South Africa’s richest woman’s strange donations

Sygnia CEO and founder Magda Wierzycka and her husband, Simon Peile, have donated millions of shares to each other over the past few years. 

These donations appear to coincide with Wierzycka becoming a tax resident in the United Kingdom and her return to South Africa.

Wierzycka founded Sygnia in 2006 with R2 billion in assets under management after she negotiated the sale of African Harvest Fund Managers to Cadiz Financial Services.

The company has enjoyed immense growth since then, becoming one of the largest asset managers in the country with assets of over R460 billion.

While Sygnia is fundamentally a South African business and listed on the JSE, it has global operations that run out of the United Kingdom. 

In 2017, Wierzycka moved to London out of concern for her safety after her criticism of the Guptas’ influence over the South African government and her eventual role in exposing the extent of state capture in the country. 

During her time in London, Wierzycka remained involved in running Sygnia as its co-CEO and launched a private equity firm, Braavos Investment Advisers. 

Wierzycka would also make a substantial donation to her husband, Simon Peile, of 22 million shares in Sygnia in October 2019. These shares were valued at R216 million at the time. 

After the donation, Wierzycka remains a significant shareholder in Sygnia, owning around 71 million shares in the company or 45.7%. 

“Ms Wierzycka and Mr Peile are spouses, and the share dealings referred to above represent a restructuring of their personal interests in Sygnia,” the company said at the time.

This donation was seemingly reversed on 9 December 2025, when Peile donated 19.2 million shares to Wierzycka. Thanks to Sygnia’s strong growth, these shares were valued at R702.5 million when the donation occurred. 

In a SENS announcement, Sygnia noted that these transactions “represent a restructuring of MF Wierzycka and SJB Peile’s personal interests in Sygnia”.

There has been some speculation as to other potential reasons for the transactions, with the timing coinciding with Wierzycka’s changing tax residency. 

As a tax resident of the United Kingdom in 2019, Wierzycka faced a 38.1% dividend tax on dividends paid out by Sygnia. 

Thus, by donating shares to Peile, the dividends were subject to South Africa’s 20% withholding tax as he remained a South African tax resident due to forex controls.

“As a matter of policy, Sygnia does not comment on the personal financial affairs of our staff members. We refer you to the SENS announcement,” Sygnia said in response to queries.

Wierzycka returns home

The donation from Peile to Wierzcyka, an apparent reversal of the 2019 donation, came just after the Sygnia CEO announced her return to South Africa in her CEO’s report for the 2025 financial year. 

“After over seven years with one foot in the United Kingdom and one in South Africa, I am moving back to the country I call home,” Wierzycka said in her report. 

“While recent tax changes in the UK certainly played a role, they are not the only reason. The world has become deeply polarised – not only due to shifting geopolitical forces but also because of the accelerating race for AI dominance.”

“These seismic shifts in the global order force us to rethink where we can still make a meaningful difference. More than ever, it is about choosing a place where the challenges we face can be transformed into opportunities.”

Wierzycka has been working in South Africa’s financial services sector for nearly three decades, joining Southern Life as a product development and investments actuary in 1993.

Explaining why she is returning to South Africa, Wierzycka explained that not everything is looking good in the country. 

“On my return, I have again turned my focus to the South African political and business environment, finding what can best be described as a mixed bag,” Wierzycka said.  

“No one can deny that corruption has become an institutionalised way of doing business. Listening to the Madlanga Commission has been brutal, unlike anything we have heard about from the State Capture years.” 

“This is no longer white-collar crime – these are crimes committed for personal gain at the expense of the physical safety of most South Africans.”

Wierzycka explained that she feels she can make the most difference in a country like South Africa, through advocating for change and increasing access to global financial markets. 

She also noted that her experience of living in London was not a waste of time, with it adding to her already vast experience. 

“Having now lived and experienced more, I can also see some of the things we are missing. The most glaring gap is the absence of a real venture capital industry in South Africa, despite having one of the youngest populations in the world,” Wierzycka said. 

Venture capital support for small, founder-led businesses can create new jobs and drive economic growth, something South Africa desperately needs.

“On balance, South Africa has changed – some of it for the worse, but some of it is creating new opportunities. From a personal perspective, I am pleased to be back,” Wierzycka said. 

Sygnia has enjoyed immense growth with Wierzcyka at its helm, growing its assets under management to over R460 billion in 20 years. In its most recent financial year, the company also crossed R1 billion in revenue for the first time. 

Wierzycka explained that Sygnia is comprised of five business pillars, which include asset management, institutional administration, an umbrella fund offering, stockbroking services, and a retail division. 

“Our focus on the vertical integration of services we offer to both institutional and retail markets has served the company well in attracting and retaining clients,” Wierzycka said. 

This has also enabled the company to expand the range of services offered to clients under a single roof, making Sygnia an effective one-stop shop for asset management.