Southchester Investment Managers was born from a straightforward conviction: that investors deserved better access to income-generating opportunities. Founded in late 2011 by Gregg Bayly with joint CEO Andra Greyling joining the business the following year, the company set out to build something fundamentally different in financial services: a securitisation vehicle that would reshape how capital flows between institutions and those seeking returns.
Gregg and Andra had known each other since 2002 when Andra was at RMB, and Gregg was one of her clients. “Our longstanding relationship was built on trust, which proved invaluable as we built the business together,” says Andra.
Building the foundation
The business launched with some R50 million in assets under management, and immediately experienced remarkable growth. “The R50 million we started with grew to about a billion in the first six to nine months,” says Gregg. This explosive start laid the groundwork for what would become one of South Africa’s most distinctive investment management firms.
In the early days, Southchester partnered with Peregrine Securities (now Perisec Securities), which provided administration support and the necessary licences. To meet regulatory capital requirements, specifically the R100 million threshold for a public company issuing debt, Southchester was consolidated into the Peregrine Group. The company would eventually buy out Peregrine’s stake over five years, gaining its independence.
Navigating regulatory challenges
The journey to independence was not straightforward, thanks largely to the regulatory landscape and the hurdles it presented. “We had had to navigate regulatory changes, such as the hundred million rand capital requirement for a public company issuing debt. Seeing that we had just moved to independence, we had to address this challenge,” says Andra.
Southchester obtained its FSCA asset management licence in 2013, a significant milestone that validated the company’s approach.
Growth and innovation
The years that followed brought significant developments. In 2015 Southchester received its Category 2A hedge-fund licence, enabling the firm to expand its product offerings. That same year saw the launch of the Marble Rock fixed-income hedge fund, which they co-managed with another asset manager, on their licence. Shortly thereafter, the SMART QIHF (Quantitative Investment Hedge Fund) came about.
“2017 was a particularly significant year,” says Andra. “We launched our first hedge fund, the Southchester Smart Escalator Prescient QIF, a product that went on to win awards consistently for approximately seven years. 2018 saw the introduction of the Southchester Optimum Income SCI Fund, a specialist fixed-income product where investors receive tax-exempt dividends rather than interest. It was a niche offering, with only two or three similar products in the market.”
The company’s steady expansion continued. 2020 heralded the launch of Northchester (RF) Limited, an insolvency-remote special purpose public firm that invests into a portfolio of high-quality liquid fixed-income instruments; and 2022 saw the introduction of the Southchester Global Income Fund.
The hockey stick moment
The company’s growth trajectory has had its dramatic moments. “We often speak about the hockey stick,” Gregg explains. “We were still moving down towards the bottom of the hockey stick, and then the massive turnaround and growth began shortly after Jeleze Hattingh joined us as CIO.” This period marked a turning point – the beginning of sustained expansion that would define Southchester’s next chapter.
In 2025 the company received Section 65 approval under the Collective Investment Schemes Control Act, to market its Global Income Fund in South Africa. This was followed by the launch of the Amplify SCI Cautious Retail Hedge Fund, a low volatility fixed-income hedge strategy with a focus on consistent returns and liquidity.
And in 2026, Southchester’s Global Income Fund received an ISIN through EUROCLEAR, allowing its units to be safely traded, cleared and settled across borders.
Innovation, says Andra, is non-negotiable: “It is born from competing in a challenging industry.”
“To be relevant in this industry, especially as a small player, you need to think out of the box and do things differently. This requires a combination of trading and market skills, but also structuring and tinkering skills – the way you put together your entities, the way you obtain financing, the way you structure your transactions,” explains Gregg.
Looking forward
Today, Southchester Investment Managers oversees several local and global income-focused offerings, having grown from that initial R50 million to a sophisticated investment management business with multiple specialist products. The journey reflects the same principles that guided the company’s founding: the vision to pursue something genuinely different, the perseverance to navigate regulatory complexity, and the commitment to delivering real value for clients.