As Mazi Asset Management marks two decades in business, the journey of its founder, Malungelo Headman Zilimbola, offers a powerful lens into the values that helped shape the firm. From a cattle farm in the North West to the helm of an asset management firm managing approximately R46 billion, his journey reflects discipline, difference and a lifelong belief in the power of learning.
For Zilimbola, asset management did not begin in a boardroom. It began on a cattle farm outside Mahikeng, where he grew up as the eldest son of Xhosa-speaking cattle farmers. Wealth, in that world, was tangible. It had four legs, needed watching and carried family responsibility.
Born in Klerksdorp and raised in the North West, Zilimbola was sent to a rural school near Mahikeng during the 1976 uprising, when schooling in many township areas was disrupted. In a Setswana-speaking environment, he was often treated as an outsider because of his Xhosa roots. It was a difficult start, but also an early lesson in resilience, communication and adapting without losing his sense of self.
Headman
His name made him stand out too. Named after his uncle, his second name, Headman, carried a connection to Xhosa royalty. At school, where his name was often misheard, it became “Herdman”, an accidental fit for a boy helping to look after his parents’ cattle.
“I was an asset manager when I was still a boy, looking after my parents’ assets,” he says.
That early world later influenced the name of the company he founded. iMazi (cow) in Nguni cultures symbolises enduring value and prosperity. Their investment philosophy prioritises opportunities that deliver consistent, long-term returns.
Hunger for learning
Zilimbola’s hunger for learning began early. While other children were outside playing, he would read his older sister’s schoolbooks, long before he had reached the relevant grades. His academic performance earned him a full scholarship for academic excellence throughout high school, followed by sponsorships for his tertiary studies.
He qualified as a quantity surveyor but moved to finance after the 1998 interest-rate shock, when rates rose to 25% and the property sector came under pressure. After completing his honours degree at the University of Cape Town, he joined Investec Asset Management (now Ninety One) in 2000 as an investment analyst, later becoming a portfolio manager.
Zilimbola was later recruited by RMB Asset Management, where he served as Senior Portfolio Manager and Director, managing R60 billion in assets and heading African operations across Namibia, Botswana and Swaziland. Sitting on the board as the only black director, he again found himself in spaces where difference was both visible and formative.
Being different
In 2006, Zilimbola founded Mazi Asset Management. He wanted a firm that reflected a different way of thinking. Therefore, after three years, he gradually started building an investment team that brought together engineers, mathematicians, actuaries and finance professionals to strengthen debate and reduce groupthink.
“I know that I’m different, and I enjoy being different,” he says. “I enjoy bringing people that are different into the same space and having that tension in discussion. If you do things the same way, you cannot expect a different outcome.”
Twenty years on, Zilimbola believes Mazi’s resilience has come from a shared vision, meaningful roles and a strong ownership culture. The company began with incubation mandates, designed to give emerging managers a foothold, but has since moved into the mainstream.
“Once we got the opportunity, we proved ourselves,” he says. “After proving ourselves, we graduated out of those mandates and moved into the mainstream, competing with Allan Gray, Coronation, whoever.”
For Zilimbola, Mazi’s 20-year milestone is not only a business achievement. It is proof that a proudly South African firm, built on difference, discipline and opportunity, can stand its ground in one of the country’s most competitive industries.
About Mazi Asset Management
Mazi Asset Management is an independent South African asset management firm founded in Johannesburg in 2006. The firm manages approximately R46 billion in assets across a range of equity, balanced and specialist mandates. Mazi is built on a philosophy of deep fundamental research, robust internal debate, disciplined decision-making and rigorous risk analysis, and is committed to developing investment talent from diverse South African backgrounds through its graduate programme.
www.mazi.co.za | +27 (0)10 001 8300
