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 was appointed as an independent non-executive director and Chairman on 19 November 2019. He is chairman of Norilsk Nickel, or Nornickel, Russia’s largest diversified mining and metals company listed on the Moscow Exchange. Gareth was previously chairman of the Edcon Group, a private fashion retailer in southern Africa, and served as a non-executive director and Remuneration Committee chairman of the Julius Bär Group. 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. He has had significant exposure to developing markets, wealth management, private equity and the financial sector.


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 was appointed to the Board in October 2019. He resumed the role of chief executive officer on the demerger of the business from Investec in March 2020. Prior to this he was joint chief executive officer of Investec. Hendrik is a founding member of Ninety One having entered the asset management industry in 1988; joining Investec in 1991 to set up Investec Asset Management as Ninety One was called before the demerger from Investec.

Hendrik is a non-executive director of Naspers Limited and its European subsidiary, Prosus, a member of 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, 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

Member of Disclosure Committee

Kim was appointed to the Board in October 2019. 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, 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 has 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.


Colin Keogh

Senior Independent Director

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


Colin was appointed as an independent non-executive director and Human Capital and Remuneration Committee chair on 19 November 2019. 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. He was previously a non-executive director of M&G Group Limited and Virgin Money Holdings (UK) plc.


Idoya Basterrechea Aranda

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 was appointed as an independent non-executive director on 19 November 2019. Idoya is the senior partner for strategy and business development at Fidentiis Gestion SGIIC, an independent asset manager headquartered in Madrid, Spain. 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 in the Basque Government. Idoya has been a member of the Bizkaia Bar Association since 1984. Idoya has a law degree from Deusto University (Bilbao) and MSc in European Studies from the London School of Economics.


Victoria Cochrane

Independent Non-Executive Director

Chair of Audit and Risk Committee

Victoria was appointed as an independent non-executive director and Audit and Risk Committee chair on 19 November 2019. Victoria currently serves as senior independent director at Integrafin Holdings plc, non-executive director and chair of the Audit Committee at Euroclear Bank SA/NV, non-executive director and chair of the Audit and Risk Committee at Perpetual Income and Growth Investment Trust plc and senior independent director and chair of the Audit and Risk Committee at HM Courts & Tribunals Service. Victoria previously served as a non-executive director at Gloucester Insurance Limited and senior advisor to Bowater Industries Limited.

Victoria started her career as a solicitor where she spent 10 years in private practice, training with Beale & Co, before joining Cameron Markby and subsequently McKenna & Co (now CMS). Her litigation experience 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 a Global Executive Board member and global managing partner for Risk.


Busisiwe Mabuza

Independent Non-Executive Director

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


Busisiwe was appointed an independent non-executive director and Sustainability, Social and Ethics Committee chair on 19 November 2019. Busisiwe is chair of the Board of Industrial Development Corporation of South Africa, which was established to promote sustainable economic growth and industrial development in South Africa and 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 Airports Company South Africa Limited and the Central Energy Fund Proprietary Limited. Busisiwe was also previously a partner at Ethos Private Equity Proprietary Limited and has held several positions at listed and private South African investment firms.


Fani Titi

Non-Executive Director

Fani was appointed as a non-executive director on 19 November 2019. He is currently the chief executive officer of Investec where he has served as a board member since 2004. Prior to the demerger he was joint chief executive officer of Investec alongside Hendrik du Toit. Previously he has served on the boards of Investec Asset Management Holdings Proprietary Limited and Investec Asset Management Limited until May 2019.

Fani was a founding member of the private investment group Kagiso Trust Investments Limited (now Kagiso Tiso Holdings), and later cofounder of Kagiso Media Limited where, as chief executive officer, he led the public offering on the JSE. Fani was subsequently the founding executive chairman of the private investment firm the Tiso Group until 2008, which subsequently merged with Kagiso Trust Investments to form Kagiso Tiso Holdings.


Paula Watts

Ninety One plc Company Secretary

Paula was appointed as the Ninety One plc company secretary on 29 January 2020. She joined Ninety One 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 was appointed as the corporate company secretary for Ninety One Limited in February 2020. The Board has satisfied itself with regard to the competence, qualifications and experience of Ninety One Africa Proprietary Limited.


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