Investment Philosophy
We believe that markets are mostly efficient. As a result, generating reliable alpha from stock picking or market timing is extremely difficult. We instead look for outperformance in the land of alternative beta: overlaying simple-to-understand hedge fund strategies on top of pure beta to enhance expected returns. Overlaying alternative beta also allows us to diversify well without having to dilute existing exposure. The result is 2-in-1 or 3-in-1 portfolios that make capital work harder.
Leveraging Defence Into Offence
The best overlay candidates (1) earn a standalone risk premium (2) have low correlation to your core exposure and (3) outperform during tough times. They can also be easily benchmarked to accurately track performance. Incorporating these overlays can bring about attractive defensive benefits through better diversification. As we focus on solutions for long-horizon investors, we believe that these defensive benefits should be leveraged into stronger offence.
Our Team
Our Team
Our Team
Bruno Schwalbach, CFA
Bruno graduated with a MCom Finance from the University of the Witwatersrand where he is also currently a PhD candidate. Bruno was a portfolio manager at 1st Fusion Asset Management and has over 8 years of investment experience specialising in derivatives. Bruno has published work in the Investment Analysts Journal and is the recipient of various academic awards.
CEO & CIO
Chris Marais
Chris graduated with a BCom Actuarial Science from the University of Stellenbosch. Chris has over 30 years of investment experience and co-founded Citadel Investment Services (Pty) Ltd where he was also CEO. Chris was also CEO and a co-founder of 1st Fusion Asset Management (Pty) Ltd.
Chief Investment Strategist
Brett Dawson
Brett Dawson served as CEO of Dimension Data from 2004 to 2016, growing its revenue from $2 billion to $8 billion and expanding operations to 58 countries. After leaving, he founded Campan, an investment platform focused on early-stage startups. He has since invested in multiple companies, playing a key role in their growth and acquisitions.
Non-Executive Director
Nerina de Clercq
Nerina graduated with a BCom Honours degree from the University of Pretoria. Nerina has experience in investment analysis, operations, as well as HR and BBBEE. Her main responsibilities include client on-boarding, management, and implementation, and she runs all day-to-day operational tasks at Ironclad.
Head of Operations
Bruno Schwalbach, CFA
Founding Partner
Bruno graduated with a M.Com Finance from the
University of the Witwatersrand where he is also
currently a PhD candidate. Bruno was a portfolio
manager at 1st Fusion Asset Management and has
over 7 years of investment experience specialising
in derivatives. Bruno has published work in the
Investment Analysts Journal and is the recipient
of various academic awards.
Bruno Schwalbach, CFA
Founding Partner
Bruno graduated with a M.Com Finance from the
University of the Witwatersrand where he is also
currently a PhD candidate. Bruno was a portfolio
manager at 1st Fusion Asset Management and has
over 7 years of investment experience specialising
in derivatives. Bruno has published work in the
Investment Analysts Journal and is the recipient
of various academic awards.
Nerina de Clercq
Head of Operations
Nerina graduated with a B.Com Honours degree from the University of Pretoria. Nerina has experience in investment analysis, operations, as well as HR and BBBEE. Her main responsibilities include client on-boarding, management, and implementation, and she runs all day-to-day operational tasks at Ironclad.
Nerina de Clercq
Head of Operations
Nerina graduated with a B.Com Honours degree from the University of Pretoria. Nerina has experience in investment analysis, operations, as well as HR and BBBEE. Her main responsibilities include client on-boarding, management, and implementation, and she runs all day-to-day operational tasks at Ironclad.
Ryan Brookshaw
Portfolio Manager
Ryan holds a Master's in Statistics from the University of Toledo in the USA. His primary responsibilities include quantitative research, risk management, and leveraging statistical models to drive data-informed decisions. In addition, Ryan oversees the trading and implementation functions at Ironclad, ensuring seamless execution of investment strategies.
Rui Schwalbach
Quantitative Analyst
Rui has a BCom Honours degree from the University of the Free State, majoring in business and financial analytics. As a Quantitative Analyst, he is responsible for investment analysis, market research, and operational support, using mathematical models and statistical techniques to evaluate opportunities, assess risk, and optimize investment strategies.
Helene Agenbag
Junior Middle Office Analyst
Helene completed her Certificate of Higher Education in Data Analytics at Eduvos in 2024 and joined our team as a Junior Middle Office Analyst. She assists in the administrative and operational processes, ensuring smooth daily operations and efficient data management.
Ryan Bertschinger
Junior Quantitative Developer
Ryan completed his BCom in Mathematical Sciences in 2024 and joined our team as a Junior Quantitative Developer. He focuses on automating data pipelines and developing systems to enhance our analytical and operational efficiency.
Ryan Brookshaw
Portfolio Manager
Ryan graduated with a Masters in Statistics from the University of Toledo in the USA. Ryan's primary responsibilities include quantitative research and risk management. Additionally, Ryan oversees the trading and implementation function at Ironclad.
Rui Schwalbach
Investment Analyst
Rui has a BCom degree from the University of the Free State, majoring in Investment Management. Rui's responsibilities include investment analysis, research, and operational tasks.
Non-Executive Director
Brett Dawson
Portfolio Manager
Ryan Brookshaw
Quantitative Analyst
Rui Schwalbach
Junior Quantitative Developer
Ryan Bertschinger
Junior Middle Office Analyst
Helene Agenbag
Head of Operations
Nerina de Clercq
CEO & CIO
Bruno Schwalbach
Chief Investment Strategist
Chris Marais
About us
Ironclad is a boutique asset manager specialising in offshore alternative investment solutions tailored towards South African institutions, asset managers, family offices and wealth managers. Our strategies can be accessed through fund-level allocations; segregated accounts; life wrappers (personal share portfolios) and trading platforms.