Excelsia Capital is built upon a team of dedicated professional staff.
Investment
Rajay Ambekar
CA(SA), CFA
CIO, Portfolio Manager
Full Bio
Rajay, founder of Excelsia Capital, started his investment career in 2003 at African Harvest Fund Managers and has over the years worked at Cadiz Asset Management, Prudential Portfolio Managers, and Investec Asset Management. He was a Senior Audit Manager at KPMG prior to joining African Harvest as an Equity Analyst. His extensive portfolio management experience has ranged from relative value (Cadiz and Prudential) to deep value (Investec). At Investec he co-managed the Value franchise together with John Biccard and in 2015 left Investec to establish Excelsia.
Richard Middleton
BSc ENG, MBA
Portfolio Manager and Equity Analyst
Full Bio
Richard began his career in 1997 at RMB Asset Management as a Precious Metals Mining Analyst before joining Liberty Asset Management. With the formation of Stanlib Asset Management, he headed up their Growth franchise. He left Stanlib to join Investec Asset Management, where he managed the Growth franchise as well as Emerging Companies strategy before transferring to Investec Wealth where he managed the income generating and value orientated, Progressive Yield mandate. He joined Excelsia in 2019.
Graeme Ronne
BCom (Hons), CFA
Portfolio Manager and Equity Analyst
Full Bio
Graeme began his career at Element Investment Managers in 2006 after which he worked at Cadiz Asset Management. He then spent seven years at Perpetua Investment Managers as an Analyst and Portfolio Manager and was Head of Global Equities and a Voting Member of the Asset Allocation Committee for domestic and global multi-asset class mandates. Graeme holds a BCom (Hons) from UCT and is a CFA charterholder.
Andrew Bishop
CA(SA), CFA
Senior Equity Analyst
Full Bio
Andrew started his career in financial services in 2008 at Element Investment Managers after completing his articles at Deloitte. He was appointed as a portfolio manager in 2017 and was responsible for managing the equity (SA and Global) and multi asset portfolios. He joined Excelsia in 2023.
Nancy Bambo
BCom (Hons)
Equity Analyst
Full Bio
Nancy started her career in investment management in 2016 at Momentum Securities as a Trainee Equity Analyst and progressed over six years to be an experienced Equity Analyst. She joined Excelsia in 2022. She has passed CFA Level II.
Tshepiso Molopa
Ndip Metallurgy, BCom
Equity Analyst
Full Bio
Tshepiso graduated with a National Diploma in Metallurgy. He worked at Mintek as a Metallurgy Intern and then went on to complete a BCom in Finance. He joined Excelsia as a Trainee Equity Analyst in 2023. He has passed CFA Level II.
Naledi Marule
BCom (Hons)
Equity Analyst
Full Bio
Naledi graduated with a BCom (Hons) from University of Cape Town. She spent 2 years as a Trainee Investment Analyst at Perpetua Investment Managers.
Mmakgosi Molekwa
Bcom (Hons)
Trainee Analyst
Full Bio
Mmakgosi graduated with a BCom (Hons) from University of Johannesburg. She completed a year with a private equity firm as an Investment Analyst.
Thembalethu Qonde
BCom (Hons)
Trainee Analyst
Full Bio
Thembalethu graduated with a Bcom (Hons) from the University of Johannesburg. He has passed CFA Level I.
Austin Makhubela
Bcom (Hons)
Trainee Analyst
Full Bio
Austin graduated with a BCom (Hons) from University of Cape Town. He spent a year as a Business Analyst at Woolworths Financial Services.
Operations
Derek McDonald
CA(SA)
Head of Risk and IT
Full Bio
Derek started at Coronation Asset Management in 1996 after completing his articles with Deloitte, and was involved with the financial, compliance and operational aspects of the business. With the listing of the group, his role focused on heading up the compliance/internal audit function and providing company secretarial support. He left Coronation to join Tantalum Capital, where he was responsible for the setup and management of all non-investment related functions as CFO, COO and Compliance Officer. He joined Excelsia in 2016.
Sharifa Jaffer
BCom
Chief Financial Officer
Full Bio
Sharifa has extensive investment management financial, operational and compliance experience, 18 years of which was spent at Element Investment Managers. She joined Excelsia in 2021.
Lindsay Tolmay
BBusSci (Hons)
Chief Operating Officer
Full Bio
Lindsay started her career in operations at a London hedge fund in 2009 before returning to South Africa where she took up a position as Operations Manager at Capricorn Fund Managers. She has also held operational roles at Abax Investments and Ninety One. She joined Excelsia in 2022.
Anelisa Mbityana
BCom (Hons)
Operations Analyst
Full Bio
Anelisa graduated with a BCom (Hons) from the University of the Western Cape, and joined Excelsia in 2025.
Business Development
William Moutloatse
BCom
Head of Business Development
Full Bio
William started his career in 1993 as an Executive Trainee at First National Bank. He then worked at Stanlib as a portfolio manager before moving to Transnet Pension Fund Administrators, where he became Senior Manager responsible for equities, bonds and alternative assets and represented the fund on various governing boards and investment committees. He joined Novare as Head of Fund Consulting and was promoted to CEO of Novare Actuaries and Consultants. He left Novare to join Maru Asset Managers as CEO. William joined Excelsia in 2018.
