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Garreth Elston

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Garreth Elston

International Asset Management Professional


Currently resides in: Gauteng, South Africa

Born in Johannesburg South Africa

International investment professional specialising in global Real Estate investments. Experienced in South African and international listed real estate. He has served as the portfolio manager of South African and Global Unit Trust portfolios, proprietary funds and private equity portfolios. Mr. Elston is currently providing specialist consulting services to the asset management sector.

Before returning to South Africa, Garreth was the Managing Director of Golden Section Capital Markets, an independent Canadian capital markets consultancy that provided bespoke strategic support services in real estate investment, corporate strategy, financial advisory, private equity, equity research, portfolio management and investor marketing services to international investors.

Garreth has always been actively involved in the broader investment industry, and currently serve as the Deputy Chairman of the Investment Analysts Society and as a member of the South African Chapter of the Corporate Reporting Users Forum.

He previously served as the Chair of the Corporate Finance and Corporate Presentations committees of the CFA Society Toronto; as the Chairman of the Investment Analysts Society of Southern Africa (IASSA); and was the Southern African representative on the International Council of Investment Associations.

Educationally, Mr. Elston holds an MBA in Finance from the Rotman School of Management at the University of Toronto, an MA in International Relations and a BCom in Banking Management. In addition to completing the Canadian Securities Course, the Partners, Directors and Senior Officers Course, he is a Certified Associate of the Institute of Bankers in South Africa, a Fellow of the Institute of Financial Markets and has completed his FSB regulatory examinations in categories RE1, RE3 and RE5.

Contact details

garreth.elston@goldensection.ca


Web presence

Business Address

Bryanston, Sandton, South Africa


Professional details

Current Position(s)

Managing Director | Golden Section Capital
Johannesburg, South Africa | May 2017 - present

Property and Real Estate

Golden Section Capital is a private global investment and specialist corporate finance consulting services provider focussing on real asset investments, including real estate, infrastructure, and commodities (oil and gas).

Golden Section’s projects typically encompass investment strategy, equity research, general corporate finance, capital raising, asset acquisitions, portfolio management strategy, financial analysis, M&A, due diligence investigations, investor relations programmes, and debt structuring.


Previous Position(s)

Portfolio Manager | Alternative Real Estate Capital Management
Sandton, South Africa | September 2015 - April 2017

Accounting, Banking and Finance

Manager of Alternative Real Estate's suite of real estate focused investments.

Alternative Real Estate is a boutique asset manager and authorized financial services provider that specializes in the structuring of investment and lending products. It was formed to cater for the discerning investor who seeks tailored investments in Real Estate Investment Trusts (REITs), Real Estate Operating Companies (REOCs) and other forms of listed property.

By focusing on the listed property sector, the management team at Alternative Real Estate believes they are able to build valuable relationships with various market participants as well as gain an intimate understanding of the sector, which aids in delivering the best possible returns to investors.


Managing Director | Golden Section Capital Markets Inc.
Toronto, Canada | 2009 - July 2015

Accounting, Banking and Finance

Golden Section provides client-centric capital market services including corporate advisory, portfolio management, corporate finance, strategy consulting, and equity research services focused on the real estate sector. Clients are primarily niche financial services companies, international real estate investment companies, and property development companies. Golden Section’s projects typically encompass asset acquisitions, portfolio management, financial analysis, due diligence investigations, capital raising, investor relations programmes, and company strategy formulation. The company’s recent projects have included: Various private equity property development projects in Canada, the USA and developing markets. An in-depth research study into the growth areas in key global real estate markets (Global REIT 2034). The company has also conducted various real estate asset portfolio reviews and rationalisation strategies, as well as Investor Relations projects for Toronto Stock Exchange (TSX) listed companies.


Portfolio Manager | Absa CPF Specialised Equity | Absa Asset Management
Johannesburg, South Africa | 2005 - 2008

Accounting, Banking and Finance

Served as the Portfolio Manager of Absa Commercial Property Finance’s Specialised Equity Division’s portfolio of real estate investments, responsible for managing a portfolio with listed assets under management of R900 m; additionally responsible for the management of Absa CPF’s international private equity real estate assets of USD28.5 m in the U.S.A., Holland, France, Germany and the U.K.; and co-manager of investments in the Absa Property Equity Fund, funds under management of R160 m. Key activities were full portfolio management, equity research, real estate sector research, trading, fund hedging via derivatives and risk management, regulatory compliance, and fund marketing. Achievements include the Absa Property Equity Fund winning the Standard & Poor’s Micropal Fund Award in the Domestic Real Estate General Category for Best Annual Relative Risk Adjusted Returns, 2008. The proprietary portfolio had a return of 36.21 percent vs. the benchmark's 26.52 percent. Additionally served as a Trustee for the Property Unit Trust (PUT) industry during 2008.


Head: Marketing Strategy | Group Marketing | NEDBANK GROUP LTD
Sandton, South Africa | 2002 - 2005

Accounting, Banking and Finance

Old Mutual plc is an international Long-term Savings, Banking, Short-term insurance and Asset Management Group. It is a FTSE 100 listed and a Fortune Global 500 company. The Group operates in Europe, North America, Asia and Africa.

Seated on the Group Marketing Division Exco my primary duty was the formulation and management of Group Marketing Strategy initiatives. I had overall responsibility for drawing up and managing the group’s marketing strategy to ensure alignment, synergy and the achievement of company financial targets across all market segments. Responsibilities covered all aspects of the marketing function from macro strategy formulation, value propositions, segmentation, return on marketing investment, down to advertising and campaign management. Sectors covered included Bancassurance, Capital Markets, Investments, Retail and Private Banking, and Property and Asset Finance. Key successes were post-merger branding initiatives, brand rationalisation strategies and segmentation development.

Additionally managed the Strategic Intelligence team providing market research and competitive intelligence services covering all economic sectors. My team conducted in-depth global, sector, industry, economic studies and company research.


Manager | Market Watch | Accenture
Johannesburg, South Africa | 2000 - 2002

Accounting, Banking and Finance

Duty was the management of a team of analysts and consultants, operating in the Accenture Business Launch Centre, delivering specialist services to assist Accenture and its Private Equity Venture Capital partners in new business ventures. Areas of responsibility included company research, marketing strategy, business strategy, business development strategy, and drivers affecting the eCommerce and Financial Services sectors. Functions included industry analysis, project management, models and market overviews, identifying business opportunity areas and market gaps. Project interaction took place on a global scale and involved foreign business exposure. As team head had responsibility for internal and external marketing and sales of team services. Achievements included the team achieving the highest global billing rate in FY2000 of related departments.


Market Intelligence Research Manager | Group Marketing | NEDBANK GROUP LTD
Johannesburg, South Africa | 1998 - 2000

Accounting, Banking and Finance

Duty was strategic market intelligence and adding strategic insight to Nedcor Bank, primarily in an internal consulting role. This was achieved through a full analysis of the financial services sector and interaction at senior bank management level. Extensive liaison was carried out with internal clients, primarily at senior manager and director level regarding their strategic requirements, covering all areas of the bank. Inputs included the assistance with the formulation of strategic marketing plans, market segmentation studies, strategic planning, agency interaction, business development, competitive intelligence and company analysis.

Educational history

Secondary

Krugersdorp High School, Krugersdorp, South Africa (1989)

Tertiary

Financial Services Board(FSB)

Johannesburg, South Africa | April 2016 - May 2016

RE1 First Level Regulatory Examination: FSPs (sole proprietors) and Key Individuals in Categories I, II, IIA, III and IV. - Investment

This is a general examination that applies to all key individuals and sole proprietors in all the Categories. All sole proprietors and key individuals who are responsible for managing and overseeing a business relating to the rendering financial services for FSPs in Category I, II, IIA, III and IV.

Financial Services Board(FSB)

Johannesburg, South Africa | April 2016 - May 2016

RE3 First Level Regulatory Examination: FSPs (sole proprietors) and Key Individuals in Categories II and IIA. - Investment

This is a specific examination that only applies to sole proprietors and key individuals in Category II and IIA. All sole proprietors and key individuals who are responsible for managing and overseeing the business relating to the rendering financial services for FSPs in Category II (Discretionary FSPs) and IIA (Hedge Fund FSPs).

Financial Services Board(FSB)

Johannesburg, South Africa | April 2016 - May 2016

RE5 First Level Regulatory Examination: Representatives. - Investment

All Representatives, including those employed or mandated by an FSP, who render a financial service to a client (excluding a person rendering clerical, technical, administrative, legal, accounting or other service in a subsidiary or subordinate capacity which does not require judgment or does not lead to a specific transaction in respect of a financial product in response to general enquiries) are required to write this examination.

Canadian Securities Institute

Toronto, Canada | 2012 - 2012

Partners, Directors and Senior Officers Course - PDO - Regulation, Corporate Governance, Ethics

For over 40 years CSI has been Canada's leading provider of professional credentials and compliance solutions for the financial services industry.

University of California, Los Angeles - The Anderson School of Management

Los Angeles, United States of America | 2010 - 2010

Venture Capital & Private Equity Programme - Venture Capital & Private Equity Programme

UCLA Anderson School of Management, established in 1935, is regarded among the very best business schools in the world. UCLA Anderson faculty are ranked #1 in "intellectual capital" by BusinessWeek and are renowned for their teaching excellence and research in advancing management thinking.

University of Toronto - Rotman School of Management

Toronto, Canada | 2009 - 2011

Master of Business Administration (MBA) - Finance, Private Equity, Strategy, Accounting

In the past decade, Rotman has been placed in the Top 10 worldwide business schools. Business Week has also consistently ranked Rotman in the Top 10 of "Best International Business Schools" category. www.rotman.utoronto.ca

Canadian Securities Institute

Toronto, Canada | 2008 - 2008

Canadian Securities Course - CSC - Canadian Securities

Oxford Brooks University

Johannesburg, South Africa | 2004 - 2005

Bachelor of Commerce (BCom) - Banking Management and Marketing

Oxford Brookes University is a premier learning and teaching institution with an outstanding research record.

Institute of Bankers in Southern Africa

Johannesburg, South Africa | January 1999 - May 2001

Certified Associate of the Institute of Bankers in South Africa (CAIB) SA - Banking

University of the Witwatersrand

Johannesburg, South Africa | 1994 - 1998

Master of Arts (MA) - International Relations

The University of the Witwatersrand has a reputation built on research and academic excellence. Wits is one of only two universities in Africa ranked in two separate international rankings as a leading institution in the world.

University of the Witwatersrand

Johannesburg, South Africa | 1990 - 1993

Bachelor of Arts (with Honours) - International Relations and Political Studies

Achievements

Awards

Fellow of the Institute of Financial Markets | 2004

Admitted as a Fellow of the South African Institute of Financial Markets.

CFA Society Toronto’s MVP Volunteer of the Year award | 2012

Selected as volunteer of the year for the Corporate Presentation's Committee of the CFA Society Toronto.

media exposure

Business Day | 2016

Interview comments on Growthpoint's purchase of a major stake in Romania's Globalworth.

Business Day | 2017

Press article on Hammerson's offer to buy intu.

Classic FM | 2017

Interview on SA REIT sector.

Moneyweb | 2018

Interview about potential new SA target of Viceroy research.

Business Day | 2018

Various press mentions in Business Day

Bizcommunity | 2007

Press release on HKLM Exchange opening up dialogue with investment analyst community.

Mining Weekly | 2006

Interview on share buy-backs.

Engineering News | 2000

Interview on Accenture's launch of its e-Commerce incubator.

IR Magazine | 2006

Interview on capital raising in South Africa for IR Magazine.

Market Watch | 2011

Interview regarding investing in diamonds.

Competitive Accomplishments

Team Member | Transvaal Bisley Team | 1989

Qualified and selected as a member of the Transvaal .22 50 metre Bisley Shooting Team.

Fourth Place | Australian University Games | 1995

Represented the University of the Witwatersrand in Taekwondo at the Australian University Games held in Darwin.

Academic Achievements

Published Paper | 2007

Article published on Listed Property Stocks as a Portfolio Diversifier, an introduction to the Ibbotson REIT Analysis.

Published Paper | 2006

Article published on Psychology and Economics:
An Introduction to Behavioural Finance.

Institute Prize from the Institute of Bankers in Southern Africa | 2001

Awarded the Institute Prize from the Institute of Bankers in South Africa for achieving the top result nationally in Strategic Marketing for the 2001 CAIB(SA) examinations.

University of the Witwatersrand Postgraduate Merit Award | 1993

Bursary for post-graduate studies.

Centre for Science Development Scholarship | 1993

Bursary for post-graduate studies.

Other Achievements

Deputy Chairman of the Investment Analysts Society of Southern Africa | 2016

The IAS is a non-profit making body and was registered in 1968 as an “association not for gain”. We function as a liaison body for the investment analysts profession.

The IAS currently has 1800 members drawn from all walks of the analysts profession including Investment Banks and Houses, Fund Managers, Brokers, Insurance Companies, pension Funds, etc. In order to qualify for membership applicants must be employed in the field of investment analysis and must have either a post graduate business qualification or at least 3 years experience as an investment analyst.

Chairman of the Corporate Finance Committee of CFA Society Toronto | 2014

Chairman of the Corporate Finance Committee of CFA Society Toronto from 2014

Deputy Chairman of the Corporate Finance Committee of CFA Society Toronto | 2013

Deputy Chairman of the Corporate Finance Committee of CFA Society Toronto from 2013.

Chairman of the Corporate Presentations Committee of CFA Society Toronto | 2012

Chairman of the Corporate Presentations Committee of CFA Society Toronto from 2011-2012.

Chairman of the Investment Analysts Society | 2008

Chairman of Investment Analysts Society of Southern Africa 2007-2008.

Judge for Business Day Investor Relations Awards | 2008

Judge for Business Day Investor Relations Awards for excellence in financial advertising 2004 and 2008.

Deputy Chairman of the Investment Analysts Society | 2007

Deputy Chairman of the Investment Analysts Society of Southern Africa 2005-2007.

Activities

Memberships

Investment Analysts Society of Southern Africa

Deputy Chairman, September 2015 - present

CFA Society South Africa

Member, 2007 - present

The CFA Society South Africa serves the investment community of Southern Africa by promoting the highest standards of professional excellence and integrity.

CFA Society South Africa is an affiliate of CFA Institute (USA). In our mission to promote global-best-practice, CFA Society South Africa supports the CFA Code of Conduct & Standards of Practice and the Chartered Financial Analyst (CFA) programme. CFA Society South Africa members are principally investment and financial service professionals, academics, and regulators.

The Prospectors and Developers Association of Canada (PDAC)

Member, March 2012 - July 2015

The Prospectors & Developers Association of Canada (PDAC) represents the interests of the Canadian mineral exploration and development industry.

The Corporate Reporting Users' Forum

Volunteer, March 2011 - June 2016

The CRUF was formed in 2005 as a discussion forum to help professional investors and analysts in the debate on current and future corporate reporting. In particular, participants are keen to have a fuller input into the deliberations of the International Accounting Standards Board and Financial Accounting Standards Board.

Member of Canadian chapter of the Corporate Reporting Users' Forum (CRUF), serving on the general CRUF committee as well as the Hedging and Banking sub-groups.

CFA Society of Toronto

Chairman of Corporate Finance Committee, March 2010 - July 2015

Founded in 1936, CFA Society Toronto (formerly Toronto Society of Financial Analysts Inc.) is a not-for-profit organization supporting the professional development and advancement of CFA® charterholders. The society provides member services including educational programs, sponsored events, employment postings, and networking opportunities.

Chair of the Corporate Presentations Committee 2010 - 2012
Member of Corporate Finance Committee 2012 - 2013
Chairman of Corporate Finance Committee 2014

community

Holiday Helpers

Volunteer, December 2008 - December 2014

Volunteer assisting with services for annual Christmas gift donations to needy families.

Halton Regional Police Service

Auxialiary Constable, January 2014 - July 2015

Volunteer Auxiliary Police Constable serving the Halton community.

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