Board of directors

The management expertise and experience of each board director and the company secretaries are set out in his/her biography below.
The management expertise and experience of each board director and the company secretaries are set out in his/her biography below.

Gareth Penny

Independent Non-Executive Director and Chairman



Chair of Nominations and Directors Affairs Committee
Member of Sustainability Social and Ethics Committee
Member of Disclosure Committee


Gareth is Chairman of Norilsk Nickel, or Nornickel, the world’s leading producer of nickel and palladium. Nornickel, Russia’s largest diversified mining and metals company, is listed on the Moscow Exchange, with ADRs traded in London and New York.
Gareth is Chairman of the Edcon Group, a private company and Southern Africa’s largest non-food retailer.

For 12 years, until April 2019, Gareth served as a Non-Executive Director (and Remuneration Committee Chairman) of Julius Bär Group, a listed Swiss bank focused on wealth management.

Gareth has worked in various forms of mining over the past three decades. For 22 years, he was with De Beers and Anglo American, the last five of which he was group Chief Executive Officer of De Beers.

In 2016, Gareth was awarded Russian Chairman of the Year, with reference to his contribution to improvements in corporate governance. Gareth has had considerable experience in chairing both public and private boards and has a deep understanding of governance processes and risk management. He has had significant exposure to developing markets, wealth management, private equity and the financial sector.



Colin Keogh

Senior Independent Director



Independent Non-Executive Director
Chair of Human Capital and Remuneration Committee
Member of Audit and Risk Committee


Colin has spent his career in financial services, principally at Close Brothers Group plc, where he worked for 24 years and was Chief Executive Officer from 2002 until 2009.

Colin is Senior Independent Director and chairs the Remuneration Committee of Hiscox Limited. He is also Chairman of the specialist financial services business Premium Credit Limited and a Non-Executive Director of M&G Group Limited.

He was previously a Non-Executive Director of Virgin Money Holdings (UK) plc.










Idoya Basterrechea Aranda

Independent Non-Executive Director



Independent Non-Executive Director
Member of Audit and Risk Committee
Member of Human Capital and Remuneration Committee
Member of Nominations and Directors Affairs Committee


Idoya is the Senior Partner for strategy and business development at Fidentiis Gestion SGIIC, an independent asset manager headquartered in Madrid, Spain. It was established in 2007 as a boutique provider of unconstrained investment products and strategies on the Iberian equity markets and, latterly, global macro, financial and ESG strategies have been added to Fidentiis’ offering.

Idoya’s prior experience includes being a founding member, Chief Investment Officer and Deputy General Director of Norbolsa SVB (the investment arm of the Basque Savings Banks) from 1989 to 2013, a member of the international equity sales team at Swiss Bank Corporation and Legal Counsel at Basque Government.

Idoya has been a member of the Bizkaia Bar Association since 1984. Idoya has a law degree from Deusto University (Bilbao) and a MSc in European Studies from the London School of Economics.





Victoria Cochrane

Independent Non-Executive Director



Chair of Audit and Risk Committee


Victoria started her career as a solicitor, training with Beale & Co, before joining Cameron Markby which then merged with McKenna & Co to create what is now known as CMS Cameron McKenna. She spent 10 years in private practice, working on litigation across a range of sectors, including banking, reinsurance and professional services. It was her litigation experience that led to her joining Ernst & Young as their first UK General Counsel in 1991. She was a partner for 20 years and for the last five was Global Executive Board Member and Global Managing Partner for Risk.

Victoria currently serves as Senior Independent Director at Integrafin Holdings plc, which provides platform services to UK financial advisers and their clients. She also serves as a Non-Executive Director and Chair of the Audit and Risk Committee at Euroclear Bank SA/NV and at Perpetual Income and Growth Investment Trust plc and Senior Independent Director and Chair of the Audit & Risk Committee at HM Courts & Tribunals Service.

Victoria’s prior experience includes serving as a Non-Executive Director at Gloucester Insurance Ltd and Senior Adviser to Bowater Industries Limited.



Busisiwe Mabuza

Independent Non-Executive Director

Busi Mabuza

Chair of Sustainability, Social and Ethics Committee
Member of Human Capital and Remuneration Committee


Busisiwe is Chair of the Board of Directors of Industrial Development Corporation of South Africa, a self- financing development finance institution established to promote sustainable economic growth and industrial development in South Africa. Industrial Development Corporation of South Africa is the largest development finance institution in sub-Saharan Africa.

Busisiwe is also Lead Independent Director of Tsogo Sun Gaming Limited, a South African gaming and entertainment group listed on the JSE. She has held several other Non-Executive Directorships, including appointments as Chair of the Board of Directors of Airports Company South Africa Limited and the Central Energy Fund Proprietary Limited.

For five years until March 2010, Busisiwe was a partner at Ethos Private Equity Proprietary Limited. For the decade prior to this, she held several positions at several South African investment firms working in both listed and non-listed investment environments.




Fani Titi

Non-Executive Director



Fani has been a member of the Boards of Investec plc and Investec Limited since January 2004, has been Non-Executive Chairman of the Boards of Investec plc and Investec Limited from November 2011, and is currently the Chief Executive Officer of the Investec Group.

Fani has also been a member of the Investec Bank Limited Board from July 2002 and he has Chaired its Board since June 2007. He has been a member of the Investec Bank plc Board from August 2011, and its Chairman since August 2014. He served on the Boards of Investec Asset Management Holdings Proprietary Limited and Investec Asset Management Limited from May 2005 and November 2013, respectively, until May 2019.

Fani was a founding member of the private investment group Kagiso Trust Investments Limited (now Kagiso Tiso Holdings), and later co-founded and led the public offering of Kagiso Media Limited on the JSE Limited as its Chief Executive Officer. Fani was subsequently the founding Executive Chairman of the private investment firm the Tiso Group, which subsequently merged with Kagiso Trust Investments to form Kagiso Tiso Holdings. Fani stepped down from the Tiso Group in 2008 to concentrate his time on his duties at the Investec Group, while also looking after his private investment portfolio. Fani has over two decades of investment banking experience and has sat on the boards of different investee companies and JSE listed companies.




Hendrik du Toit

Chief Executive Officer



Chair of Disclosure Committee
Member of Nominations and Directors Affairs Committee
Member of Sustainability, Social and Ethics Committee


Hendrik is Chief Executive Officer of Ninety One. Hendrik entered the asset management industry in 1988 and joined Investec in 1991 as founding member of Investec Asset Management. He served as CEO until he assumed the role of Joint Chief Executive Officer of the Investec Group on 1 October 2018. Upon completion of implementation of the Demerger and Admission of Ninety One plc and Ninety One Limited, Hendrik stepped down from his current role and resigned as a director of Investec plc and Investec Limited to focus on Ninety One plc and Ninety One Limited.

Hendrik is a Non-Executive Director of Naspers Limited and its European subsidiary, Prosus. In 2019, Hendrik joined the Advisory Boards of the UN Business and Human Security Initiative and the Impact Investing Institute. Previously, Hendrik served as a Non-Executive Director of the Industrial Development Corporation of South Africa. He has also served on the Advisory Board of the Sustainable Development Solutions Network, the Expert Board of HM Treasury’s Belt and Road initiative and as Commissioner of the Business and Sustainable Development Commission which authored the report “Better Business Better World” in 2017.

Hendrik holds an MPhil in Economics and Politics of Development from Cambridge University, as well as an MCom in Economics from Stellenbosch University.


Kim McFarland

Finance Director



Kim is the Finance Director of Ninety One. She joined Investec Asset Management in 1993 as its Chief Financial Officer and Chief Operating Officer to manage the financial and operational growth of the business. In October 2018, Kim was appointed as an Executive Director of Investec plc and Investec Limited. Upon completion of the implementation of the Demerger and Admission of Ninety One, Kim resigned as a director of Investec plc and Investec Limited to focus on her role as Finance Director on the Boards of Ninety One plc and Ninety One Limited.


Prior to joining Investec Asset Management, Kim served as Financial and Operations Manager at two South African life insurance companies. Kim has been a Non-Executive Director of the Investment Association (UK) since September 2015.

Kim graduated from University of the Witwatersrand (Johannesburg) with degrees in Commerce and Accounting and subsequently qualified as a Chartered Accountant with Price Waterhouse in 1987. She also holds an MBA degree from the University of Cape Town. Among other awards, Kim has been named Business Woman of the Year in South Africa and has been named in multiple years as one of the top- 100 most influential women in finance (Financial News).




Paula Watts

Ninety One plc Company Secretary

Paula Watts

Paula was appointed as the Ninety One plc Company Secretary on 29 January 2020. She joined the Group initially as a consultant company secretary in June 2019. Paula is a seasoned Company Secretary with over 25 years of experience working mainly in public limited companies. She has spent the last 12 years working in the financial services sector in both senior permanent and interim company secretary roles. Her most recent publicly listed company role was as Interim Company Secretary for Hargreaves Lansdown plc.


Paula is a Fellow of the Institute of Chartered Secretaries and Administrators. 













Ninety One Africa Proprietary Limited

Ninety One Limited Company Secretary


Ninety One Africa Proprietary Limited, incorporated and registered in South Africa with registration number 1997/000445/07, has its registered office address at 36 Hans Strijdom Avenue, Foreshore, Cape Town, 8001, Republic of South Africa. Ninety One Africa Proprietary Limited is a subsidiary of Ninety One Limited.





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