Team

RAY CADIZ
RAY CADIZ

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 CUTHBERTSON
HEATH CUTHBERTSON

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.

THABISO RATSHEFOLA
THABISO RATSHEFOLA

Thabiso holds a BCom (Hons) in Statistics from UCT, he is a CFA Charter Holder and a Financial Risk Manager – Certified by the Global Association of Risk Professionals. Thabiso joined Constellation in 2014 and is responsible for the pricing of financial instruments and risk management of positions on behalf of clients. Thabiso also serves as the Deputy Secretary General of the Association of Black Securities and Investment Professionals (ABSIP).

FRANK CADIZ
FRANK CADIZ

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.

IW OLIVIER
IW OLIVIER

IW holds a B.Com (Hons) in Risk Management and Investments from the University of the North West. He started his career at International Finance Group Africa as an investment analyst before joining the Alternative Investment team at Cadiz Asset Management in 2013.

With effect from 1 February 2015, IW joined Constellation to help launch an Alternative Investment business with the key focus of structuring tailor-made (long and short term) solutions for the institutional and retail market.

PHILIP THOMPSON
PHILIP THOMPSON

Philip has been involved in financial markets for over 25 years. He spent many years at BoE Asset Management where he initially traded the full suite of financial instruments and progressed to equity analysis and ultimately portfolio management. He later co-founded and managed Hermes Asset Management and Hermes Management Company, a Category II FSP and Unit Trust Management Company respectively. He is well versed in the South African financial services operational and regulatory environment.

TIM CARR
TIM CARR

Tim is looking forward to qualifying as a Fellow of the Actuarial Society of South Africa (FASSA) this year and holds the designation of Associate (AMASSA). He graduated from the University of Cape Town with a Business Science Finance degree and Postgraduate Diploma in Actuarial Science. Tim is part of FLY, an organisation which tutors maths and science to high school students from disadvantaged areas in Cape Town.

ANDREW HAMMAN
ANDREW HAMMAN

Andrew has vast experience in the trading and structuring of derivatives on South African and international markets and the sales, marketing and distribution of related products. Andrew started his career trading European fixed income derivatives for MetTraders, before joining Cadiz Securities in 2010. He then worked for BNP Paribas South Africa in Flow Sales Trading, joining Constellation in 2017. He holds a B.Com (Hons) in Economics and Finance  and an MBA from the University of Cape Town. He is a registered stockbroker through SAIS and a CFA Charterholder.

DANIEL STEPHENS
DANIEL STEPHENS

Daniel graduated with an Honours degree in Actuarial Science and Mathematical Statistics from the University of Stellenbosch. He joined the Derivatives dealing and research team at Constellation in 2017. Daniel is completing his qualification as a Fellow of The Actuarial Society of South Africa.