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Global Matters: investing offshore

The world of offshore investing can seem quite daunting, but doesn’t have to be. To cut through the complexity, Momentum Investments has launched a world class portal to address all your offshore investment concerns, challenges and even share best practice. Visit our Global Matters portal for independent views on offshore investment advice, legislation and top-of-mind matters to structure and get your clients to their investment goals.


A black and red silhouette of the New York City skyline.

The Global Matters event

Global Matters is our annual local flagship event to showcase all our international capabilities. It includes an economic update and commentary on global markets, as well as a panel discussion on MWI as a global platform.

A Think-Tank virtual 2020 conference poster with an illustration of well-known monuments and buildings of global cities.


2020 was the 19th year we held ‘Think-Tank’, which is designed to give our largest intermediary and wealth management clients substantive investment thinking and ideas. Delegates attend from the UK, Europe, Asia, Australia, the Middle East, Latin America, North America and Africa.

Global Matters Weekly

Our weekly blogs are aimed at providing our rapidly expanding global client base with a good mix of deep investment insights, combined with a topical twist and an improved, easy-to-digest tone.

14 December 2020

Scotched Eggs

Alex Harvey, CFA

Our portfolios are designed to outperform inflation by a margin over time, and having that margin becomes even more important if headline inflation becomes warped.

07 December 2020

A pack of wolves

Lorenzo La Posta, CFA

Our newly expanded fund management business in the UK now has a physical presence in London and Liverpool, providing outcome-based investment services to clients all over the world.

30 November 2020

A brief history of
how to lose money

Richard Stutley, CFA

At times like this, it is worth reflecting on the common ways in which investors suffer permanent loss of capital as opposed to short term fluctuations in the value of their investments.

23 November 2020

Road to recovery

Andrew Hardy, CFA

The recovery potential in ‘value’ stocks remains massive, particularly in the areas hardest hit by the pandemic, but investors don’t necessarily have to take on high levels of risk or sacrifice quality in their portfolios, to access this opportunity.

16 November 2020

Light at the end of the tunnel

Christopher Butcher

Just as impressive as the news of a potentially highly effective vaccine against Covid-19, was the instantaneous response from global stock markets.

09 November 2020

Cheque List

Michael Clough

The size of the stimulus measures this year is certainly a leading factor in explaining why risk assets have recovered so meaningfully since the steep falls in the first quarter. However, there remains uncertainty around future government stimulus in the US.

02 November 2020

Inflated expectations

Stephen Nguyen, CFA

It is imperative we consider what might happen to inflation and inflation expectations in the coming years to effectively build robust portfolios
for our clients.

26 October 2020

ESG: Don’t be a spectator

Jackson Franks

Environmental, Social and Governance (ESG) investing is at the forefront of most investors’ minds and the real estate sector is no exception.

19 October 2020

US/China relationship

Robert White, CFA

While there is plenty of short term focus on the US election, perhaps the most important issue for long term investors will be how US-China relations develop from here.

12 October 2020

Ipse dixit? No, thanks

Lorenzo La Posta, CFA

At Momentum Investments, we have the highest standards when looking for long-term investments. The people behind them must be proper stewards of capital and not because
someone said so.

05 October 2020

The Perfect Storm

Alex Harvey, CFA

An asset class that we have long favoured owning in our multi-asset portfolios is convertible bonds which help to improve the journey for our clients.


The long and short
of what’s next

James Klempster, CFA

While uncertainty remains amidst COVID-19, the present environment lends itself to prudent, well-diversified portfolio management. James Klempster explores investment options for the short- and the long-term.


Staying out of the rough

Michael Clough

Within equities, growth exposure in 2020 has been the equivalent of finding the fairway on a golf course, whilst sole exposure to value has been akin to hacking through the deep rough.



Richard Stutley, CFA

Pragmatism is an important part of investing and tells us that positioning too aggressively around political events is risky because both the result and the market outcomes are difficult to predict.


Yellow metal, green lights

Andrew Hardy, CFA

Gold has been a good store of value over the long term and as 2020 has proven, it is a reliable hedge in times of heightened uncertainty.

26 APRIL 2021

ESL - what not to do

Jackson Franks

Unlike the failed European Super League (ESL), we pride ourselves on understanding our clients’ needs through engagement and market research.

19 APRIL 2021

First a green jacket, now a
green light for Japan?

Michael Clough

Only three of the world’s top 100 ranked male golfers are from Japan. The country is underrepresented in the upper echelons of the golfing world and it is often underrepresented in investors’ portfolios too.

12 APRIL 2021

SPACtacular surge

Chris Butcher

Special Purpose Acquisition Companies (SPACs) have become one of the hottest investment trends on Wall Street. But what should investors keep in mind?

29 March 2021

Fund Selection 101

Tom Delic

When researching a fund, it is often useful to view the fund manager as a CEO, responsible for making investments in a portfolio of businesses.

22 March 2021

Bailey, Powell and Lagarde; the new eco-warriors?

Robert White, CFA

We are in a privileged position to act as fiduciary to our clients and stakeholders, and we take our ESG responsibilities seriously.

15 March 2021

Why we are all hard wired to be bad investors

Gary Moglione

People are hard wired to be bad investors as many of our natural instincts force us to fall into a number of behavioural traps that result in poor investment returns.

08 March 2021

Percy’s not a pig

Alex Harvey, CFA

Believe it or not, there are similarities in what we do here at Momentum Investments to what the rocket scientists do at NASA’s Jet Propulsion Laboratory.

01 March 2021

Are you sitting comfortably?

Richard Parfect

Ever since the global financial crisis (GFC) central banks have been trying to accelerate economic recovery by ‘printing money’. The recovery materialised, but it was centred around asset prices such as capital markets. The reaction to the COVID-19 pandemic has seen a degree of money printing that has dwarfed that of the GFC response.

22 February 2021

Coin Toss

Andrew Hardy, CFA

All investments come with a degree of risk and require a view on future scenarios, but in the case of Bitcoin it is much harder to know how it will perform or build confidence in estimates of long-term value.

15 February 2021

More of the Same

Richard Stutley, CFA

If the tale of Goldilocks and the Three Bears is used to describe today’s central bank policy, what is not too hot, not too cold, but just right?

08 February 2021

To the moon - YOLO

Lorenzo La Posta, CFA

Investing is not about sending assets to the moon. Certainly, it is not about following random advice. All we trust is data, research, experience.

01 February 2021

Emerging Opportunities

Stephen Nguyen, CFA

Emerging markets outperformed global developed equities in 2020 for the first time in three years: could this be a sign of things to come?

25 January 2021

StoreREIT telling:
three key elements

Jackson Franks

What do we expect of and how do we critique real estate managers? We look for the successful implementation of a story with a beginning, a middle, and an end.

18 January 2021

An industry in
constant evolution

Robert White, CFA

We are acutely aware that investing is a journey, and helping clients to remain invested through times of extreme uncertainty is often the most valuable service advisers can provide for their clients.

24 AUGUST 2020

The roadmap to success

Stephen Nguyen, CFA

Your experience and journey to reach your financial goals are of great importance. The smoother the journey, the more likely you will see it through - and a detailed plan will help you achieve your financial goals.

17 August 2020

Fast forward 10 years

Jackson Franks

What would our world look and be like in 10 years? Jackson Franks shares some of his thoughts.

10 August 2020

Safe Hands for Troubled Times

Robert White, CFA

Selecting the best managers from a global universe of funds requires a particular level of care. Read more on how we tackle this.

03 August 2020

Spaghetti Western

Lorenzo La Posta

The first half of the year was like a Spaghetti Western. Amid a global pandemic, some industries thrive (the Good), others go through a rough patch (the Bad), while economies and societies strive to recover (the Ugly). Let’s hope there’s no sequel to this tragic period.

27 July 2020

How flow can you go?

Alex Harvey, CFA

The UK is one of the cheapest of the major developed markets today. With around two thirds of revenues coming from overseas, UK equities are a cheap way to access a more globally derived equity earnings stream.

20 July 2020

2020 – a rollercoaster ride

James Klempster, CFA

The market recovery has almost been as sharp as the pullback earlier in the year, meaning that global investors have had to weather both a bear and a bull market within a matter of weeks.

13 July 2020

Socially (Un)Acceptable

Michael Clough

The growth of environmental, social and governance (ESG) awareness has been impossible to ignore. However, flows have never really followed the interest in sustainable strategies. That appears to be changing now.

06 July 2020

Lessons from Japan

Richard Stutley, CFA

Economies cannot cope with multiple rounds of lockdowns on the scale of the first quarter, but the world is better prepared for new waves of the virus and hence the effect should be smaller. This is one of the reasons we remain broadly constructive on the outlook for the global economy and markets.

29 JUNE 2020


Andrew Hardy, CFA

“There ain’t no such thing as a free lunch”. However, there is one (and only one) in finance – diversification. Diversified portfolios are more relevant than ever and should continue to be the strategy of choice for long term investors.

22 JUNE 2020

The Great Disconnect?

Stephen Nguyen, CFA

With most countries globally facing what could be the worst economic collapse in the post-war era, it is surprising to see markets and most risk assets continue their remarkable rebound. Is this a true reflection of what is going on in the underlying economy or is there a big disconnect?

15 JUNE 2020

Looking forward

Jackson Franks

For most businesses, rent is one of the highest cost items on their P&L statement. With the successful transition of employees working from home, why would businesses continue to pay for space?

08 June 2020

Playing the odds

Robert White, CFA

Making correct investment decisions is inherently more complex and consequential than predicting the outcome of a sporting fixture, and so it is important that investors are well informed and aware of the potential for emotional biases to impact decision making.

01 June 2020

The SpaceX Factor

Alex Harvey, CFA

The mechanics of space travel and earth orbit work precisely because of the predictability that the laws of physics impose on objects in space. If only we were afforded such certainty in financial markets! The last few months are testament to the fact that we can’t control risk, but can and should manage for it.

18 MAY 2020

Steering clear of losses

Lorenzo La Posta

Financial losses come in many shapes and forms and investors rightly spend a considerable amount of time worrying about them, but managing loss aversion poorly can make the long-term outcome even worse. It is important to pick the right battles, to trade off cost of protection with loss severity and to not lose sight of the ultimate investment goals.

11 MAY 2020

Size Matters

James Klempster, CFA

There’s no two ways about it: size matters. We live in a society that admires big, yet also reveres the precision of small. When it comes to disadvantages, both large and small can be found wanting. Needless to say, in the world of fund management things are equally nuanced.

04 MAY 2020

Risks and opportunities in fixed income

Andrew Hardy, CFA

Recent developments spurred on by the COVID-19 crisis should prompt investors to consider increasing allocations to corporate credit.

27 APRIL 2020

COVID-catalysed structural changes in global real estate?

David Lashbrook, CFA

Working from home means fewer employees at the office. What does this mean for office space and current lease agreements?

20 APRIL 2020

Drop the top

Richard Stutley, CFA

Convertible bonds, hybrid security with debt-and equity-like features, are trading cheaply relative to their component parts.

6 APRIL 2020

Some things never change

Michael Clough

In many ways, life has changed so much in recent weeks. Our usual routines suddenly seem distant memories. In other ways though, some practices haven’t changed at all.

30 MARCH 2020

China’s recovery

Stephen Nguyen, CFA

It is instructive to sketch positive scenarios into our outlook and where better to look for inspiration for a positive spin on events than China?

24 MARCH 2020

Business and investment update

James Klempster, CFA

Amongst the lurid headlines, we must remain cognisant of a couple of important pieces of conventional wisdom. The first is that the markets will, at some point, recover.

23 MARCH 2020

(il) Liquidity of property

Jackson Franks

Although the listed status of a REIT introduces an element of equity market risk and pricing volatility which is evident in these uncertain times, investors can still liquidate their holdings if so required.

19 MARCH 2020

Update on the global crisis

Momentum's global investment management team

Events unleashed by the coronavirus crisis are evolving at an extraordinarily rapid pace and our comments in our latest Viewpoint, written in early March, require updating.

2 MARCH 2020

Breathe, think, act

Lorenzo La Posta

When markets panic, the only investment mantra I believe in is "breathe, think, act". Sell-offs can provide fantastic buying opportunities, but elevated risks often accompany them.

24 FEBRUARY 2020

The dangers of DIY

James Klempster, CFA

Regardless of which environment our end users are used to, the allure of investing on your own, without professional help, is always present.

17 FEBRUARY 2020

Who cares wins

Andrew Hardy, CFA

Nobody could have missed the global awakening to the debate on climate change over the past year.

10 FEBRUARY 2020

Opportunities to leapfrog in Emerging Markets

David Lashbrook, CFA

Having personally experienced how the mobile telephone has transformed communications and enabled business in Africa, I wonder if the combination of poor existing...


Unknown unknowns: the coronavirus

Michael Clough

When we talk about risks to our investment outlook, we always warn of the threat of ‘unknown unknowns’, events that come seemingly out of nowhere that can’t be predicted or planned for.

Thought leadership

We bring you some of our latest thinking on global
investments and markets.

MARCH 2021

Commentary on the market
environment and asset
allocation views

Monthly Viewpoint


Commentary on the market
environment and asset
allocation views

Monthly Viewpoint


Market update: 2020 review and 2021 outlook

What can we expect from
the markets in 2021.


Commentary on the market
environment and asset
allocation views

Monthly Viewpoint


Commentary on the market
environment and asset
allocation views

Monthly Viewpoint


Commentary on the market
environment and asset
allocation views

Monthly Viewpoint


Commentary on the market
environment and asset
allocation views

Monthly Viewpoint

The offshore investing guide

Empowering financial advisers to have in-depth offshore investment conversations with their South African clients.

Why Momentum Investments?

Momentum Global Investment Management

In this introductory video about Momentum Global Investment Management, we will share with you who we are, how we invest, what makes our investment philosophy unique and why we believe you should invest with us.

Stronger platform for growth

Momentum Global Investment Management (MGIM), Momentum Investments’ international investment management division, has acquired Seneca Investment Managers. The combined business offers a comprehensive suite of strategies for financial advisers, including a range of multi-asset funds and model portfolio solutions, to help them deliver appropriate outcomes for investors.

Why Guernsey?

The jurisdiction in which an international investment platform conducts its business is an essential part of any due diligence. This video gives you the insight into why Guernsey was our international finance centre
of choice.

Momentum Wealth and Momentum Wealth International’s capabilities

In a daunting investment world full of jargon and complexity, the capability wheels are comprehensive tools to navigate through the spheres of investment platforms, products and the different types of components, both locally and abroad.

Situs tax and when it applies

The video provides a concise view into Situs tax, what it is, when it applies and how to avoid it.

What is probate?

Understanding probate and its effect on a South African estate. The video also cover how you can add overriding contractual arrangements to avoid probate.

Want to know more?

What products are offered by MWI?

MWI administers the International Endowment Option (IEO) and an International Investment Option (IIO). Please refer to the summary document published by MWI for more detail on the products.
Who can invest in the MWI products?

Natural persons, offshore companies and trusts can invest in these products. However, SA companies, Close Corporations (CCs) and trusts do not qualify for a foreign capital allowance and can therefore not invest in these products.
Which tax legislation will apply to the products?

In most instances, an investor’s tax residency will dictate the tax legislation as mostly, the tax legislation where the person resides applies, subject to double taxation agreements. Various countries have double taxation agreements in place to determine where income or capital gains are taxable if the income or gain could be subject to tax in both jurisdictions. SA has a residency- based tax system. This means that, if a person is a SA tax resident, all worldwide income is subject to tax in SA, provided the double taxation agreement does not dictate otherwise.
Do the restrictions applicable to local endowment policies also apply in respect of the foreign endowments?

When investing in an endowment policy governed by the Long Term Insurance Act, the normal rules pertaining to the restriction period and access to funds apply. However, the product is specifically structured with 100 underlying endowment policies to allow for multiple withdrawals.
If an investor/policyholder did not select the “joint and survivorship option” in respect of the IEO, but they indicated who the proceeds must go to in their Will, how will this be dealt with in practice?

If the joint and survivorship option is not selected, the investment will fall into the investor’s estate and dealt with in terms of the estate administration process. Depending on the value of the investment, it may be necessary to comply with Guernsey’s domestic system of probate on death. This is an administrative and legal process in terms of Guernsey law that must be followed before the assets of a deceased person may be distributed to heirs.
If an investor/policyholder did not select the “joint and survivorship option” in respect of the IEO, and there are additional contract owners and a beneficiary for proceeds was appointed, what happens if the original investor dies?

The additional contract owners are automatically additional lives insured. Upon the death of any one contract owner, the policy will continue and the ownership of the deceased party will form part of his/her estate, which can be subject to Guernsey probate.
What is Guernsey probate?

Guernsey probate requires Letters of Administration to be obtained in relation to the investor’s estate to enable the Guernsey estate to be properly wound up. To obtain Letters of Administration, the registrar of the Ecclesiastical Court in Guernsey will require the investor’s will to be proved (or authenticated) in Guernsey and submitted together with a death certificate and an inventory stating the values of the estate. This may entail the added cost of appointing a Guernsey advocate to attend to the application.
Is a separate will required for offshore assets?

In Guernsey, the principle of freedom of testation applies to the law of succession. This means that individuals are free to dispose of their estates as they please on death. SA residents may choose to deal with their Guernsey assets in their SA wills or they may execute separate wills for their assets situated locally and in Guernsey.

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