Reg has a PhD in Mathematical Statistics from the University of Cape Town, where he was awarded the Myer Levinson Scholarship as the top honours student in the Science faculty. His master’s research was upgraded to a PhD due to the quality and originality of his work on orthogonal models—mathematical structures where factors are independent of each other and contribute separately without confounding effects.

Following his doctorate, Reg spent several years in South Africa’s asset management industry as a quantitative analyst and portfolio manager, working with Allan Gray, Southern Life, Norwich Life, and Capital Alliance. He specialised in derivative-based portfolios and quantitative investment methods, designing several of South Africa’s first quantitative-driven retirement funds.

In 1996, Reg founded I-Maps, developing both the mathematical technique and all the software himself. Most risk models use factors that aren’t independent, making it impossible to unravel confounding effects. The I-Maps technique produces orthogonal factors that can be interpreted independently.

For nearly three decades, Reg has continued to develop and refine the I-Maps system, working closely with top fund managers to understand their problems and provide solutions that combine mathematical rigour with simple, intuitive graphical representations.

Ella holds a master’s degree in Research Psychology, graduating cum laude across all her degrees. Her academic background provided rigorous training in statistics, critical thinking, and problem-solving—skills that have proved invaluable both in software development and in understanding the behavioural dynamics behind investment decisions.

Ella began working at I Maps in 2021, initially contributing to documentation and data management. Driven to do more, she learnt to code and, with intensive mentorship from I Maps founder Dr Reg Bust, she has rewritten the entire I Maps platform from the ground up, modernising the codebase, introducing powerful new features, and enhancing usability.

Now serving as I‑Maps’ chief developer, Ella also plays a key role in client installations, reporting, feature design, and investment analysis. She has led numerous demos and training sessions across client types and is especially known for using I‑Maps to help managers explore and make sense of global investment universes. Above all, Ella is passionate about making complex tools intuitive—and helping users unlock insights they didn’t know they could find.

Jonathan holds a BSc in Mathematics and a BCom Honours degree in Investments and Corporate Finance. His Honours thesis focused on the credit risk of listed companies in South Africa, reflecting his early focus on the complexities of risk analysis.

He spent time at TreasuryOne, where he worked closely with senior treasury managers on money market investments. In this client-facing role, he gained deep exposure to client-relationship management, and short-term investment strategies. He also researched and presented talks on insider trading regulations in South Africa to senior management, marking the start of his professional journey in presenting independent analysis.

Jonathan now serves as client support at I-Maps.  In this role, Jonathan leads presentations and reporting to senior investment managers, on portfolio risk analysis, peer group comparisons, and risk concentration trends. His work provides clients with actionable insights into both their own portfolios and the broader market landscape. He also acts as the primary point of contact for client queries, ensuring seamless support and engagement.