Programme Director,
Founder and CEO of Ninety One, Mr. Hendrik du Toit,
Chairman of Ninety One, Mr. Gareth Penny,
Management and staff of Ninety One,
Guests,
Ladies and gentlemen,
Good Evening,
It is a pleasure indeed to be here; and thank you to Ninety One for the invitation.
Today we aren’t just opening new offices. This investment signals a long-term commitment to South Africa and its future. It is a tangible demonstration of confidence in our economy, and a step forward in our national ambition to be a global financial services hub.
We are also here to celebrate 35 years of Ninety One as an unmistakably, proudly South African business with a global footprint.
Ninety One was founded as Investec Asset Management in 1991, when South Africa was on the cusp of change. As our democracy has evolved and matured, the company has continued to grow.
The Ninety One journey has been a story of innovation; of developing home-grown South African talent; and of a commitment to sustainable investing.
Ninety One’s success reflects the abundance of local expertise in our country and the strength of our financial sector as a key pillar of our economy.
The financial sector provides direct and indirect employment to nearly 3 million South Africans and contributes approximately 25 per cent of corporate income tax revenues.
It accounts for more than one fifth of our GDP, and in 2025 was one of the leading drivers of growth.
The depth and sophistication of our financial markets is one of our most important strengths as a country, underpinned by an independent Reserve Bank and a robust, enabling regulatory environment.
The financial sector plays a key role in financing development in our economy, from investing in South African businesses to building infrastructure.
In times like these, when the global economy faces significant instability and uncertainty, we can rely on the strength of our financial system to withstand disruption and absorb shocks.
We will keep working to grow our financial sector, to modernize and strengthen our regulations, and to position ourselves as a premier global destination for financial services firms to locate their African and emerging market operations.
At last year’s Financial Sector Competitiveness Lekgotla, the National Treasury highlighted some of the ways in which we are working to reduce the cost of capital and to channel more financing towards infrastructure projects.
Despite the current headwinds, we gather here at a time of hope for South Africa.
There are many, many reasons to be optimistic about South Africa’s prospects, and to believe that the economy is turning a corner.
We have experienced four consecutive quarters of GDP growth, national debt has stabilized, and we have generated a primary budget surplus for three consecutive years.
Across the world, investors are looking at South Africa with renewed interest, as an emerging market with strong institutions, sound policy and a solid track record of reform.
The tangible improvements in our economic performance that we are experiencing now are the result of a sustained, multi-year effort to reform our economy and to fix what was broken.
The crippling electricity crisis has ended, investment is on the rise, and the economy is creating more jobs.
We have implemented far-reaching reforms in our energy sector to enable private investment and are moving to restructure Eskom and establish a fully independent Transmission System Operator to create a level playing field for competition.
We have also seen improvements in our rail network and ports, enabling us to increase exports. We have concluded the first major private sector partnership at the Durban Pier 2 Container Terminal, the largest port terminal in our country, and are on track to introduce open access to the rail system this year.
The state is on a massive infrastructure build drive, and we will spend more than R1 trillion on infrastructure over the next three years.
Through streamlined PPP regulations, budget reforms, and innovative risk mitigation mechanisms such as the Credit Guarantee Vehicle, we will use this funding to catalyse significantly more private investment.
We have brought stability to key state-owned enterprises and restored sound governance, repairing the damage wrought by corruption and state capture.
Last year, we achieved two major milestones: our first sovereign credit ratings upgrade in nearly 20 years, and South Africa’s removal from the Financial Action Task Force grey-list.
The private sector shares credit for the economic progress we are witnessing. It is the outcome of deep and sustained partnerships between government and business to unlock growth and opportunity.
All of our efforts have been driven by the simple conviction that we can achieve more when we work together.
We have sought to change the culture of government: to build a government that is more open, more transparent, more willing to engage, to listen, and to collaborate with others.
Institutions like Ninety One are key partners in our drive to mobilise capital for our nation’s development.
The economic progress we have made signal to the world that South Africa is not only open for business but firmly on the path to recovery. With its long and established presence at home combined with a global footprint, Ninety One can play a leading role in elevating the prominence, stature and scale of our financial sector.
This company stands as proof that we more than have what it takes, that our local talent is world class, and that our ambitions are well-placed.
And so, we say once more congratulations on the opening of your impressive new offices. With this opening you bring our aspiration of becoming a leading financial hub for Africa and the world all the closer to becoming reality.
I thank you.

