“A diverse mix of voices leads to better discussions, decisions, and outcomes for everyone.”
– Sundar Pichai (CEO of Google)



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Rajay Ambekar
Rajay Ambekar, founder of Excelsia Capital, has more than 25 years’ financial services experience and 19 years investment experience with African Harvest Fund Managers, Cadiz, Prudential Portfolio Managers and Investec Asset Management. He was a Senior Audit Manager at KPMG prior to joining African Harvest in 2003 as an equity analyst. As an analyst he covered various sectors of the market including IT, Media,Telecoms, Diversified Industrials and Life Insurance. He was appointed a portfolio manager in 2007. His 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 for five years till 2015. He left Investec in March 2015 to establish Excelsia Capital. At the time of his departure from Investec, the Value franchise had approximately R35billion under management. Rajay holds a BCom (Hons) degree, is a Chartered Accountant (SA) and a CFA charter holder.
Richard Middleton
BSc Eng, MBA
Richard Middleton has over 24 years’ experience in the investment industry. He began his investment career in 1997 at RMB Asset Management as a Precious Metals Mining Analyst before joining Liberty Asset Management as an Industrial Analyst and assistant PortfolioManager. In 2002 with the formation of Stanlib Asset Management, he headed up their Growth franchise and was responsible for the management of a number of segregated balanced funds, unit trusts as well as a market neutral hedge fund.In 2010 he left to join 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 his responsibilities included the management of bespoke equity portfolios as well as the income generating and value orientated, Progressive Yield mandate. Richard has a Bachelor ofEngineering degree in Metallurgical Engineering and an MBA from WitsUniversity.
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Andrew Bishop
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. Andrew holds aBachelor of Business Science (Hons) from UCT and is a qualified CA(SA) and CFA charter holder.
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Mark Narramore
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 charter holder.
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Nancy Bambo
BCom (Hons)
Nancy started her career in investment management in 2016 at Momentum Securities as a TraineeEquity Analyst and progressed over six years to be an experienced Equity Analyst. Prior to that she completed her Bachelor of Commerce (Honors) degree in Investment Management.
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Kristen Collins
Kristen started her career in financial services at Old Mutual Investment Group in 2016 as a ClientLiaison Officer. She then progressed to be a Data and Valuations specialist in 2017. She holds a Bachelor of Business Science from UCT and is currently a completing CFA level III.
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Siyanda Mkhize
BCom (Hons), MCom
Siyanda graduated with a BCom (Hons) in Economics and went on to complete his Masters in Economics. He is currently completing a Masters in Information Technology through Bath University.
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Chante Cain
BCom (Hons)
Chante graduated with a BCom (Hons) in Financial Management and has completed her CFA level 1. Chante joined as a Trainee Equity Analyst intern in2022.
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Tshepiso Molopa
NDip Metallurgy, BCom
Tshepiso graduated with a National Diploma in Metallurgy and then went on to complete a BCom.  He has completed his CFA level 1. Tshepiso joined as a Trainee Equity Analyst intern in 2023.
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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. These functions grew to include the CIS and long-term life insurance businesses providing him with extensive experience across abroad number of functions and financial industries. With the rapid growth and eventual listing of the Coronation Fund Managers group, his role from 2003 onwards became more focused on heading up the compliance/internal audit function and the provision of company secretarial support to the listed group.In 2005 he joined Tantalum Capital – a start-up 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 asCFO, COO and Compliance Officer.
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Sharifa Jaffer
BCom (Accounting)
Sharifa has over 19 years’ investment management operational and compliance experience, 18 of which was spent at Element Investment Managers. She joined Excelsia Capital in 2021 as Finance Manager.
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Lindsay Tolmay
BBusSci (Hons)
Lindsay has been in the investment industry for over 14 years and brings a wealth of experience on the operational side. She started here career in operation at aLondon hedge fund and after six years returned to South Africa where she took up a position as Operations Manager at Capricorn Fund Managers. She has also held maternity cover contract roles at Abax (covering the COO) and Ninety One in an operations reporting role.
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Business Development

William Moutloatse
William Moutloatse has over 27 years’ of experience in financial markets. He started his career as an Executive Trainee at First National Bank in 1993 where he gained experience in all aspects of banking. In 1995 he transferred to the portfolio management division where he gained experience in managing trust and private client portfolios. He then joined Stanlib in 1996 as a portfolio manager and managed some of the largest funds in SA. He moved to Transnet Pension Fund Administrators in 2000, 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 in 2007 as Head of Fund Consulting and in 2012 became the CEO of Novare Actuaries and Consultants. He left Novare in May 2014 to join Maru Asset Managers as CEO. He has a Bachelor of Commerce Degree from the University of the Western Cape.
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