For ALI SA Fellow Olebogeng “Lebo” Thubisi, Class XVI: Umsimbithi, leadership is not defined by title alone. His appointment as CEO of Abax Investments marks an important new chapter, but he sees the role less as a personal milestone and more as an opportunity to build, strengthen and serve.
“Stepping into the CEO role is both a privilege and a responsibility,” he reflects. “For me, it is less about a personal milestone and more about building on a strong foundation while helping position Abax for the future.”
That sense of stewardship sits at the centre of his leadership philosophy. In his view, leaders are temporary custodians of the institutions they serve, carrying a responsibility to leave them stronger than they found them. It is a perspective that speaks closely to the ALI SA journey from success to significance, where leadership is measured not only by achievement, but by the depth of contribution it enables.
As Lebo puts it: “You don’t inherit a business to preserve it. You inherit it to make it stronger.”
A Journey Shaped by Discipline, Humility and Accountability
Lebo brings 18 years of investment experience to his new role. His career has taken him across different parts of the investment industry, including fund administration, local and global manager research, listed and unlisted investments and alternatives. Each of these experiences has shaped how he thinks, leads and makes decisions.
He credits this breadth of exposure with teaching him the value of rigorous thinking, independent judgement and humility. In an industry where decisions carry long-term consequences for clients, these qualities are not optional. They are central to building trust and delivering consistent value over time.
A significant part of his career has involved helping clients achieve long-term financial outcomes. That responsibility has reinforced the importance of accountability and keeping clients at the centre of decision-making. His involvement in transformation and industry initiatives has also strengthened his belief that leadership must create opportunities for others and enable teams to succeed.
This balance between investment excellence and people-centred leadership is a defining thread in his journey. It reflects an understanding that performance is not built in isolation. It is built through capable teams, clear thinking, disciplined processes and a culture that encourages responsibility.
Building on Abax’s Strengths
As he looks ahead, Lebo is clear about the strengths he wants to preserve and extend at Abax. He identifies the firm’s independence, alignment and people as its greatest assets.
As an owner-managed business, Abax is able to focus on long-term outcomes without being distracted by short-term pressures. Lebo believes this structure supports a culture of debate, accountability and disciplined decision-making. These strengths have helped underpin the firm’s track record in alternatives, particularly hedge funds, as well as specialist and multi-asset strategies that have delivered differentiated outcomes for clients over time.
His priorities as CEO are focused and practical: preserve and extend Abax’s track record, strengthen succession and talent development, advance transformation objectives and ensure the firm’s offering remains relevant as client needs evolve.
He is particularly focused on the growing role of listed alternatives, especially hedge funds. With Abax’s long track record and proven capabilities in this area, Lebo sees an opportunity to meet clients’ changing needs while continuing to build on the firm’s established strengths.
Navigating Complexity in South Africa’s Investment Industry
Lebo describes South Africa as a “compelling but complex opportunity set”. He sees progress in infrastructure, energy and logistics as areas that could unlock growth and create attractive long-term opportunities. Yet he is equally clear that realising this potential will require collaboration across government, business, labour and investors.
In his view, sustainable growth depends not only on capital, but on the ability of different stakeholders to work together in addressing the country’s key challenges. Both private and public markets have a role to play. Private markets can support economic development, while listed markets continue to offer compelling opportunities for active investors.
Alternative strategies, particularly hedge funds, also have an important role in helping investors navigate uncertainty and build more resilient portfolios. At the same time, Lebo acknowledges the structural growth constraints and policy uncertainty that remain. This makes disciplined investing, strong risk management and long-term thinking more important than ever.
His perspective is grounded in the realities of the market, but also in a broader belief that the investment industry can contribute meaningfully to South Africa’s future.
Performance, Trust and Responsible Leadership
For Lebo, strong performance and client trust are not competing priorities. They are connected.
“Strong long-term performance is essential,” he says, “but trust is built through consistency, transparency and alignment, especially during difficult periods.”
Clients want to understand not only the outcomes achieved, but also the thinking and process behind those outcomes. At Abax, he believes the ownership structure and culture encourage long-term decision-making and accountability. Trust is developed over time through actions, communication and staying true to the firm’s investment philosophy and mission.
Beyond Abax, Lebo hopes his leadership will contribute to an investment industry that is both high-performing and inclusive. He believes strong investment outcomes, meaningful transformation and responsible leadership can and should go hand in hand.
“Leadership is not about being in charge; it is about taking care of those in your charge,” he says.
That principle informs the impact he hopes to have through his tenure. At Abax, this is reflected in the firm’s commitment to transformation, employee ownership and charitable trusts that support early childhood development and environmental initiatives.
For Lebo, investment excellence and positive societal impact are mutually reinforcing. If his leadership helps strengthen that connection, he will consider it a meaningful contribution. It is a fitting lens for an ALI SA Fellow stepping into a role of influence: to steward what has been built, strengthen what comes next and lead in a way that serves both clients and society.
