Article
The Origin Story of Joao Frasco
Tell us about the career journey you have been on to land where you are today –
I started my career with Glenvaal in December 1991, two weeks after finishing my last exam for my Actuarial Science and Mathematical Statistics Bachelor of Science degree at the University of the Witwatersrand. Glenvaal was a short-term insurance broker, with an employee benefits division, and they needed an actuarial student to help them convert some very old actuarial valuation systems into a modern language and modern hardware, as both were legacy without support.
After five years in that role, and the approaching Y2K and dotcom opportunities, I made a career move into IT, initially to focus on software development, but ultimately to consolidate the networks (hardware and software) of the newly merged Glenrand (Glenvaal had by then merged with Dewar Rand) and MIB. I then co-founded a software development business, later becoming the CEO until I sold out (along with the other major shareholders) to a local company owned by a UK listed entity.
I then took some time off to complete an MBA (from Wits Business School, which I had started a couple of years earlier), as well as restart my actuarial board exams (which I abandoned when I moved into IT), and started the CFA programme as I wanted to get into investments, having left it ten years earlier. By the end of 2007, I had completed my MBA (2006), completed the actuarial board exams (to become a Fellow of both the Institute of Actuaries in the UK, and of the Actuarial Society of South Africa), and completed the CFA exams (to become a Charter holder of the CFA Institute in the US). I also started and completed the CIPM programme from the CFA Institute, and the programme from the CAIA Association, to become a Charter holder.
In late 2006, I restarted my career in investments when I joined Alexander Forbes Asset Consultants, consulting to some of South Africa’s largest retirement funds around their investment strategies. I did this for five years before moving to my current role as Chief Investment Officer for STANLIB Multi-Manager in 2012, and now also the CIO of INN8 Invest.
What made you choose the financial services/investment industry?
I always had a passion for investments and the stock market, and my actuarial and software development background provided a great foundation to understanding it at a fundamental level. My first principles approach to tackling problems made solving investment related problems fairly straightforward, given my highly technical background, something that is often sorely lacking in our industry where many are happy to be guided by intuition which can get you into all sorts of trouble given our behavioural psychology.
What has been the most significant turning point in your career – or describe an accomplishment that shaped your career?
Without question the rekindling of my passion for learning that arose from my reading for an MBA. That is what put me on a path to full time studies to complete my actuarial exams and all other qualifications achieved. This gave me the grounding to restart my career in investments, and allowed me to hold the position of Chief Investment Officer for one of the largest and best performing asset managers in South Africa.
Is there a personal project within the business or out of it that you are currently working on?
There are too many to mention them all, but I will focus on just a couple of the key ones that will have the biggest impact on our business. The first is the accumulation of systems and tools that I have developed for the business (across many technologies) to assist with everything from understanding fund managers and funds, to deciding on strategic asset allocation, to providing financial advice. Many of these leverage off machine learning algorithms (a subset of artificial intelligence), and most asset managers just don’t have access to these systems and tools. The second is research around our industry, and I will be presenting at this year’s annual Actuarial Convention on the ASISA Classifications Standard, and how this can be improved to assist advisers and investors, with solid proposals and recommendations for ASISA and the FSCA (Financial Sector Conduct Authority.
What advice would you give to someone who is wanting to take your current position?
Focus all of your energy on what you do really well, and hire brilliant people to do the rest. Do not try to emulate me and what I have done, but rather choose your own path that you have conviction in and get everyone around you aligned to your vision.
What makes you excited about Monday?
Unfortunately, Monday is just another day for me as I typically “work” (more like play) through the weekend. I am constantly coding (my other passion that I have never stopped doing since I got a Commodore 64 at the age of 12 and learned to code). I am a registered Apple developer with more than 15 apps on the App Store. I am always building on the systems and tools that will make the job of my investment team easier, and lead to better decision making through knowledge and wisdom.
Is there anything you would have done differently?
Probably not, but I have a constant regret that I can’t do more in every single day. I always feel like time is running out and there is still so much to learn and so much to do.
What would you tell your younger self about the road to get to where you are today?
I believe that the journey we take is more important than the destination, so we need to get the most out of every step of the way. Too often I see people focussed on some end goal without an appreciation that that end point is meaningless. It serves merely to set the course and direction, but otherwise does not represent anything tangible. Do work that is meaningful and important, and that you are passionate about, and forget about some end goal.