Andra Greyling, Southchester CEO and portfolio manager, was recently honoured in a special edition of HedgeNews Africa. Titled Women in Hedge Funds: South Africa’s Leaders, Innovators and Trailblazers, the publication was created to celebrate the expertise, leadership and the diverse roles played by influential women operating in this dynamic and growing sector.
In this article, and in her own words, Andra offers a perspective that is thoughtful, personal and entirely her own, providing insights into an industry that continues to evolve, and into the people driving that evolution forward.
With 37 years’ experience, Andra specialises in fixed income trading, liquidity management and fixed income hedge fund portfolio management. She divides her time between Portugal and South Africa.
Take us back to the beginning – what is your academic background, and how did you first enter the industry?
My academic journey – and the path that led me into financial markets – was anything but conventional. Growing up, I attended several different schools, which, in hindsight, taught me far more than I realised at the time. Adapting to new environments, making new friends and embracing change became second nature. Looking back, I suspect changing schools was far more stressful for my parents than it ever was for me. I simply embraced each new chapter. I went on to study a Bachelor of Commerce in Industrial Psychology at RAU, now the University of Johannesburg.
After graduating, I enrolled for a BCom Honours in Investment Management. Somewhere along the way, however, I decided that I wanted to continue studying part-time and start working. I applied for a position as a scrip clerk, attended my very first interview and, much to my surprise, was offered the job. There is one story from that interview that still makes me smile. I bought a beautiful new dress especially for the occasion. I felt confident, looked the part, and convinced myself it had become my lucky interview outfit. After celebrating my success, I washed the dress – only for it to shrink by about four sizes. So much for the lucky dress! Fortunately, it had already done its job.
Joining the financial markets was like stepping into another world – fast-paced, unpredictable, and wonderfully chaotic. I quickly moved into a junior trading role, where I discovered that I had found my calling. As a trainee dealer, I spent three years learning from experienced traders and mentors. While they took long lunch breaks, I stayed on the trading desk, absorbing every market move and every lesson I could. The hours were long, balancing demanding workdays with evening study, but I loved every minute of it.
Those early days of trading looked very different from today. Deals were captured manually on booking slips, confirmations were sent by fax between institutions and settlement banks, and technology was a far cry from the sophisticated trading systems we now take for granted. Watching the markets evolve over the years – from paper-based processes to today’s data-driven, electronic environment – has been one of the most fascinating parts of my career.
Looking back, those formative years taught me lessons that have stayed with me: work hard, stay curious, never stop learning, and embrace change. The markets have transformed dramatically over the decades, but the qualities that define successful investing – discipline, resilience, sound judgment and a genuine passion for the craft – remain timeless.
Tell us about the most important milestone in your career so far.
I jointly founded Southchester Investment Managers at a stage in life when many people are beginning to think about retirement. For me, it was the start of an exciting new chapter – an opportunity to build an independent, alternative investment business founded on conviction, experience, and a passion for fixed income investing.
Equally meaningful was being granted a Category II(a) hedge fund licence and establishing and managing a fixed income hedge fund. It represented the culmination of decades of learning, disciplined decision-making, and the confidence to back my own investment philosophy. As a woman in a traditionally male-dominated industry, this achievement carries additional significance. I hope it demonstrates that expertise, resilience, and independent thinking are what ultimately define success.
If my journey encourages more women to pursue careers in trading, portfolio management, and hedge funds, then that will be one of the most rewarding legacies.
When did you first come across the concept of hedge funds?
In the early 2000s, fixed income hedge funds began emerging in South Africa. Many of the portfolio managers were former colleagues and market participants who had moved from traditional bond trading desks to establish their own hedge fund businesses. At the time, I was at RMB, managing the only money market repurchase (repo) desk.
I managed an overnight, open repo book and at the back of that managed a substantial trading and hedged book. The repo book sourced liquidity from the market. That liquidity was then used to provide funding to fixed income hedge funds, enabling them to finance their geared bond positions. It gave me a unique insight into how hedge funds operated and the critical role that liquidity management plays in successful fixed income investing.
How has the industry evolved during your career?
When I started out, market trends were often more pronounced, and many hedge fund strategies were built around taking outright directional positions. Over time, the industry has become far more sophisticated.
Today, investment decisions are increasingly driven by pricing inefficiencies, risk management, data-driven analysis and the use of artificial intelligence. The speed at which information is disseminated has also transformed markets — news is available instantly, requiring portfolio managers to process vast amounts of information while maintaining an independent perspective.
Technology has enhanced decision-making, but experience, judgement, and conviction remain essential.
Have you faced challenges as a woman in the hedge fund sector?
I have never viewed being a woman as a disadvantage. While the industry has traditionally been male dominated, I have always believed that if you are confident in your abilities, maintain your integrity, and consistently deliver results, the market respects competence above all else.
The industry has evolved significantly over the years, and today I believe there are more opportunities than ever for talented women to build successful careers in hedge funds and portfolio management.
Who has had the biggest influence on your professional development?
One of the greatest influences was Colin Smit, on the fixed income desk at Old Mutual, who mentored me in my early years as a trader. He taught me not to be intimidated by size – that a million or a billion should be treated with the same discipline and respect.
More importantly, he taught me the value of maintaining my dignity, staying authentic and never making excuses. His advice was always to focus on the bigger picture, remain accountable for my decisions, and keep my eyes firmly on the end goal. Those lessons have stayed with me throughout my career.
What qualities are essential for success in the hedge fund industry today?
[The industry] requires resilience, consistency, conviction and perspective. Markets are increasingly complex, with an overwhelming amount of data and constant flows of information.
The challenge is not simply gathering information – it is interpreting it, filtering out the noise and developing an independent view. Successful portfolio managers have the confidence to trust their own investment framework, remain disciplined under pressure and avoid becoming distracted by every short-term data point.
In the end, it is the ability to see the bigger picture while staying true to your convictions that consistently creates long-term value.
What is your investment philosophy?
My investment process is rooted in developing an independent macro view. Global and local economic data, central bank policy, market pricing and geopolitical developments are continuously assessed alongside a wide range of external research and market opinions. These perspectives are used to challenge assumptions rather than dictate positioning, allowing the portfolios and positioning to reflect high-conviction views grounded in my own interpretation of the evolving investment landscape.
The philosophy is to listen broadly but think independently, to identify where the market’s expectations may diverge from my own assessment of the macroeconomic outlook and fixed income opportunities.
It is the ability to rapidly and subconsciously recognise patterns, much like an experienced chess player instantly recognising a strong position or a seasoned physician noticing subtle signs that others might miss.
Have you seen progress in gender diversity during your career?
Absolutely. The industry has changed significantly over the past three decades. The traditional, male-dominated ‘legend’ culture that once surrounded hedge funds has given way to a far more professional and performance-driven environment. Ultimately, markets are the great equaliser – you are only as good as your last investment decision and your long-term performance. Women bring valuable diversity of thought to the industry. Different perspectives lead to better investment discussions, more balanced decision-making, and increasingly sophisticated investment strategies.
As hedge fund businesses have matured, there has also been a greater focus on building strong in-house capabilities and operational efficiency, strengthening both investment outcomes and the long-term sustainability of firms.
What advice would you give to young women considering a career in the industry?
Trust yourself sooner. One of the greatest strengths you can develop is the confidence to back your own judgement. Listen to experienced people, absorb as much information as you can, but don’t lose your own voice in the process. What many people call a ‘sixth sense’ is often experience, intuition and the ability to connect seemingly unrelated pieces of information before the market fully understands their significance.
And finally, don’t try to become someone else to fit into a traditionally male-dominated industry. A leopard doesn’t change its spots – and neither should you. Stay authentic, embrace the qualities that make you different, and recognise that your perspective is your competitive advantage. Success doesn’t come from thinking like everyone else; it comes from having the confidence to think independently and the conviction to act on it.
What excites you most about the markets over the next few years?
I am excited about the opportunities that artificial intelligence and a new generation of investment professionals will bring to fixed income markets. Fresh perspectives, new ways of thinking, and advances in technology have the potential to reshape how markets are analysed and how investment decisions are made. At the same time, I hope the next generation retains an appreciation for the discipline, judgement, and experience that successful trading demands.
AI and quantitative models are powerful tools, but markets are ultimately driven by human behaviour, uncertainty and changing macroeconomic dynamics. The greatest opportunity lies in combining innovation with seasoned judgement, rather than allowing hedge markets to become purely model driven.
How do you invest your own money?
Outside of portfolio management, I enjoy investing in property internationally. There is something immensely satisfying about transforming a challenging renovation project into a beautiful and functional living space. Seeing the potential in a property and bringing that vision to life is both creatively rewarding and financially fulfilling.
I also believe strongly in helping my children build financial independence by understanding the value of property ownership from an early age. Buying a first home is more than just an investment – it is a foundation for long-term financial wellbeing.
And if there is one lesson I always share, it is this: location, location, location. No matter how beautiful the renovation, the address must be right. I do invest in our own hedge funds as well.
What do you like about your job?
I thrive on the challenge of the unknown – waking up each morning with a new puzzle in my head, piecing together global events, economic data, market movements and investor sentiment to understand how the bigger picture is unfolding.
Fixed income investing is a constant exercise in learning, adapting, and making decisions with incomplete information. That is what makes it so rewarding. Every day presents a fresh opportunity to test assumptions, challenge conventional thinking, and develop an independent view. While I value the insights and opinions of others, I believe the best investment decisions come from listening broadly, thinking critically and having the conviction to stay true to your own investment framework.
Equally important are the people I work with. I am fortunate to be surrounded by exceptionally talented individuals who share the same work ethic, intellectual curiosity and commitment to excellence. We challenge one another, celebrate successes, learn from setbacks and continually push each other to improve.
At the end of the day, it is not only about generating investment returns. It is about enjoying the journey – embracing the daily challenge, working alongside people you respect, and finding satisfaction in solving one puzzle after another.
Looking back, what achievements are you most proud of?
Professionally, I am incredibly proud to have built a successful independent investment management company and to have earned the privilege of managing clients’ capital with integrity and discipline. Every milestone has been the result of years of hard work, resilience and an unwavering belief in my investment philosophy. Personally, my greatest achievement is raising two respectful, grounded young men who understand the value of integrity, hard work and treating people with respect.
Perhaps the achievement that means the most to me, however, is having a positive impact on the lives of the people I work with. Watching colleagues grow in confidence, develop their careers, and achieve more than they thought possible is deeply rewarding. I have enormous respect for the talented women in our industry and hope that, by leading with authenticity and conviction, I can encourage more women to pursue careers in trading, portfolio management, and hedge funds.
If my journey helps even one woman believe that she belongs at the investment table, then I will consider that one of my greatest successes.
Creating pathways to portfolio management
Andra notes that there are many highly skilled women in the hedge fund industry today — working across settlements, operations, administration, risk management, and quantitative research. Yet there is a significant difference between finding women in the industry and finding women in specific investment roles.
“We need to focus more on creating pathways into front-office trading and portfolio management roles,” she says. “The challenge is increasing the number of women who choose careers as traders and ultimately, become portfolio managers.”
“Trading requires a unique combination of technical expertise, decisiveness, resilience, and conviction. It is about making decisions under uncertainty, trusting your judgment, and having the discipline to close positions — whether that means accepting a loss or taking a profit — without allowing emotion to dictate the outcome.
“These are skills that are developed through experience, mentorship, and exposure to the markets.”
To increase female representation in the hedge fund industry, Andra says firms need to identify talented women earlier, provide meaningful trading opportunities, and ensure they have access to experienced mentors who encourage independent decision-making and confidence.
“Success in trading is built through experience, and the more opportunities women have to develop those skills, the stronger the pipeline of future portfolio managers will become,” she says.
Ultimately, one initiative she would love to see is the establishment of a dedicated hedge industry institute focused on developing the next generation of female investment professionals.
This would provide aspiring traders and portfolio managers with practical, market-based training, combining technical skills with real-world trading experience. A key element would be mentorship.
“Learning from accomplished female traders, portfolio managers, risk professionals, and market experts who have built successful careers in the industry would provide invaluable guidance and visible role models,” she says. “Seeing women who have navigated the challenges of front-office investing helps make those career paths feel both attainable and sustainable.”
Such a programme should go beyond teaching markets and portfolio construction, focusing on developing the qualities that cannot be learned from textbooks alone: independent thinking, disciplined decision-making, resilience under pressure, conviction, and the confidence to take ownership of investment decisions.
“These are the attributes that define successful traders and portfolio managers,” says Andra. “By creating a strong community of mentors, practitioners, and future leaders, such an institute could help build a sustainable pipeline of talented women into fixed income and hedge fund investing — not through quotas, but by equipping them with the skills, confidence, and opportunities to excel.”
Reproduced with permission from HedgeNews Africa.