Southchester was born from a straightforward conviction: investors deserved better access to income-generating opportunities. Founded in late 2011 by Gregg Bayly and Andra Greyling, the company set out to build a fundamentally different securitisation vehicle that would offer attractive call investments to institutions seeking better yielding call alternatives without having to compromise on liquidity and credit risk.
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 worked with an established financial services organisation, which provided administration support, access to capital and the necessary licensing required to offer financial services.
The journey to independence was not straightforward, thanks largely to the regulatory landscape and the hurdles it presented. “We had had to navigate regulatory requirements, such as the hundred-million-rand capital requirement for a company issuing debt to the general public. Seeing that we had just moved to independence, we had to address this challenge,” says Andra.
Southchester obtained its asset management licence from the FSCA in 2013 a significant milestone.
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 a fixed-income hedge fund, which they co-managed with another asset manager. Shortly thereafter, the Southchester Smart Escalator Prescient Quantitative Investment Hedge Fund(Smart QIHF) was launched.
“2017 was a particularly significant year,” says Andra. “We launched our first hedge fund, the Smart QIHF, a product that went on to win numerous awards”. These awards were received in 5 of the past 7 years.
2018 saw the introduction of the Southchester Optimum Income SCI Fund, a specialist fixed-income product where investors receive primarily tax-exempt dividends rather than interest. It remains 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, also a securitisation vehicle that invests into a portfolio of high-quality liquid fixed-income instruments. Northchester (RF) Limited offers longer term and higher yielding investments than the original Southchester (RF) Limited.
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. “A period of significant growth began shortly after the COVID turmoil and at the same time 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 with Amplify Investment Partners, a low volatility fixed-income hedge strategy with a focus on consistent returns and liquidity.
“We created a Swiss ISIN for Southchester’s Global Income Fund in 2026 allowing it to be safely and efficiently traded, cleared and settled across borders on the European Clearstream and Euroclear platforms,” says Gregg.
“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,” Gregg explains. “This requires a combination of trading, investing and structuring skills – the way you package your offerings, the way you obtain financing, the way you structure your transactions.”
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.