FirstRand Ltd. (FSR)’s top-ranked credit analyst Jana Kershaw is moving to the bank’s asset-management business.
Kershaw started Rand Merchant Bank’s credit research unit six years ago with Elena Ilkova and have topped the rankings in South Africa’s Financial Mail analyst league tables for credit analysis for the past three years. Kershaw said by telephone she’ll join FirstRand’s Ashburton Asset Management on June 3.
Standard Bank Group Ltd. (SBK) and Absa Group Ltd. (ASA) have built research teams in the past two years, while smaller firms like RMB and Investec Plc (INVP) have cut back operations. Credit Suisse Group AG South African banks’ analyst Mervin Naidoo quit in April to join fund manager Melville Douglas and analyst Naeem Badat left Deutsche Bank AG for South African hedge fund manager Visio Capital Management in January.