As a director of Prinsloo, Tindle & Andropoulos Inc, a commercial law firm, Michael Denenga has helped a number of international banking groups including boutique offshore hedge funds to set up their operations in SA.
Michael began his career as a candidate attorney at Webber Wentzel after completing his LLB at Rhodes University in 1995. However, in 2002 after being admitted as an attorney he soon realised financial services was his real passion. And as a way of getting closer to the industry he joined the SA Insurance Association as a lobbyist, during which time he assisted in the development of the financial services charter and the Black Economic Empowerment Act. In 2003 he joined Standard Bank treasury as a treasury legal adviser. A year later he left to join Investec in a similar role. Having had a taste of banking, Michael yearned for the law. He returned to Webber Wentzel as a partner. However, in 2009, in anticipation of an economic revival in Zimbabwe, Michael once again left Webber Wentzel to set up a specialist practice based in his country of birth. Yet despite demand from the investment community, including clients’ need for advice on the indigenisation act, among others, the political situation remained unstable. “It was just too soon to provide specialist and exotic device,” Denenga says. The experience seems to have shaped his attitude towards regulation. “As SA moves towards implementing legislation for the hedge fund industry, it’s important that regulators get the right balance between prudent oversight and over regulation or else it risks losing much needed investment flows.”
Source: Financial Mail