GIB Financial Services (GIB) was established in 1995 and is a member of the GIB Group. Our service focus is specialised Fund administration and consulting services to corporate entities. Since 1999, GIB has been an FSB approved 13B retirement fund administrator, registration number 24/267.

Destiny was established by GIB Employee Benefits (GIBEB) in 2000 to fulfil a growing need for umbrella retirement funds in the market place.

Destiny provides choice of investment portfolio or life stage to employers and members, whilst maintaining flexibility in placement of risk benefits as well as the ability to retain GIB’s high service level standards.

The Destiny model provides Participating Employers with the comfort and advantage of best-of-breed providers and our assurance of the highest level of service available.

In the words of Glenn Gamsy, Managing Director of GIB and Principal Officer of the Destiny Retirement Funds, “as an Employee Benefits Company, our people are our greatest assets. GIB’s management structures are flat which allow for quick decision making and ensure maximum accountability for business decisions and performance. Our culture translates into how we do business and forms the cornerstone of our business model”.

It is GIB and Destiny’s mission to maximise the allocation of investment receipts towards retirement-funding investments, and to objectively select and manage asset manager allocations on its members’ behalf so as to maximise investment returns at an appropriate level of risk.

Glenn began his career with a start up operation that has since grown into a highly successful Financial Services Company of which he is currently the majority Shareholder and Managing Director. An example of entrepreneurship in the fullest sense of the word.

From 1992 to 1997 Glenn ran Africover which dealt with Group Schemes and Funeral Benefits. In 1998, Glenn acquired a share in GIB Financial Services (GIBFS) and incorporated the Africover business into the fledgling business.

He then developed a new business model for GIB and moved into the corporate business services environment.

In 1999 GIBFS applied for a 13B License which was granted by the Financial Services Board. This meant that the company could operate an official Retirement Fund Administration business and in 2000, the first Destiny Fund was launched.

Not satisfied with following the industry norms of average service, Glenn wanted to provide outstanding products and services to clients at a reasonable cost. As a result, there are now five product offerings in the Destiny stable.

Glenn has a passion for his business and treating his clients professionally with a personal touch. He instils these principles in his employees. He is also an employer who is fair and has compassion for his staff which ensures stability within the business. The staff turnover within GIB is exceptionally low in an industry which traditionally has a high turnover.

Glenn comes from a highly successful sporting family; both he and his father have played sport for South Africa. He believes that almost every lesson learned from being an athlete can be applied to the workplace. Examples include the need for team work, confidence in your own abilities, resilience and most of all a determined competitive drive.

The investment committee

The investment committee was established to combine the intellectual capital of various stakeholders in order to provide the Trustees with independent qualitative and quantitative investment research as well as advice and recommendations. This research ensures the decisions that are made are done so only after extensive debate and deliberation.

The committee includes GIB investment specialists and external, independent investment analysts. Additionally, participating employers are invited to attend and to provide input which results in an objective, member centric investment process.
Three full committee meetings and at least three house meetings are held annually.

Investment strategy

The investment strategy is to maximise the allocation of investment receipts towards retirement funding investments, and to objectively select and manage asset manager allocations on our members` behalf so as to maximise investment returns at an appropriate level of risk.

Destiny uses traditional asset managers but still manages to reduce costs and increase efficiency by using passive management. This is achieved by blending active and passive management in an innovative matrix.

Active management is an investment strategy that tries to create excess returns through the recognition, anticipation, and exploitation of short-term investment trends.

Passive management believes that the market is efficient and that at all times markets incorporate and reflect all information rendering individual stock picking futile. As a result, Destiny utilises index funds in its passive strategy.

As a South African business we are committed to BEE. We believe that BEE managed appropriately will strengthen our business and deepen the value we contribute to society and ultimately, South Africa.

In 2011, Lephatsi Financial Services, a broad based BEE company headed by Herman Mashaba and Nic Frangos, acquired a 30% shareholding in GIB Group.
Following Lephatsi’s extensive market analysis, the GIB Group was targeted for acquisition.  "With the transaction successfully completed, GIB Group is the ideal springboard into this sector, which we believe has huge potential," said Mashaba.
"GIB Group will act as the entry point to this industry, as we identify other companies predominantly involved in Short Term Insurance Broking and the Employee Benefits Consulting sectors for potential acquisition," he concluded.
Mr Mashaba has assumed the role of the new non-executive chairman of the Group, whilst Mr Frangos is a non-executive director.