Switzerland’s UBS AG and U.S. banks Citigroup Inc. and Bank of America Corp. topped the annual Financial Mail rankings for research in South Africa.
UBS was top-rated in the rankings based on fund managers whose votes were weighted according to the size of their firm’s assets under management in South Africa and first in equities research based on votes from fund managers who were not weighted, the Johannesburg-based Financial Mail, a weekly magazine, said in a report today. Citigroup was second on weighted votes and BofA’s Merrill Lynch unit was third, it said.
Some of the largest domestic stocks, including MTN Group Ltd. and Standard Bank Group Ltd., are covered by as many as 17 analysts, according to data compiled by Bloomberg. Competitors to the global banks, such as Moscow-based Renaissance Capital Ltd., lack the global distribution networks of larger rivals.
Winning analysts included Citigroup’s Johann Steyn for gold mining, UBS’s Stephan Potgieter for general financial, SBG Securities Jonathan Kennedy-Good for telecommunications, Renaissances’s Rey Wium for investment companies and Rand Merchant Bank’s Elena Ilkova and Jana Kershaw for credit analysis, according to the Financial Mail.