Team

Ray studied Agricultural Economics at the University of Natal, Pietermaritzburg, South Africa from 1981-85, graduating Summa Cum Laude. He was awarded a Beit Scholarship and read for an M.Sc. In Agricultural Economics at Oxford University in 1985/6. In addition, Ray became a Chartered Financial Analyst (CFA) in 1995 and completed a 3-year Owner-President Management Program (Program 28) at Harvard University Graduate School of Business Administration. Post-Oxford, Ray found an interest in finance and joined Simpson McKie Inc., a stockbroking firm in Johannesburg in 1987 and then Rand Merchant Bank in 1988, where he was employed in the derivatives trading operation. In 1993, Ray and his brother Frank founded Cadiz Holdings, a specialist derivatives research and trading company. The business grew rapidly, acquired a bank in 1998 and listed on the Johannesburg Securities Exchange in 1999. Cadiz Holdings was formally rated (in the Financial Mail Survey) as the best derivatives research and trading house in South Africa for 16 years, in the face of stiff competition from many of the main international and all the local investment banks and brokerage houses. Ray left Cadiz in 2005, and returned to the financial markets 9 years later by founding Constellation with Heath Cuthbertson in 2014. Constellation has traded successfully to-date and has a small, but vibrant and respected team and an established brand. Aside from his working career, Ray has held positions as board member of the South African Futures Exchange (which he chaired), the Johannesburg Securities Exchange and Denel, a large parastatal entity operating in the defence industry.

Heath is a co-founder of Constellation Capital. Prior to starting Constellation, Heath worked on the Johannesburg Stock Exchange trading floor followed by 15 years at Cadiz securities on the equity derivatives team as a senior trader. He was a top ranked derivative research analyst in South Africa and played an integral part in the trading team which was rated number one in South Africa for derivative dealing. Cadiz was bought in 2011 by BNP Paribas where Heath was appointed head of derivatives trading and joint head of structuring in South Africa. Heath continues his passion for derivatives research and trading with Constellation which has become a respected and established brand in South Africa.

Frank studied Agricultural Economics at the University of Natal, Pietermaritzburg, South Africa from 1987-90, graduating Summa Cum Laude. He was awarded a Beit Scholarship and read for an M.Sc. in Agricultural Economics at Oxford University in 1991/2 and became a Chartered Financial Analyst in 1996. Following his graduation in 1992, Frank worked in corporate finance at Stanbic Merchant Bank, Harare. In 1993, Frank and his brother Ray founded Cadiz Holdings, a specialist derivatives research and trading company. The business grew rapidly, acquired a bank in 1998 and listed on the Johannesburg Securities Exchange in 1999. Within Cadiz Holdings, Frank was the CEO of Cadiz Securities which was formally rated (in the Financial Mail Survey) as the best derivatives research and trading company in South Africa for 16 consecutive years, in the face of stiff competition from many of the main international and all the local investment banks and brokerage houses. In 2014, Frank was appointed as the CEO of Cadiz Asset Management, which was voted best Specialist Fund Management Company in South Africa in 2011, and best SRI Investment Manager in South Africa in 2009 and 2010. Frank joined Constellation in 2016. Frank has been a member of the SAFEX Executive Committee, a member of the Financial Derivatives Advisory Committee of the JSE, a member of the Board, and Chairman of the Investment Committee at ASISA and is a member of The Young Presidents Organisation.