Dear Colleagues,
We are pleased to announce that the FM Analysts Awards are officially returning in 2026, following the conclusion of an agreement between the Johannesburg Stock Exchange (JSE), Financial Mail (FM) and Krutham. The 2026 Awards will be completely refreshed, providing a credible platform for recognising leading analysts in the industry.
We are also pleased to announce that EquityRT is the platinum sponsor for next year’s awards.
Key features of the new awards:
- A comprehensive review of the Awards methodology, starting with a structured feedback survey of sell-side analysts.
- All analysts and institutional brokers in the market will be assessed in the study.
- A membership structure will be introduced at a fee. Members will enjoy a package of benefits including a comprehensive report on their performance and invitations to the launch function
- We will introduce an Industry Advisory Committee to provide input and advice on the methodology on an ongoing basis.
- BDO South Africa will conduct a separate parallel calculation of results to ensure accuracy.
- There will be a glittering industry awards event for nominated analysts and their guests.
Programme relaunch and methodology review
As part of the relaunch, we will immediately begin a comprehensive review of the Awards methodology, starting with a structured feedback survey of sell-side analysts. This will ensure the updated framework is aligned with market needs, analytically sound and reflective of current sector structures.
A membership model, discussed with participants during earlier consultations, will now be implemented. Members will receive enhanced, value-adding outputs including full rankings, sector breakdowns and qualitative feedback, while the public Awards remain transparent and independently verified.
The research process will begin in January 2026, with methodology refinement, platform design and fieldwork preparations taking place over the coming months.
Methodology and approach
The credibility of the FM Analysts Awards rests on a rigorous, transparent and independently verifiable methodology. The 2026 framework will include the following:
- Independent voting. Rankings will be based solely on votes from buy-side asset managers, ensuring results reflect the views of the industry’s clients rather than the brokers themselves.
- Weighted scoring. Votes will be weighted primarily by commission, ensuring proportionality, fairness and representation of true market influence.
- Comprehensive market coverage. All active brokers and analysts will be included, regardless of financial contribution. This safeguards independence and prevents any perception of exclusion or bias.
- Deliverables. Two outputs will be produced: Public league tables ranking the top six analysts and brokers across sectors. Detailed member reports, offering full rankings, sector breakdowns and qualitative feedback.
Additional distinctions – such as the Young Analyst Award (with the CFA Institute) and the Top Black Broker Award – will also return.
Risk and quality assurance – strengthened by Krutham’s expertise:
The integrity of the process will be reinforced through independent verification by BDO and deep analytical oversight from Krutham’s senior team, including:
Dr Stuart Theobald CFA, Krutham Chairman, is overseeing the project, drawing on decades of experience in capital markets research and governance.
Tinashe Kambadza, Research Manager, a former FM-rated equity analyst with extensive experience across market structure and equity-research evaluation.
Thembi Baloyi, Senior Researcher, with strong expertise in primary market research design, survey execution and fieldwork quality assurance.
This team brings the analytical depth, sector knowledge and methodological credibility required to deliver a market-leading process.
The methodology is designed to be independent, transparent and consistent, with clearly defined roles for the JSE (event host), Krutham (research execution) and FM (media distribution) but with all three partners serving on a steering committee to govern the awards.
A major 2026 Awards event
To mark the reintroduction of the Awards and celebrate the scale of industry participation, the JSE will host a major, high-profile awards event in June 2026. This will be a flagship industry gathering designed to spotlight the country’s top research talent, recognise institutional excellence and highlight market-leading insights.
Next steps and upcoming milestones
Over the coming weeks, the following steps will be taken as we move into the next phase of delivery:
- This announcement will now be circulated to the full sell-side community.
- Bilateral calls will be scheduled with all previously engaged member firms to reconfirm participation.
- The JSE, FM and Krutham will host a general market briefing on 9 and 10 December 2025, open to all brokers, analysts and interested stakeholders.
- A formal membership proposal document will be shared with these firms for consideration.
- A dedicated buy-side announcement will follow, outlining their voting role and the survey fieldwork schedule early next year.
- Fieldwork will take place in February, March and April.
- Awards event will be scheduled for early June.
We look forward to working closely with the sell-side, buy-side and all market participants to deliver the most credible, inclusive and analytically rigorous FM Analysts Awards to date.
Kind regards,
The FM Analysts Team.