The Awards
Krutham conducts the research for the prestigious Financial Mail Ranking the Analysts survey. Krutham and the Financial Mail are pleased to announce the return of the Top Analysts Awards due to strong market demand.
The FM ratings have been South Africa's leading assessment of institutional stockbrokers since 1974. They recognise analysts who provide the most accurate, insightful and useful research to institutional investors, and provide asset managers with a reliable measure of analyst performance from the perspective of the users of the research.
The Return in 2026
Since taking over the project in 2014, research house Krutham has worked extensively to ensure that the survey remains relevant, credible and valuable to the industry. However, these efforts faced dwindling resources due to the loss of traction of print advertising which historically underpinned the business model, and the awards did not take place in 2025.
Feedback from the market has been almost unanimous that the ratings continue to be important for both institutional stockbrokers and asset managers. The awards return with strengthened systems and processes, including an enhanced membership model ensuring the sustainability of the awards; a new industry advisory committee for ongoing input to keep the awards at the cutting edge; and strengthened governance, including independent verification of the results by BDO South Africa.
Fieldwork for the 2026 FM Top Analyst Awards began in February, culminating in the awards event hosted by the JSE in June, with EquityRT — a global provider of investment research and market-data solutions — as the platinum sponsor.
Key changes for 2026
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1
Comprehensive methodology review — informed by direct feedback from sell-side analysts to ensure the framework is analytically sound and market-relevant.
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2
Enhanced membership model — offering participating firms detailed performance reports, full rankings and exclusive benefits.
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3
Industry advisory committee — for ongoing input to keep the awards at the cutting edge of market practice.
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4
Strengthened governance — independent verification by BDO South Africa and unparalleled analytical oversight from Krutham's senior team.
Methodology
Rankings are determined solely by buy-side asset managers — the primary clients of sell-side research. Votes are weighted by commission, ensuring fairness and reflecting true market influence. All active brokers and analysts are included, safeguarding independence and preventing bias. A parallel calculation by BDO guarantees accuracy and trust.
The 2026 survey voting period ran from 9 March to 14 April 2026. All results are independently verified by BDO South Africa before publication.
2026 Timeline
December 2025
Market announcement and firm engagement
January 2026
Firms' information session
Jan–Feb 2026
Methodology refinement and platform design
9 Mar–14 Apr 2026
Data collection: buy-side survey fieldwork
June 2026
Awards event at the JSE
July 2026
Full results and member reports published
The FM Analyst Team
Dr Stuart Theobald, CFA
Executive Chairman
Stuart's expertise is focused on financial systems, financial innovation, banking, sustainable investing and policy. He oversees the project, drawing on decades of experience in capital markets research and governance.
Tinashe Kambadza, CHBP (SA), MIFM
Research Manager
A former FM-rated equity analyst with extensive experience across market structure and equity research evaluation. He examines banking sector performance including earnings models, forecasts and monthly reports.
Thembi Baloyi
Senior Researcher
Thembi excels in primary research and cross-functional analysis. She translates insights into strategic recommendations, ensuring clients make informed decisions based on robust market intelligence.
Thobekile Nxumalo
Junior Data Analyst
Thobekile is a junior data analyst with experience in data extraction, dashboard development, predictive modelling and reporting. She holds a BSc in applied mathematics and statistics and a BSc Honours in statistics from the University of KwaZulu-Natal, and is currently pursuing an MSc in data science.
Colin Anthony
Head of Media Projects
Colin heads up Krutham's wide range of media projects and writes the editorial for key Krutham reports including Top Securities Brokers, Top Private Banks & Wealth Managers and Financial Mail Ranking the Analysts. He is a highly experienced financial journalist who has published and edited a variety of publications.
