Meet Jennifer Henry: Shaping South Africa’s multi-manager investment landscape 

Jennifer Henry has spent nearly two decades shaping South Africa’s multi-manager investment landscape. A former President of CFA Society South Africa, she combines deep technical expertise with a passion for governance, ethical leadership, and developing the next generation of investment professionals. As Deputy CIO at STANLIB Multi-Manager and INN8 Invest, she blends research, technology, and strategic oversight to build resilient portfolios – and resilient people.

How did you get involved in financial services – was it something you always wanted to do?

Not at first. I started my career in IT, first at South African Breweries and then at Nedbank, where I managed IT-related projects in call centres. It was only later, while leading business-process projects in Nedbank Capital, that I became fascinated by the adrenaline-driven world of stockbroking, with its foundation in industry and company analysis.

I made the move into financial markets when I joined Nedbank Stockbroking as an assistant analyst. From there, I built a research career that spanned media, IT and electronics – sectors undergoing profound digital transformation at the time. Those early years shaped my analytical mindset and reinforced the link between innovation, leadership, and long-term value creation. More importantly, I learned to combine blue-sky thinking with a realistic assessment of risk and valuation discipline.

Over time, I realised that I didn’t just want to analyse companies; I wanted to help shape how capital is allocated across them. That’s what led me into portfolio management in multi-management and ultimately to my current role as Deputy CIO – where I get to integrate research, governance, and strategy while leading exceptional people.

What was your first meaningful successful investment?

One that stands out was during my time as a sell-side analyst covering the media sector. Towards the end of 2008, Naspers was classified under Media and worth about USD5bn. I paid attention to a small investment it had made at that time in China called Tencent, and built a detailed model factoring in urban migration, internet usage, and potential revenue growth per user. That analysis became a key driver behind my buy-rating, which I issued when many were still jaded by the dot-com bubble. This type of differentiated insight established my reputation as a top-rated analyst.

Later, as a portfolio manager, I learned that meaningful success isn’t about a single trade. It’s about building a process that works consistently across market cycles – integrating qualitative insight with quantitative analysis and continuously testing one’s assumptions, especially during periods of underperformance.

What have been your best and worst financial decisions?

My best decisions have always been those rooted in patience, critical thinking, and deep analysis. In multi-management, conviction in your manager-selection process is everything. You can’t chase every quarterly winner; you build long-term partnerships with credible fund managers who execute on solid processes, manage risk effectively, and test their investment ideas through rigorous debate.

My worst decisions have probably stemmed from anchoring bias and backing managers who do solid fundamental work and expecting that alone to translate into strong alpha. However, these managers’ portfolios don’t always behave as expected. Continuously testing for alignment between people, philosophy, process and performance has been one of my most valuable lessons.

What are the biggest lessons you have learnt as a fund manager?

First, context matters. A great idea in isolation isn’t necessarily a great fit within a portfolio. The role of a portfolio manager is to understand the interplay – style, exposure, risk and liquidity – across managers and asset classes.

Second, culture and governance are as important as returns. You can replicate models and processes, but you can’t replicate culture. That’s why we spend so much time assessing the ‘soft’ factors when evaluating managers, such as their investment philosophy, decision-making culture, and how they handle dissenting views.

And lastly, resilience. I’ve learned both personally and professionally that recovery isn’t linear. Whether it’s a market drawdown or a personal challenge, the ability to refocus, adapt and keep perspective is what sustains performance over the long term.

What makes a good investment in the current environment?

We’re in a world where macro and political uncertainty, climate transition, and the explosion of AI all intersect. Good investments today are those that are flexible, leverage technology, and have a growth mindset.

From a South African perspective, investors need to be pragmatic. Offshore diversification remains important, but there are also compelling opportunities locally in companies that are global by design.

In the multi-manager space, we’ve seen the value of blending managers with distinct investment approaches rather than betting on a single philosophy to outperform across every cycle. That diversity is a true source of resilience.

What advice would you give young people who want to enter fund management?

First, only pursue a role in investment decision-making if you fully understand that you are making decisions about other people’s money, because it’s an enormous responsibility.

Stay curious and stay ethical. This profession rewards deep thinking, but it’s sustained by integrity and a strong work ethic. The CFA Program gave me both a broad and deep investment body of knowledge, while grounding me in ethics – something I now pay forward through mentorship and advocacy for young investment professionals.

Explore topics widely, not just finance. Behavioural science, history, and technology all shape markets. And most importantly, find joy in what you do. The best fund managers and analysts I know are energised by the work itself. If you approach it that way, you’ll never stop learning.

INN8 Invest is a division of STANLIB Wealth Management (Pty) Limited, an authorised Financial Services Provider, with licence number 590 under the Financial Advisory and Intermediary Services Act (FAIS).