO ... Is mom to two daughters, aged 14 and 5. Does a spectacular Celine Dion take-off in karaoke.

ROSHAAN GALANTAssistant Accountant

Spent 5 years with the LOA before the formation of ASISA.

AT ASISA ... Assistant accountant, dealing with all financial accounting responsibilities.

AND ALSO ... Her favourite quote: “I like my money where I can see it - hanging in my closet.”

18

2

8

8

41

NASLEEN WILLIAMSReceptionist / Secretary

Worked at the LOA as Coordinator before moving over to ASISA.

AT ASISA ... Secretary to Chief Operating Officer and Operations Manager, responsible for reception relief and travel.

AND ALSO ... Manages a teenage boys’ soccer team and enjoys a friendly game of tennis.

SIZA MNGADIReceptionist / Office Administrator

Started in the investment industry in 2007 as receptionist and secretary

at the ACI.

AT ASISA ... Responsible for general admin, including switchboard operation and meeting coordination. Steps in to assist the

Johannesburg staff when needed.

AND ALSO ... Gives a hand at orphanages and to the elderly – is a regular volunteer at Kagiso orphanageand Kupong old age home in Soweto.

LILIAN AGHAReceptionist

AT ASISA ... Responsible for administration of Complaints, Lost Policies and

Irregular Death Registrations, also managing the switchboard and taking care of visitors.

AND ALSO ... Her two busy children, Leigh-ann (5) and Alrico (8), are Lilian’s other full time job!

ROCHELLE SCHEEPERSCommunications Coordinator

10 years at Coronation Fund Managers assisting the CEO, including 2

years at Coronation Manco working with sales team arranging events and workshops. 4 years at Norwich Investments.

AT ASISA ... Responsible for internal stakeholder communication and events. Administrator of ASISA client relationship system and database.

AND ALSO ... Believes her sense of fulfillment comes from a genuine interest in every person’s uniqueness and helping people in whatever she does. Passionate about her family.

7

16

3

3

42

LOVEDAHLIA NINGHIOffice Assistant

Previously employed by the LOA as a general office assistant.

AT ASISA ... Assists with all general duties, including administration tasks relating to ASISA Code on Replacement and Code on S Reference system.

AND ALSO ... Has three daughters, Mondekazi, Abongile and Yonele. Appreciates outdoor life. Interested in farming.

LOYISO MABECEGraduate Trainee

Worked as equity analyst at Investec Asset Management then at Old Mutual as investment specialist trainee. Also provided portfolio analysis and asset allocation for high net worth clients.

AT ASISA ... Researching responsible investing in SA. Member of ASISA Prescribed Assets Working Group, looking at effects of prescribed assets

in SA. Member of Black Management Forum Young Professionals.

AND ALSO ... Is mad about sport. Played provincial rugby for EP. Devours autobiographies.

ANTON BERKOVITZConsultant Senior Policy Advisor

Worked in Metropolitan Life investments department. Assisted in formation of Metropolitan Asset Managers. 19 years within the Group, including executive responsibility for Investment Operations, MetAM’s Technology, Compliance and Investment Risk and Business Strategy. 2008-2010: runs consulting arm of Ilanyezi Investment Holdings.

AT ASISA ... Involved with Investments and Technical & Operations Board Committees and sub-committees. Point person for Accounting Standing Committee. Exploring business and technical solutions in the South African market and its infrastructure.

AND ALSO ... Is trustee of two educational foundations for underprivileged children.

CONSULTANTS

2

4

21

43

PETER BLOHMConsultant Senior Policy Advisor

Involved in the life industry since 1991, first at Norwich Life then Fedsure.

Client services, training and product development roles at Fedsure unit trust company. Deputy CEO of ACI and involved in technical, fund management

and foreign scheme roles. Involved in implementation of CISCA. 2006: Joined Oasis Group, managing compliance and regulatory matters. 2007:

Independent consultant on regulatory matters.

AT ASISA ... Looks after regulatory and related matters of the collective investments industry,tax and various technical matters.

AND ALSO ... Keeps his eye on the sports channels. Plays golf and tennis.

STEPHEN SMITHConsultant Senior Policy Advisor

Senior Manager in private banking at Syfrets. MD, African Harvest

Management Company and Director, Fund Management Company. MD, Namibian Harvest Tax Consulting Services. Vice Chair of ACI Board and

Chair of Tax Standing Committee. Member of FSB Advisory Committee on Collective Investment Schemes.

AT ASISA ... Responsible for Economic & Savings Policy Board Committee. Focused on retirement reform, review of financial regulation following the financial crisis, hedge fund regulation and tax policy.

AND ALSO ... Stephen is finishing his PhD in Tax Law at UCT - vows to stay with the programme at gym in 2010.

TREVOR CHANDLERConsultant Senior Policy Advisor

Started out at Liberty Life. Managed IT Audit Function at ABSA and Sanlam.

Assisted in developing DTI Codes of Practice for BEE on behalf of the Life Sector. 2005: appointed Head of Group Sustainability at Sanlam. 2009:

independent consultant specialising in BEE, Governance and Sustainability.

AT ASISA ... Responsible for Transformation, Education & Skills Development Board Committee. Represents ASISA on Financial Sector Charter Council Board and at Nedlac and the FSB.

AND ALSO ... Is in his element when travelling and playing golf and tennis with his wife Fiona.

20

20

18

ONETWOTHREE

SISA represents the majority of South Africa’s asset managers, collective investment scheme management companies, linked investment service providers, multi-managers and life insurance companies. At the end of December 2009 ASISA had a total of 151 member companies with assets in excess of R2.5 trillion. Collectively, the sectors of finance, insurance, real estate and business services

contributed 23% to South Africa’s GDP in 2009. This represents the largest contributor to South Africa’s GDP. These assets start with the consumer, the citizen with a Rand in his pocket. Ultimately, everything spins off that coin.

ASISA IN NUMBERS (as at 31 December 2009)

151 Members, registered with ASISA:

... 26 Full members

... 41 Ordinary members

... 18 Associate members

... 66 Affiliate members

46

A

QUICK INDUSTRY STATISTICS

LONG TERM INSURANCE INDUSTRY (as at 31 December 2009)

... Assets under management just over R1,1 trillion

... Number of individual in force life policies, approximate (as at 31 December 2008) 39,492,190

... Number of group scheme policies*, approximate (as at 31 December 2008) 54,839

... Number of Zimele products for LSM 1-5 policies in force including credit-life business

3,275 million

* Group scheme policies refer to compulsory employee benefit schemes, i.e. pension, provident and preservation funds.

47

ASSETS FOR LIFE INDUSTRY

Rbn

DEC 05 DEC 06 DEC 07 DEC 08 DEC 09

Assets Premium flows

1,019

0

200

400

600

800

1000

1200

Benefits paid

145 145

1,096

157 142

1,150

166 165

1,083

189 181

1,128

183 175

48

COLLECTIVE INVESTMENT SCHEME (CIS) INDUSTRY (as at 31 December 2009)

... Assets under management R786 billion with 904 funds

... Fundisa Fund market value R11,8 million with 9,041 accounts

... R1,2 million was paid to investors during December 2009 for the second bonus allocation

... Foreign collective investment schemes (FCIS), assets under management R108 billion with

372 funds

ASSETS FOR CIS INDUSTRY(All Rand denominated funds)

Rbn

0

100

200

300

400

500

600

700

800

900

DEC 05 DEC 06 DEC 07 DEC 08 DEC 09

Assets Net flows

415

58 58

547

69

653

60

661

96

786

618

750831

884 904

0

100

200

300

400

500

600

700

800

900

1 000No of funds

Rbn

0

20

40

60

80

100

120

140

DEC 05 DEC 06 DEC 07 DEC 08 DEC 09

Assets Net flows

66

3 7

95

1

108 114

10

108359 366 365 382 372

0

50

100

150

200

250

300

350

400No of funds

3

ASSETS FOR FCIS INDUSTRY(All foreign denominated funds)

49

LINKED INVESTMENT SERVICE PROVIDERS (LISP) (as at 31 December 2009)

... Assets under management R345 billion, of which R284 billion is invested in the local CIS

industry

ASSETS FOR LISP INDUSTRY

Rbn

DEC 05 DEC 06 DEC 07 DEC 08 DEC 09

Assets Net flows

159

21 24

207

31

260 268

50

345

0

50

100

150

200

250

300

350

400

17

ho are the players in the South African savings and investment industry space? Large and small, emerging and established, there is place for all in ASISA’s membership structure. We are the voice for the majority of South Africa’s asset managers, collective investment scheme management companies, linked investment service providers, multi-managers and life insurance companies. Take a look at who ASISA represents and what the qualifying criteria are for affiliate members,

associate members, full members and ordinary members.

FULL MEMBERSHIP

Qualifying criteria... Assets under management of R5 billion or more.

... Full membership fees must be paid.

Qualifying criteria for transformation support... Small black owned/controlled businesses (minimum 51% black owned).

... Assets under management of R1 billion or more.

ORDINARY MEMBERSHIP

Qualifying criteria... Full membership fees must be paid.

... Assets under management of under R5 billion.

... By choice, niche operations interested in participating in selected board committees, but who do not want to

participate in electing representatives to the Board and Nominations Committee.

Qualifying criteria for transformation support... Small black owned/controlled businesses (minimum 51% black owned).

... Assets under management of less than R1 billion.

AFFILIATE MEMBERS

Qualifying criteria... Includes former affiliate members of the Association of Collective Investments (ACI) or any institution or

individual involved in a business activity which is complementary to the business of the Association; it may include

actuarial and investment consultants, accountants, lawyers, information providers, industry service providers,

industry switches and software firms. Members under this category are allowed representation on appropriate

Working Groups, be co-opted onto appropriate Standing Committees and may attend ASISA conferences.

ASSOCIATE MEMBERS, OUTSOURCED SERVICE PROVIDERS AND INVESTOR SERVICES DIVISIONS OF THE

CUSTODIAN BANKS

Qualifying criteria... Includes Foreign Collective Investment Schemes not controlled by local organisations and authorized

outsourced service providers (3rd party asset management administrators).

... The Chair of the ASISA Foreign Collective Investment Schemes Standing Committee will automatically have a

seat on the Marketing & Distribution Board Committee.

... Members may nominate representatives to serve on the appropriate Board Committees, may participate in the

activities in the various Standing Committees and Working Groups and may attend ASISA conferences.

W

ORDINARY MEMBERSAbante Capital

ACPI Trialpha (SA) (Proprietary) Ltd

Alexander Forbes Ltd

Atlantic Asset Management

AVBOB Mutual Assurance Society

BIPS Investment Managers (Pty) Ltd

Brait SA Ltd

Citadel Administration Services (Pty) Ltd

Clientele Life Assurance Company Ltd

Constantia Life & Health Assurance Company Ltd

Efficient Collective Investments (Pty) Ltd

EFS Investment Solutions (Pty) Ltd (trading as Equinox)

Foord Asset Management (Pty) Ltd

General Reinsurance Africa Ltd

Hannover Life Reassurance Africa Ltd

Hermes Management Company (Pty) Ltd

JDG Micro Life Ltd

Lamda Holdings (Pty) Ltd

Lombard Life Ltd

Medscheme Life Assurance Company Ltd

Munich Reinsurance Company of Africa Ltd

Nedbank Group Ltd

Nestlife Assurance Corporation Ltd

New Funds (Pty) Ltd

Niche Wealth Management (Pty) Ltd

Novare Investments

OUTsurance Life Insurance Company Ltd

Peregrine Holdings

Personal Trust International Management Company (Pty) Ltd

Polaris Capital (Pty) Ltd

Professional Provident Society Insurance Company Ltd

Property Index Tracker Managers (Pty) Ltd

Prosperity Life Ltd

Re:CM Holdings (Pty) Ltd

Regent Life Assurance Company Ltd

Rezco Collective Investments Ltd

RGA Reinsurance Co of SA Ltd

Swiss Re Life and Health Africa Ltd

Tantalum Capital (Pty) Ltd

Taquanta Asset Managers (Pty) Ltd

Union Life Ltd

FULL MEMBERSABSA Financial Services Ltd

ACSIS Ltd

Afena Capital (Pty) Ltd

Allan Gray Ltd

Assupol Life

Cadiz Holdings Ltd

Commlife Holdings (Pty) Ltd

Coronation Fund Managers Ltd

Deutsche Group Holdings (SA) (Pty) Ltd

Discovery Holdings Ltd

Element Investment Managers (Pty) Ltd

Hollard Life Assurance Company Ltd

Investec Asset Management

Investment Solutions Ltd

Kagiso Asset Management (Pty) Ltd

Liberty Group Ltd

Metropolitan Holdings Ltd

Momentum Group Ltd

Oasis Group Holdings (Pty) Ltd

Old Mutual (South Africa) Ltd

Prescient Investment Management (Pty) Ltd

Prudential Portfolio Managers (SA) Pty Ltd

PSG Collective Investments Ltd

Rockland Investment Management (Pty) Ltd

Sanlam Ltd

Share Legend (Pty) Ltd

AFFILIATE MEMBERS27four Investment Managers (Pty) Ltd

36ONE Asset Management (Pty) Ltd

4i Asset Management (Pty) Ltd

Alpha Asset Management (Pty) Ltd

Amity Wealth

Analytics (Pty) Ltd

Ankh Analytic (Pty) Ltd

Arnold du Bruin & Associates (Pty) Ltd

Associated Portfolio Solutions (Pty) Ltd

The Financial Services Exchange (Pty) Ltd t/a Astute

Aylett and Company (Pty) Ltd

Blue Alpha Investment Management (Pty) Ltd

Barnard Jacobs Mellet Holdings (Pty) Ltd

Baroque Financial Services (Pty) Ltd

Bastion Wealth Management (Pty) Ltd

Cannon Asset Managers (Pty) Ltd

Carinus Strydom (Pty) Ltd

Catalyst Fund Managers (Pty) Ltd

Centaur Asset Management (Pty) Ltd

Centriq Life Insurance Company Ltd

Clade Investment Management (Pty) Ltd

Compliance Institute of SA

De Fay Fund Management (Pty) Ltd

Dotport (Pty) Ltd

Dynamic Wealth Management (Pty) Ltd

Eagle Asset Management (Pty) Ltd

Financial Alliance (Pty) Ltd

Finswitch (Proprietary) Limited

First Global Asset Management

Fortress Asset Managers

Galaxy Brokers CC (trading as Galaxy Financial Advisors)

Grindrod Bank Ltd

Harvard House Investment Management (Pty) Ltd

Hein Kruger International

Huysamer Capital Investments (Pty) Ltd

Imalivest (Pty) Ltd

Imara Asset Management SA (Pty) Ltd

IMC Investment Management & Consulting (Pty) Ltd

Interneuron Capital Ltd

JM Busha Asset Managers (Pty) Ltd

Lynx Fund Managers (Pty) Ltd

Maestro Investment Consulting

Maxim Employee Benefits (Pty) Ltd

NFB Asset Management (Pty) Ltd

Noble Private Portfolios (Pty) Ltd

Osborne Capital (Pty) Ltd

Peresys (Pty) Ltd

Phi-re Asset Management (Pty) Ltd

Platinum Portfolios (Pty) Ltd

Plexus Asset Management (Pty) Ltd

Quantum Wealth (Pty) Ltd

Robert Cowen Investments (Pty) Ltd

Salvo Capital (Pty) Ltd

S-BRO Makelaars/Finansiele Adviseurs (Pty) Ltd

Seed Investments Consultants (Pty) Ltd

Skyblue Fund Managers

Southern Charter Wealth Management (Pty) Ltd

Stringfellow Financial Services

SunGuard Systems SA (Pty) Ltd

Sunglide 33cc (t/a Celtis Financial Services)

Sygnia Asset Management (Pty) Ltd

Tri-Linear Investment Managers (Pty) Ltd

ValuGro Capital (Pty) Ltd

Verso Multi Manager (Pty) Ltd

Visio Capital Management (Pty) Ltd

Xhilarator Asset Managers (Pty) Ltd

ASSOCIATE MEMBERSACPI FM Ltd Ashburton Jersey Ltd FIL Distributors International Ltd Foord Asset Management (Guernsey) Ltd GinsGlobal Investment Management (Mauritius) Ltd Invesco Asset Management Ltd ipac Portfolio Management (Dublin) Ltd Sarasin Funds Management (Guernsey) Ltd Sasfin Asset Managers (Pty) Ltd SEI Investments SA Ltd Templeton Asset Management Ltd

OUTSOURCED SERVICE PROVIDERS AND INVESTOR SERVICES DIVISIONS OF THE CUSTODIAN BANKSClose Fund Services (SA) (Pty) Ltd

JP Morgan Administration Services (Pty) Ltd

Maitland Fund Services (Pty) Ltd

Nedbank Investor Services

Silica Financial Administration Solutions (Pty) Ltd

State Street Southern Africa (Pty) Ltd

The Standard Bank of SA

ASISA MEMBERS (as at 31 December 2009)

CAPE TOWNBridge House Boundary Terraces Mariendahl Lane Newlands 7700

PO Box 23525 Claremont 7735

T: +27 (0)21.673.1620 F: +27 (0)21.673.1630

JOHANNESBURG2nd Floor, Block C Sandton Close 1 cnr 5th Ave & Norwich Close Sandton

PO Box 787465 Sandton 2146

T: +27 (0)11.669.4900 F: +27 (0)11.783.2019

www.asisa.org.za