36 South Capital Advisors

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London Volatility Event

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Asymmetric Portfolios.
Crisis Protection.

36 South is a long volatility investor.We specialise in multi-asset alpha generation and crisis protection

We thrive on uncertainty.

We strive to design asymmetric, uncorrelated strategies which complement our clients' portfolios.


Over the past 20+ years, we have relentlessly developed and refined our understanding of options, and the ways in which they can be used to manage risk and enhance returns.

23+

Year risk mitigation track record

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≈$2bn

Assets under management

100+

Years experience of 7 IMC members

A Different Approach to Risk

Uncertainty is a risk vector. It is also an opportunity.


We seek to harness the convex, asymmetric power of multi-asset class volatility to benefit from uncertainty. Reducing risk is just as important as maximizing returns, from the perspective of compound growth. Combined into traditional portfolios, we help our clients to manage uncertainty, with the goal of improving their long term compound annual growth.


You can't predict but you can prepare.

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The Long Volatility Toolkit

We see opportunity in the mean reversion characteristics of volatility and systematic flaws in the pricing of implied volatility. We see the potential for idiosyncratic opportunities within the vast universe of multi-asset class options. Protection against equity downturns may be found in unlikely places.


Over the past 20+ years, we have developed a number of proprietary tools to identify value opportunities, and to design asymmetric strategies which are both convex and cost efficient.

GIVIX

A proprietary historical index of global multi-asset implied volatility. We use this to discover value in implied volatility markets.

Scanning

We have developed multiple tools, which seek to condense market data and behavioural information into potential trade ideas.

MMRVIn

A portfolio composition and sizing tool, used to identify optimal 'teams' of positions.

Long TermPartnerships

We work withinstitutional clients tohelp solve complex riskmanagement challenges.

Core to our culture is a belief in the value of collaboration and transparency. We are continually learning about the mechanics of volatility, and we want to share this knowledge with our clients.

Our principal focus is on convex and cost-efficient crisis protection. However, we believe that the potential benefits of long volatility investing are as varied as the challenges you face.

Senior Team

Michael has 20 years' experience in the financial markets, with a focus on the operational management of hedge funds. He joined 36 South in 2006 and, as CEO, has overall responsibility for the running of the business. As Risk Manager, he chairs the Risk Committee meetings and oversees the firm-wide risk management processes. Michael also chairs the Senior Management Committee, and is a member of the I.T Change Management Committee and Valuation Committee.


Michael graduated with a Bachelor of Business Science degree from Rhodes University (South Africa) and has passed the US Series 3 National Commodity Futures Examination.

Jerry co-founded 36 South in 2001 and has over 35 years of investment experience. Jerry is portfolio manager for our Kohinoor Strategy funds, and a member of the Investment Management Committee, Senior Management and Risk committees. He was the CIO of 36 South from inception until early 2025 when he stepped aside as part of a long-term succession plan.


Jerry is well known for his thought leadership in the volatility space. He often represents the Firm as a speaker at high profile educational and professional events, and is a frequent guest speaker and writer on volatility in the financial media.


Prior to co-founding 36 South in 2001 in New Zealand, Jerry was instrumental in the establishment of the futures and options market in South Africa. He served as an Executive Member of the South African Futures Exchange. He traded government bonds for a large discount house before being appointed Head of Equity Derivatives for one of South Africa's largest and most successful merchant banks, Investec Ltd. In 1996, Jerry founded Peregrine Holdings Ltd. The company offered a range of services including stock-broking, futures and options broking, pension fund structuring and financial software development to South Africa's large financial institutions, but its main niche was designing derivative strategies for institutional clients normally packaged as structured notes. Peregrine enjoyed phenomenal early success under his management culminating in a stock exchange listing in 1998 in which the value of the company soared 400% on IPO.

Jack de la Fargue joined 36 South in 2017 and became CIO in early 2025, having served as deputy CIO. As CIO, Jack's main focus is on general oversight and monitoring of all portfolios. As an Investment Management Committee member, Jack also contributes to the development of trade ideas, and analyses potential and existing investments and portfolio risks. He also coordinates approvals for our pre-trade control procedures, contributes to investment research, assists with reporting and new product development.


Prior to joining 36 South, Jack studied his Bachelor of Business Science at the University of Cape Town (UCT) in South Africa.


Jack is a full CFA charter holder as well as holding the Investment Management Certificate.

Neale has over 20 years of experience in financial markets. He is the portfolio manager for the Lesedi and Carry Neutral strategies. In his role as portfolio manager and Investment Management Committee member, Neale constantly monitors market developments and trends in his search for trade ideas which he presents to the Investment Management Committee.


Prior to joining 36 South in 2013, Neale published his research and ideas via his newsletter Quantitative Musing; a freelance options-focused report that explored micro- and macro-economic fundamentals. Before launching his research publication, Neale was Head of Equities at OMF Financial in New Zealand which included establishing a new CFD division as well as re-developing the Equities and Equity derivatives division. Prior to embarking on his career in the financial markets, Neale was a mathematics teacher.


Neale holds a Master in Entrepreneurship degree from University of Otago (New Zealand), and a Bachelor of Science from Rhodes University (South Africa). Neale has also passed the National Commodity Futures Exam (Series 3).

George joined 36 South in November 2015. He became Head of Trading in 2019 and is also a member of the Investment Management Committee. George is our primary trader and is responsible for all aspects of trade execution.


Prior to joining 36 South, George worked for a number of firms, including Citi Global Markets equities division, and most recently within the LME Trading Team at Marex Spectron. His tasks included both proprietary trading and market making of Base Metals products and FX, with a specialty in Comex Copper.


George has obtained a Bachelor of Laws LLB (2.1) from University of Leeds (United Kingdom), Investment Operations Certificate from the Chartered Institute of Investments and Securities (CISI), and he also passed the National Commodity Futures Exam (Series 3).

Investors Relations

Samantha Haworth joined 36 South in June 2023 as Head of Client Solutions. She joined with over 10 years of sales and relationship management experience. Samantha has predominantly focused on generating new business across multiple investor sectors and product lines, working for both sell side and buy side institutions - State Street Bank and Trust, State Street Global Advisors and Russell Investments.


Samantha graduated from the University of Otago. She also passed the Investment Management Certificate of the CFA Society.

Louise joined 36 South in 2019. In her role as Head of Client Coverage, she works alongside our Head of Client Solutions in managing investor relations and supporting new business. From 2017 to 2019, Louise was Head of Investor Relations at Sandell Asset Management where she led the fundraising efforts from the London and New York office. Prior to Sandell, she worked at Omni Partners for 5 years in investor relations and marketing across various fund strategies.


Louise graduated from Imperial College London with a Master in Finance and also a Bachelor of Arts in Economics from the University of Nottingham. She is fluent in both English and Mandarin.

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Insights

Explore risk mitigation

Samantha Haworth

Head of Client Solutions

t +44 (0)20 3205 3000

Louise Schröder

Head of Client Coverage

t +44 (0)20 3205 3000

UK 8-9 Chester Close, London SW1X 7BE

UAE Cloud Suite 502, Level 11,

Al Sarab Tower, ADGM Square,

Al Maryah Island, Abu Dhabi

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