Brett Duncan (50), a pioneer for championing offshore share investing for South African retail investors, has passed away. Duncan was a long-time supporter of the BizNews community, having instigated the successful BizNews Share portfolio as a model for Standard Bank Webtrader clients. In this special podcast, BizNews editor Alec Hogg talks to Duncan’s close friend and colleague, Shyft founder Arno von Helden.
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Edited transcript of the interview ___STEADY_PAYWALL___
Alec Hogg – 00:11
Well, you meet people in business who have an impact. I can tell you that Brett Duncan, who I got to know almost three decades ago during the early days of listing my company, MoneyWeb, on the Johannesburg Stock Exchange, was one of those people. He worked at Tradec, the first online stockbroker listed on the JSE. We got to know each other then, and the friendship developed over the years. But why it’s relevant today is that Brett passed away earlier this week.
Alec Hogg – 00:40
He was the man who brought the concept of investing directly offshore in shares to the business community and many thousands, if not hundreds of thousands, of people in South Africa. He was behind Web Trader, which has been a huge supporter of anyone who took money offshore and invested in the shares we recommended. When we launched that portfolio almost 10 years ago, it started with $200,000. It’s now worth over $700,000, quite an increase. One of his close friends at Standard Bank is Arno van Helden, founder of Shyft, and he joins us now from somewhere in the bush. Arno, Brett had only just turned 50. Do you have any more details on how he passed?
Arno von Helden – 01:34
Yeah, I do have some details on that. It was natural causes. My understanding is that he, unfortunately, had a heart attack. It was sudden and unexpected. I talked to him about a week or so ago. He had quite bad flu and had had recurring flu. So I suspect that might have played a role, but I don’t know all the details.
Alec Hogg – 02:01
He was a huge supporter of yours. He kept bugging me to look at Shyft, to understand it better, because he said it was the next iteration of the journey for South Africans in investing outside of this little part of the world that we live in. I presume the two of you saw a lot of each other at work and had deep, profound discussions.
Arno von Helden – 02:28
Absolutely. Brett was one of the individuals who really understood the potential of digitalization and innovation, especially when it came to trading and providing ordinary people like you and me access to international markets and the ability to buy and sell shares in companies all over the world.
Arno von Helden – 02:57
He brought that to Standard Bank and to our customers with one of the first do-it-yourself offshore trading platforms in the country. When I created Shyft and founded it eight years ago, in the same business division as Brett, he understood that Shyft could take offshore trading to the next level by embedding foreign exchange and other capabilities into the platform. He became a massive supporter of ours and helped us bring share trading capabilities to Shyft. I must be honest, I don’t know if we could have done it without him.
Alec Hogg – 03:55
He was what you might call an intrapreneur. I often asked Brett why he stayed at the bank instead of branching out on his own and becoming an entrepreneur. He said he felt he could get more done in the greater interest of society by working at the bank, which I thought was incredibly noble. But that’s who he was. We spent a lot of time travelling the country on various roadshows. He insisted that after Davos each year, I would come to speak to Standard Bank clients. We would go to Durban, sometimes Pietermaritzburg, always Cape Town and Johannesburg for those presentations. Hundreds of people would attend. The same was true with Warren Buffett every year after I returned from Berkshire Hathaway. He insisted on those roadshows as well. It was part of his belief in education. Do you know where that came from? He really drove investor education within the Standard Bank client base very aggressively.
Arno von Helden – 04:50
Well, the reality is that when you work inside a trading business and understand the potential of investing in companies and stock markets all over the world, you develop a passion for it. For Brett, it was more about getting people outside of that environment to understand those opportunities and the potential. He was passionate about making it accessible and helping people overcome the fear of putting money into a company offshore. His passion drove him.
Arno von Helden – 05:44
You mentioned Brett being an intrapreneur. It’s very difficult to do it on your own without a base. Being part of Standard Bank, a huge business with millions of customers, gave him the platform to communicate and educate, bringing these capabilities to them. He had such a passion for it and wanted to give others the same opportunities he had through his knowledge and experience of trading.
Alec Hogg – 06:12
I’d like to dwell a little on Brett the person. One thing that always struck me was that he was not proprietary. When EasyEquities came along, he was quite happy for us to have a relationship with them at BizNews. Many companies or people would say, “No, if you do business with us, you can’t do business with our competitor.” But Brett was different. That approach speaks to his passion for spreading the message, much like Magnus Heystek, encouraging South Africans to open their minds to a bigger world.
Arno von Helden – 07:05
Brett was always extremely pragmatic. I remember countless conversations over a beer or a cup of coffee at work. His philosophy was that if we do something, we should try to be the best, but if others are better, kudos to them. He had this free spirit of doing our best and letting the best man win. It was a calming and generous way of looking at the world. He will be terribly missed.
Alec Hogg – 07:33
Opposite the Standard Bank head office in Rosebank is Fournos, which I used to frequent because we lived nearby in Parkview. Brett and I would regularly catch up there. Our regular waiter, Isaac, knew Brett well and would often ask if he wanted “the usual,” which meant a huge breakfast. Brett left Standard Bank about a year ago. Was there any health issue at that stage? I certainly didn’t see it.
Arno von Helden – 08:26
No, no, there wasn’t. I mean, look, I wouldn’t call Brett the most regular of exercisers, but there were no health issues. I think for Brett, it was just the right time for him to move on. I only noticed more recently, especially in the last few conversations, that he was battling a bit. Underlying causes I don’t know, but unfortunately, he leaves behind two children and his wife, Magda. Our hearts, prayers, and thoughts go out to them in this very difficult time. We await the next arrangements.
Alec Hogg – 09:24
My last conversation with Brett wasn’t that long ago either. He was surveying different opportunities and thinking of a second career after Standard Bank at 50. He still had a lot of energy. Did you have any insight into what he might have done?
Arno von Helden – 09:54
There were a couple of things. Because he was in the trading world, he was a day trader himself. He spent a lot of time trading and growing his wealth that way. We had various conversations over the last couple of months. I know he was specifically looking at the fintech world and opportunities within the trading space. In fact, our last conversation was about some new prospects. Unfortunately, that conversation won’t happen now, but Brett wasn’t one to sit back for long enjoying early retirement. I am curious to know what he was up to.
Alec Hogg – 10:52
Arno, you’ve also left Standard Bank and are off on a different career now. Is this how it works in big corporates, that people stay for a while and then look for new challenges?
Arno von Helden – 11:10
No, I don’t think there’s a specific pattern. I worked with individuals who were at Standard Bank for varying lengths of time. Brett was there for 23 years; I was there for 13 years. Some people stay for just a few years, while others are lifers, staying until they retire at 60. For me, it was an incredible journey with amazing experiences and friendships, but I was also looking for something more to grow myself. I’m very proud of Shift and what we’ve achieved, but it was time for me to hand it over to an amazing team and move on to something more challenging. I want to grow and contribute back to society and an organization that needs someone like me. I’m fortunate to have found that opportunity.
Alec Hogg – 12:09
As far as Brett is concerned, he was always great fun to be around. He was one of the worst golfers I’ve ever played with, and that’s saying something. But he was always up for it.
Alec Hogg – 12:38
Yes, he certainly was. We’ll miss him, and I think South Africa will miss him too. The point of this conversation was to highlight one of those unsung heroes in the business community. There are thousands of people who have done well due to Brett Duncan’s intervention, even though they probably didn’t know him. Had it not been for his passion, enthusiasm, and vision for what the world could offer, those people would be far less well off today. I feel privileged to have known him, and I’m sure you feel the same way.
Arno von Helden – 13:37
Yes, you come across people from time to time who really get it. They not only see the vision of what’s possible, but they can also make it happen. That’s a rare quality, and Brett embodied both. He understood the potential and could organize the world around him to deliver that to people like you and BizNews people. That’s something we’ll really miss in Brett.
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