Excelsia Capital

Rajay Ambekar


Rajay Ambekar, founder of Excelsia Capital, has more than 20 years’ financial services experience and 14 years’ investment experience with African Harvest, Cadiz, Prudential and Investec. He was a senior audit manager at KPMG prior to joining the investment industry as an equity analyst in 2003. His portfolio management experience from 2007 has ranged from relative value (Cadiz and Prudential) to deep value (Investec). At Investec he co-managed the Value franchise before leaving to establish Excelsia Capital. Rajay is a qualified CA(SA) and CFA charterholder.

Excelsia Capital

Derek McDonald


Derek McDonald started at Coronation Asset Management in 1996 after completing his articles with Deloitte & Touche. Being a small business at the time, he quickly became involved with the financial, compliance, operational and company secretarial aspects of the business. In 2005 he joined Tantalum Capital – a startup hedge fund management company formed by senior ex-Coronation investment team members. He was responsible for the setup, control and ongoing maintenance of all non-investment related functions of the business in his capacity as CFO, COO and Compliance Officer. Derek is a qualified CA(SA).

Excelsia Capital

William Moutloatse

Head of Business Development - BCom

William has over 22 years of financial market experience. He started at FNB as an Executive Trainee (1993) before transferring to the portfolio management division (1995) where he gained experience in trust and private client portfolios. He joined Stanlib as a portfolio manager (1996) then moved to Transnet Pension Fund Administrators (2000), where he was responsible for equities, bonds and alternative assets. He joined Novare as Head of Fund Consulting (2007) and became the CEO of Novare Actuaries and Consultants (2012). He left Novare to become CEO at Maru Asset Managers (2014). He has a BCom degree from the University of the Western Cape.

Excelsia Capital

Richard Middleton

Portfolio Manager BEng MBA

Richard began in 1997 at RMB Asset Management as a Mining Analyst before joining Liberty Asset Management as an Industrial Analyst and assistant Portfolio Manager. In 2002 he headed up Stanlib Asset Management’s Growth franchise, managing segregated balanced funds, unit trusts and a market neutral hedge fund. In 2010 he joined Investec Asset Management, where he managed the Growth Equity strategy as well as Emerging Companies strategy and in 2015 transferred to Investec Wealth & Investments where he managed bespoke multi-asset portfolios as well as income generating and value orientated mandates. Richard has a Bachelor of Engineering degree in Metallurgical Engineering and an MBA from Wits University.

Excelsia Capital

Mark Narramore

Analyst - CFA

Mark started his career in financial services in 2011 at JP Morgan before joining Novitas Capital as a Corporate Finance Executive in 2013. His role involved assisting both listed and private companies raising capital, concluding sale mandates, M&A and corporate restructuring across various industries. In 2015 he left to join Warwick Wealth as an Investment Analyst and Portfolio Manager. Mark holds a BCom (Investment Management) and is a CFA charterholder.

Excelsia Capital

Trish Naidoo

Analyst - BSc

Trish Naidoo started her career in asset management at RECM where she trained as an Equity Analyst. She thereafter worked at Sanlam Investment Management and Efficient Select. She has over three years of experience within the investment field. Prior to that, Trish spent five years at the Forensic Science Laboratory as a DNA analyst. She holds a BSc (Genetics and Development), a BCom (Financial Management) as well as a Honours in Financial Analysis and Portfolio Management.

Excelsia Capital

Siphelele Mdudu

Analyst - MCom MBA

Siphelele Mdudu started his career in 2001 at Old Mutual (Group Schemes) before moving on to Old Mutual Private Wealth Management in 2003. He joined Coronation in 2004 as a Research Assistant (in the investment team) and part-time Analyst. His research work included detailed work in financial services industry (banks, life insurance and general financials). He holds a BCom (Accounting), MCom (Financial Management) and a MBA (with 5 distinctions) from University of Stellenbosch.

Excelsia Capital

Thanassi Filippis

Analyst CA(SA)

Thanassi started his career in 2019 at Differential Capital as an Analyst Prior to that he completed his 3 years articles at Price Waterhouse Coopers. He holds a Bachelor of Commerce Honours degree and is currently completing CFA level III.

Excelsia Capital

Kristen Collins

Trainee Analyst BBusSc

Kristen began her career in financial services at Old Mutual Investment Group in 2016 as a Client Liaison Officer She then progressed to be a Data and Valuations specialist in 2017. She holds a Bachelor of Business Science and is currently a completing CFA level III.

Excelsia Capital

Bella Mbiza

Operations and Finance Assistant - BCom Hons

Bella began work as a Payroll Client Support Consultant at SimplePay before joining Wilder Lockitch Chartered Accountants as a SAIPA Trainee Accountant. Bella holds a Bachelor of Commerce (Financial Accounting) degree from Stellenbosch University and a Bachelor of Commerce Honours degree in Taxation from the University of Cape Town.