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Equity research
Meet the team



Andrew Blain
Equity Analyst, Generalist
I joined Investec in February 2020 as a roving analyst, covering growth companies. With over 12 years’ experience in equity research across multiple sectors, including a significant number of primary and secondary fundraisings, I was voted Analyst of the Year at the 2017 SmallCap Awards. I have an MBA from Manchester Business School following undergraduate studies at the University of Liverpool.
Andrew Blain
Equity Analyst, Generalist
I joined Investec in February 2020 as a roving analyst, covering growth companies. With over 12 years’ experience in equity research across multiple sectors, including a significant number of primary and secondary fundraisings, I was voted Analyst of the Year at the 2017 SmallCap Awards. I have an MBA from Manchester Business School following undergraduate studies at the University of Liverpool.

Ben Bourne
Equity Analyst, Capital Goods
Ben has 20 years of experience in equities. He joined Investec in 2018, to lead the Capital Goods team. The Capital Goods research team is ranked first in the SMID II survey and Ben has been ranked first for the last three years. His coverage has encompassed companies in Aerospace & Defence, Industrial Engineering, Electrical Equipment, Alternative Energy and Tech Hardware sectors. Ben is an Oxford Brookes University graduate with a BA (Hons) degree in Business & International Management. Among other interests, he enjoys skiing and tennis.
Ben Bourne
Equity Analyst, Capital Goods
Ben has 20 years of experience in equities. He joined Investec in 2018, to lead the Capital Goods team. The Capital Goods research team is ranked first in the SMID II survey and Ben has been ranked first for the last three years. His coverage has encompassed companies in Aerospace & Defence, Industrial Engineering, Electrical Equipment, Alternative Energy and Tech Hardware sectors. Ben is an Oxford Brookes University graduate with a BA (Hons) degree in Business & International Management. Among other interests, he enjoys skiing and tennis.

Ross Broadfoot
Equity Analyst, Media & Technology
I joined the securities business in September 2015 as a generalist equity salesman. In my sales role, I was responsible for a number of new client relationships, alongside working with existing clients on both primary and secondary transactions. Highlights include the GVC/Ladbrokes deal, Cineworld/Regal and most recently Melrose/GKN. I graduated from Cambridge University with an MA in Natural Sciences (Pathology) and have attained Level 1 of the CFA Program and the Series 7 & 63 US regulatory exams.
Ross Broadfoot
Equity Analyst, Media & Technology
I joined the securities business in September 2015 as a generalist equity salesman. In my sales role, I was responsible for a number of new client relationships, alongside working with existing clients on both primary and secondary transactions. Highlights include the GVC/Ladbrokes deal, Cineworld/Regal and most recently Melrose/GKN. I graduated from Cambridge University with an MA in Natural Sciences (Pathology) and have attained Level 1 of the CFA Program and the Series 7 & 63 US regulatory exams.

Scott Cagehin
Equity Analyst, Industrials
I joined Investec in August 2019 to cover the UK Industrial Engineering and Electronic & Electrical Equipment sectors. I previously worked at HSBC, where I covered the sector for 4 years. Prior to that I covered the sector for 8 years at Numis, having started at Merrill Lynch in 2000 latterly covering Small/Midcap stocks. I have a BA (Hons) degree in International Finance & Trade from the University of Portsmouth.
Scott Cagehin
Equity Analyst, Industrials
I joined Investec in August 2019 to cover the UK Industrial Engineering and Electronic & Electrical Equipment sectors. I previously worked at HSBC, where I covered the sector for 4 years. Prior to that I covered the sector for 8 years at Numis, having started at Merrill Lynch in 2000 latterly covering Small/Midcap stocks. I have a BA (Hons) degree in International Finance & Trade from the University of Portsmouth.

Tom Callan
Equity Analyst, Support Services
With 10+ years’ experience in the banking industry, I joined the Support Services team at Investec in June 2019. Previously, I worked as an equity analyst at Cenkos Securities and Panmure Gordon, with coverage across both TMT and Support Services. Having qualified as a chartered accountant with KPMG, prior to embarking on a career in Equity Research, I worked as an Associate at Goldman Sachs. I have a First Class Honours degree in Economics & Social Studies from the University of Manchester, and am FCA (CF30) approved. Outside of work, my interests include playing tennis and golf (badly!), as well as travelling.
Tom Callan
Equity Analyst, Support Services
With 10+ years’ experience in the banking industry, I joined the Support Services team at Investec in June 2019. Previously, I worked as an equity analyst at Cenkos Securities and Panmure Gordon, with coverage across both TMT and Support Services. Having qualified as a chartered accountant with KPMG, prior to embarking on a career in Equity Research, I worked as an Associate at Goldman Sachs. I have a First Class Honours degree in Economics & Social Studies from the University of Manchester, and am FCA (CF30) approved. Outside of work, my interests include playing tennis and golf (badly!), as well as travelling.

Kate Calvert
Equity Analyst, Retail
I joined Investec in October 2013. I have over 20 years’ experience covering the General and Food Retail sector as both research analyst and specialist sales, having started my career at Safeway as a Location Planning Analyst.
Kate Calvert
Equity Analyst, Retail
I joined Investec in October 2013. I have over 20 years’ experience covering the General and Food Retail sector as both research analyst and specialist sales, having started my career at Safeway as a Location Planning Analyst.

Johanna Christie
Publishing
I joined Investec in 2008 and have over ten years’ experience within equity research managing all aspects of the research production process including systems support, management reporting and product development for our global research teams.
Johanna Christie
Publishing
I joined Investec in 2008 and have over ten years’ experience within equity research managing all aspects of the research production process including systems support, management reporting and product development for our global research teams.

Roberta Ciaccia
Equity Analyst, Media
With over 20 years of experience in equities, I joined Investec in 2021 to cover gambling and leisure stocks. I have covered European leisure stocks since 2007, initially with Exane BNP Paribas, then with Berenberg from 2016. Between 2019 and 2020, I worked at Macquarie as Investment Banker on EU-US M&A deals advisory, always with a focus on the leisure and gambling space. I graduated from the University of Genoa (Italy).
Roberta Ciaccia
Equity Analyst, Media
With over 20 years of experience in equities, I joined Investec in 2021 to cover gambling and leisure stocks. I have covered European leisure stocks since 2007, initially with Exane BNP Paribas, then with Berenberg from 2016. Between 2019 and 2020, I worked at Macquarie as Investment Banker on EU-US M&A deals advisory, always with a focus on the leisure and gambling space. I graduated from the University of Genoa (Italy).

Roger Cursley
Equity Research Editor
I have over 30 years’ experience in the securities industry, on both the buy-side and sell-side. During that time, I have specialised in UK equities, as a fund manager, specialist salesman and latterly as a strategist. I currently act as a Research Editor and Supervisor Analyst (Series 24). I hold an M.A. Hons degree (PPE) from New College, University of Oxford.
Roger Cursley
Equity Research Editor
I have over 30 years’ experience in the securities industry, on both the buy-side and sell-side. During that time, I have specialised in UK equities, as a fund manager, specialist salesman and latterly as a strategist. I currently act as a Research Editor and Supervisor Analyst (Series 24). I hold an M.A. Hons degree (PPE) from New College, University of Oxford.

Ryan Djajasaputra
Economist
In 2007, I joined Investec as part of the Kensington acquisition, before joining the Economics team in 2010. I provide macroeconomic, interest rate and foreign exchange analysis to Investec Group and its corporate clients. After graduating with a Bachelor’s degree in Economics from UWE Bristol.
Ryan Djajasaputra
Economist
In 2007, I joined Investec as part of the Kensington acquisition, before joining the Economics team in 2010. I provide macroeconomic, interest rate and foreign exchange analysis to Investec Group and its corporate clients. After graduating with a Bachelor’s degree in Economics from UWE Bristol.

Michael Donnelly
Equity Analyst, Support Services
I joined Investec in 2018 to cover Support Services, a sector that I have followed for most of my 25+ year career. I was ranked #1 in the sector by II in 2022, 2021 & 2020. I previously worked at Canaccord, Panmure Gordon, Morgan Stanley and Merrill Lynch. I have an MSc in Finance from London Business School and a BSc (Hons) in Laser Physics. In 2018, my work was recognised in the Amazon #1 bestseller “The Signs Were There''.
Michael Donnelly
Equity Analyst, Support Services
I joined Investec in 2018 to cover Support Services, a sector that I have followed for most of my 25+ year career. I was ranked #1 in the sector by II in 2022, 2021 & 2020. I previously worked at Canaccord, Panmure Gordon, Morgan Stanley and Merrill Lynch. I have an MSc in Finance from London Business School and a BSc (Hons) in Laser Physics. In 2018, my work was recognised in the Amazon #1 bestseller “The Signs Were There''.

Jens Ehrenberg
Equity Analyst, Financial Services
I joined Investec as an analyst covering Diversified Financials in 2023. I have more than 10 years of experience in finance and covered UK & pan-European Diversified Financials and Banks in previous roles at Citigroup, Balyasny Asset Management, Singer Capital Markets and Berkshire Global Advisers. I obtained a Masters’ degree in Economics & Business from IEP Sciences Po, Paris and an LL.B. in Business law from FOM University in Germany. I am also a CFA and CAIA charter holder.
Jens Ehrenberg
Equity Analyst, Financial Services
I joined Investec as an analyst covering Diversified Financials in 2023. I have more than 10 years of experience in finance and covered UK & pan-European Diversified Financials and Banks in previous roles at Citigroup, Balyasny Asset Management, Singer Capital Markets and Berkshire Global Advisers. I obtained a Masters’ degree in Economics & Business from IEP Sciences Po, Paris and an LL.B. in Business law from FOM University in Germany. I am also a CFA and CAIA charter holder.

Alicia Forry
Deputy Head of Research
My area of expertise is large cap Food, Beverages, Household & Personal Care and Tobacco, as well as ESG/Sustainability. I have covered the global large cap Consumer sector for 14 years, on both the buy and sell-side, visiting companies and investors across Europe, the US and Asia. I am also the Head of UK Equity ESG Product, covering sustainability themes and ESG reporting across all sectors of the UK market. I am a graduate of the University of Southern California with a BS in Biological Sciences and a CFA charterholder.
Alicia Forry
Deputy Head of Research
My area of expertise is large cap Food, Beverages, Household & Personal Care and Tobacco, as well as ESG/Sustainability. I have covered the global large cap Consumer sector for 14 years, on both the buy and sell-side, visiting companies and investors across Europe, the US and Asia. I am also the Head of UK Equity ESG Product, covering sustainability themes and ESG reporting across all sectors of the UK market. I am a graduate of the University of Southern California with a BS in Biological Sciences and a CFA charterholder.

Ian Gordon
Equity Analyst, Banks
I joined Investec in January 2012, and have worked on the sell-side for over 13 years at a number of firms, but always focused on UK banks. My coverage now includes the “challenger bank” segment as well as the FTSE 100 banks. Prior to 2005, I spent 17 years at Lloyds Bank in a wide variety of roles including retail/corporate banking, corporate debt recovery, export finance, leasing, strategy and investor relations. I am an Economics graduate from Hull University and have completed my Banking (ACIB) and Corporate Treasurer (AMCT) qualifications.
Ian Gordon
Equity Analyst, Banks
I joined Investec in January 2012, and have worked on the sell-side for over 13 years at a number of firms, but always focused on UK banks. My coverage now includes the “challenger bank” segment as well as the FTSE 100 banks. Prior to 2005, I spent 17 years at Lloyds Bank in a wide variety of roles including retail/corporate banking, corporate debt recovery, export finance, leasing, strategy and investor relations. I am an Economics graduate from Hull University and have completed my Banking (ACIB) and Corporate Treasurer (AMCT) qualifications.

Ellie Henderson
Economist
I joined Investec in February 2021 as part of the London Economics team, providing economic advice and analysis for the company and its clients. Before joining Investec I worked as an economist for Fathom Consulting, where I predominantly focused on China research. I hold a Bachelor’s degree in Economics from the University of Surrey, as well as a Master’s degree in Economics from Birkbeck, University of London.
Ellie Henderson
Economist
I joined Investec in February 2021 as part of the London Economics team, providing economic advice and analysis for the company and its clients. Before joining Investec I worked as an economist for Fathom Consulting, where I predominantly focused on China research. I hold a Bachelor’s degree in Economics from the University of Surrey, as well as a Master’s degree in Economics from Birkbeck, University of London.

Hunter Hillcoat
Equity Research Editor
I have over 20 years’ experience in the securities industry, including over 11 years at Investec, predominantly as a sell-side equities analyst. In 2021 I transitioned into the Research Editing and Supervisory Analyst team. I hold a BSc (Hons) degree from the University of Witwatersrand and an MBA (with distinction) from Curtin University.
Hunter Hillcoat
Equity Research Editor
I have over 20 years’ experience in the securities industry, including over 11 years at Investec, predominantly as a sell-side equities analyst. In 2021 I transitioned into the Research Editing and Supervisory Analyst team. I hold a BSc (Hons) degree from the University of Witwatersrand and an MBA (with distinction) from Curtin University.

Sandra Horsfield
Economist
I am part of the London Economics team, having joined in 2020, providing macroeconomic analysis and advice to the Investec Group and its clients. I hold a Bachelor’s and a Master’s degree in Economics, both from the London School of Economics. I have over 20 years’ experience as a financial markets economist on the buy and sell side as well as in consulting.
Sandra Horsfield
Economist
I am part of the London Economics team, having joined in 2020, providing macroeconomic analysis and advice to the Investec Group and its clients. I hold a Bachelor’s and a Master’s degree in Economics, both from the London School of Economics. I have over 20 years’ experience as a financial markets economist on the buy and sell side as well as in consulting.

Ben Hunt
Equity Analyst, Retail
I joined Investec in 2017 as an analyst. I have worked in equity research as both an analyst and salesperson, covering Retail since 2007 starting my career at Oriel Securities, frequently achieving a top 3 ranking in the mid cap Extel survey and more recently at Investec. I have a BSc in Economics from University College London and am a CFA Charterholder.
Ben Hunt
Equity Analyst, Retail
I joined Investec in 2017 as an analyst. I have worked in equity research as both an analyst and salesperson, covering Retail since 2007 starting my career at Oriel Securities, frequently achieving a top 3 ranking in the mid cap Extel survey and more recently at Investec. I have a BSc in Economics from University College London and am a CFA Charterholder.

Rahim Karim
Equity Analyst, Financial Services
I joined Investec in April 2021 with over 15 years’ experience as an equities analyst, covering the Diversified Financials, Support Services and Oil & Gas Sectors. Previously I have worked at Lehman Brothers, Barcap and Liberum. Prior to working as an analyst, I studied at Cambridge University, where I obtained my BA in Economics. I am also a CFA charter holder.
Rahim Karim
Equity Analyst, Financial Services
I joined Investec in April 2021 with over 15 years’ experience as an equities analyst, covering the Diversified Financials, Support Services and Oil & Gas Sectors. Previously I have worked at Lehman Brothers, Barcap and Liberum. Prior to working as an analyst, I studied at Cambridge University, where I obtained my BA in Economics. I am also a CFA charter holder.

Lydia Kenny
Equity analyst, Capital goods
I joined Investec in April 2023 covering the UK Industrials and Capital Goods sectors. Prior to then, I worked on the UK SMID cap Industrials research team at Berenberg for 3.5 years. Other experience was gained via internships at Goodbody Stockbrokers Dublin, EY and KPMG. I received a First in Finance from University College Cork and also qualified with a MSc(Hons) in Quantitative Finance from UCD Smurfit School of Business. Among other interests, I enjoy Gaelic football and horse riding.
Lydia Kenny
Equity analyst, Capital goods
I joined Investec in April 2023 covering the UK Industrials and Capital Goods sectors. Prior to then, I worked on the UK SMID cap Industrials research team at Berenberg for 3.5 years. Other experience was gained via internships at Goodbody Stockbrokers Dublin, EY and KPMG. I received a First in Finance from University College Cork and also qualified with a MSc(Hons) in Quantitative Finance from UCD Smurfit School of Business. Among other interests, I enjoy Gaelic football and horse riding.

Aynsley Lammin
Equity Analyst, Building and Construction
I am a Chartered Accountant and joined the Building and Construction research team at Schroders in 1998. I spent 17 years at Schroders and Citi in the frequently top 3 rated sector team covering the wider Pan European Building and Construction sector and more latterly the UK Building and Construction sector at Canaccord Genuity. I hold a first class degree in Economics from the London School of Economics and an MPhil degree in Economics from King’s College, Cambridge University.
Aynsley Lammin
Equity Analyst, Building and Construction
I am a Chartered Accountant and joined the Building and Construction research team at Schroders in 1998. I spent 17 years at Schroders and Citi in the frequently top 3 rated sector team covering the wider Pan European Building and Construction sector and more latterly the UK Building and Construction sector at Canaccord Genuity. I hold a first class degree in Economics from the London School of Economics and an MPhil degree in Economics from King’s College, Cambridge University.

Saul Larthe
Equity analyst, Capital goods
I joined the Capital Goods team at Investec Securities in October 2022 as an Equity Research Analyst focusing on Aerospace & Defence and Industrials. Prior to that, I was an Equity Analyst at Investec Wealth for 3 years, with coverage encompassing Aerospace & Defence, Building Materials and Housebuilders. Early in my career I worked in multi-asset portfolio management, investment analysis, and business development at a leading wealth manager. I hold an MSc in Financial Economics from City University and a BSc (Hons) in Industrial Economics from the University of Nottingham.
Saul Larthe
Equity analyst, Capital goods
I joined the Capital Goods team at Investec Securities in October 2022 as an Equity Research Analyst focusing on Aerospace & Defence and Industrials. Prior to that, I was an Equity Analyst at Investec Wealth for 3 years, with coverage encompassing Aerospace & Defence, Building Materials and Housebuilders. Early in my career I worked in multi-asset portfolio management, investment analysis, and business development at a leading wealth manager. I hold an MSc in Financial Economics from City University and a BSc (Hons) in Industrial Economics from the University of Nottingham.

Jens Lindqvist
Equity Analyst, Healthcare
I am a fully qualified Medical Doctor from Karolinska Institute (Stockholm), with more than 20 years of City experience. Prior to joining Investec in January 2020, I was a Partner and Senior Research Analyst (Life Sciences) at N+1 Singer for over 10 years, before which I held positions with HSBC and Bridgewell Securities. Before joining the City, I practised Medicine and managed research projects at the Department of Diabetology, Karolinska Hospital, and worked for several years as a General Practitioner. I also hold an MBA from Rotterdam School of Management. Outside of work I enjoy the opera, running, skiing and tennis.
Jens Lindqvist
Equity Analyst, Healthcare
I am a fully qualified Medical Doctor from Karolinska Institute (Stockholm), with more than 20 years of City experience. Prior to joining Investec in January 2020, I was a Partner and Senior Research Analyst (Life Sciences) at N+1 Singer for over 10 years, before which I held positions with HSBC and Bridgewell Securities. Before joining the City, I practised Medicine and managed research projects at the Department of Diabetology, Karolinska Hospital, and worked for several years as a General Practitioner. I also hold an MBA from Rotterdam School of Management. Outside of work I enjoy the opera, running, skiing and tennis.

Darren Milne
Equity Analyst, Media & Leisure & Healthcare
I joined Investec in July 2021 as part of the Edinburgh team working on the Investec Searchlight product covering UK Small and Mid Cap stocks. I previously worked at Baillie Gifford for 5 years, most recently in the Investment Risk, Analytics & Research team. I hold an MA (Hons) degree in Business Management from the University of Edinburgh.
Darren Milne
Equity Analyst, Media & Leisure & Healthcare
I joined Investec in July 2021 as part of the Edinburgh team working on the Investec Searchlight product covering UK Small and Mid Cap stocks. I previously worked at Baillie Gifford for 5 years, most recently in the Investment Risk, Analytics & Research team. I hold an MA (Hons) degree in Business Management from the University of Edinburgh.

Clare O'Callaghan
Equity Research Editor
I have over twelve years’ experience as a Research Editor and Supervisory Analyst – working at Investec for over four years, having joined from Nordic bank SEB. I previously worked as a news reporter and assistant editor at Euroweek, covering the corporate bonds beat. I hold a B.A. Hons degree in English from the University of Leeds and a journalism qualification from University of the Arts London.
Clare O'Callaghan
Equity Research Editor
I have over twelve years’ experience as a Research Editor and Supervisory Analyst – working at Investec for over four years, having joined from Nordic bank SEB. I previously worked as a news reporter and assistant editor at Euroweek, covering the corporate bonds beat. I hold a B.A. Hons degree in English from the University of Leeds and a journalism qualification from University of the Arts London.

Roger Phillips
Equity Analyst, Technology
Roger Phillips is an equity analyst covering technology stocks. He joined Investec in October 2013 to cover UK software and IT services stocks. Before this he covered UK and European technology stocks at several other investment banks, starting in 1998.
Roger Phillips
Equity Analyst, Technology
Roger Phillips is an equity analyst covering technology stocks. He joined Investec in October 2013 to cover UK software and IT services stocks. Before this he covered UK and European technology stocks at several other investment banks, starting in 1998.

Alastair Reid
Equity Analyst, Media
After 14 years in equity research, I joined Investec in 2019 to head up coverage of the Media sector. From 2015 until 2018, I covered Media companies across Europe and the US for Berenberg, primarily focused on the professional information and advertising agency sub-sectors. Prior to that, I spent 10 years covering the European Media sector at UBS, as co-head of the team in the latter part of the period. I started in the industry at ABN Amro in 2004 after graduating from the University of Cambridge with a BA (Hons) degree in Natural Sciences.
Alastair Reid
Equity Analyst, Media
After 14 years in equity research, I joined Investec in 2019 to head up coverage of the Media sector. From 2015 until 2018, I covered Media companies across Europe and the US for Berenberg, primarily focused on the professional information and advertising agency sub-sectors. Prior to that, I spent 10 years covering the European Media sector at UBS, as co-head of the team in the latter part of the period. I started in the industry at ABN Amro in 2004 after graduating from the University of Cambridge with a BA (Hons) degree in Natural Sciences.

Lewis Roxburgh
Equity Analyst, Building & Construction
I joined the Investec Equity Research Team in 2023 after moving internally from the Wealth division. Prior to joining Investec, I began my career working in client management at Aegon Asset Management. I hold a Joint Honours degree in Accounting & Finance and Masters degree in Investment Analysis, both from the University of Stirling. I also hold the CISI Level 6 Private Client Investment Advice & Management (PCIAM) diploma.
Lewis Roxburgh
Equity Analyst, Building & Construction
I joined the Investec Equity Research Team in 2023 after moving internally from the Wealth division. Prior to joining Investec, I began my career working in client management at Aegon Asset Management. I hold a Joint Honours degree in Accounting & Finance and Masters degree in Investment Analysis, both from the University of Stirling. I also hold the CISI Level 6 Private Client Investment Advice & Management (PCIAM) diploma.

Philip Shaw
Chief Economist
I head up the Economics team for Investec in London after joining in 1997. I am a regular commentator on the economy and financial markets in the press and on TV. I graduated with an Economics degree from Bath University and a master’s in Econometrics from the University of Manchester. I started my career in the Government Economic Service at the Department of Energy before joining Barclays as an economist/econometrician.
Philip Shaw
Chief Economist
I head up the Economics team for Investec in London after joining in 1997. I am a regular commentator on the economy and financial markets in the press and on TV. I graduated with an Economics degree from Bath University and a master’s in Econometrics from the University of Manchester. I started my career in the Government Economic Service at the Department of Energy before joining Barclays as an economist/econometrician.

Emma Shayshutt
Publishing
I joined Investec in 2012 as part of the product management team. I have over 20 years’ experience in the industry, specifically within equity research, focusing on product development, global research systems support and the overall research production process.
Emma Shayshutt
Publishing
I joined Investec in 2012 as part of the product management team. I have over 20 years’ experience in the industry, specifically within equity research, focusing on product development, global research systems support and the overall research production process.

Ellie Shuff
PA to Head of Research and Team Assistant
I joined Investec in October 2019 as Team Assistant for the Equity Research department, having previously worked as a Recruitment Consultant for Morgan Spencer. I hold a degree in Early Years Education and Teaching from the University of Essex.
Ellie Shuff
PA to Head of Research and Team Assistant
I joined Investec in October 2019 as Team Assistant for the Equity Research department, having previously worked as a Recruitment Consultant for Morgan Spencer. I hold a degree in Early Years Education and Teaching from the University of Essex.

Alex Smith
Equity Analyst, Alternative Energy and Oil & Gas
I joined the Investec Equity Research team in November 2016 and currently work on the Oil & Gas desk. I provide institutional clients with research and in-depth analysis on stocks in both sectors. I graduated with a degree in Economics from Exeter University in 2015.
Alex Smith
Equity Analyst, Alternative Energy and Oil & Gas
I joined the Investec Equity Research team in November 2016 and currently work on the Oil & Gas desk. I provide institutional clients with research and in-depth analysis on stocks in both sectors. I graduated with a degree in Economics from Exeter University in 2015.

Matthew Webb
Equity Analyst, Consumer Goods
Matthew joined Investec in December 2022 to cover UK SMID cap consumer staples. He has covered the consumer sector for 25 years, spending the bulk of his career at Cazenove and JPMorgan. At different times he has focused on both large and small cap companies across staples, retail and leisure.
Matthew Webb
Equity Analyst, Consumer Goods
Matthew joined Investec in December 2022 to cover UK SMID cap consumer staples. He has covered the consumer sector for 25 years, spending the bulk of his career at Cazenove and JPMorgan. At different times he has focused on both large and small cap companies across staples, retail and leisure.

Andrew Whitney
Head of Research
I cover a range of Pharmaceutical, Biotechnology and Services stocks. I have followed the drug development industry for 20 years, originally completing a PhD in Medicinal Chemistry at the University of Cambridge. As well as experience in academic and industrial Pharmaceuticals research, I am a qualified Chartered Accountant, have worked in transaction teams and have been a strategy consultant.
Andrew Whitney
Head of Research
I cover a range of Pharmaceutical, Biotechnology and Services stocks. I have followed the drug development industry for 20 years, originally completing a PhD in Medicinal Chemistry at the University of Cambridge. As well as experience in academic and industrial Pharmaceuticals research, I am a qualified Chartered Accountant, have worked in transaction teams and have been a strategy consultant.

Julian Yates
Equity Analyst, Technology
I have worked as a Technology analyst at Investec for over 10 years. Previously, I covered Pan European Software and IT Services at Deutsche Bank, having started my career as a Tech analyst at ABN AMRO in 1999.
Julian Yates
Equity Analyst, Technology
I have worked as a Technology analyst at Investec for over 10 years. Previously, I covered Pan European Software and IT Services at Deutsche Bank, having started my career as a Tech analyst at ABN AMRO in 1999.

Martin Young
Equity Analyst, Utilities
Martin joined Investec in February 2019 to cover the Utilities sector, a space in which he has been involved for over 25 years. After qualifying as a an ACA with Ernst & Young, he spent 20 years as an analyst at Dresdner Kleinwort Benson, Citi, Lehman Brothers, Nomura and the Royal Bank of Canada (RBC), heading the team at Nomura. After leaving RBC he joined Ofgem, the GB energy regulator, to head up Investor Relations, before returning to the sell-side with Investec. Martin was rated #1 for UK Energy and Utilities in both the 2021 and 2022 Institutional Investor (II) surveys. He holds an BA (Hons) degree in Mathematics from Cambridge University.
Martin Young
Equity Analyst, Utilities
Martin joined Investec in February 2019 to cover the Utilities sector, a space in which he has been involved for over 25 years. After qualifying as a an ACA with Ernst & Young, he spent 20 years as an analyst at Dresdner Kleinwort Benson, Citi, Lehman Brothers, Nomura and the Royal Bank of Canada (RBC), heading the team at Nomura. After leaving RBC he joined Ofgem, the GB energy regulator, to head up Investor Relations, before returning to the sell-side with Investec. Martin was rated #1 for UK Energy and Utilities in both the 2021 and 2022 Institutional Investor (II) surveys. He holds an BA (Hons) degree in Mathematics from Cambridge University.

Gert Zonneveld
Equity Analyst, Transport
I joined Investec in September 2021 as a transport analyst. I have worked as an equity analyst for over 20 years and have frequently been Extel No. 1 ranked in the UK mid-cap transport sector. Prior to Investec I worked at Canaccord Genuity, Panmure Gordon and Schroders. I started my career at SBC in Amsterdam and London, after graduating with an MSc degree in Business Economics from Erasmus University Rotterdam in The Netherlands.
Gert Zonneveld
Equity Analyst, Transport
I joined Investec in September 2021 as a transport analyst. I have worked as an equity analyst for over 20 years and have frequently been Extel No. 1 ranked in the UK mid-cap transport sector. Prior to Investec I worked at Canaccord Genuity, Panmure Gordon and Schroders. I started my career at SBC in Amsterdam and London, after graduating with an MSc degree in Business Economics from Erasmus University Rotterdam in The Netherlands.

Andrew Blain
Equity Analyst, Generalist
I joined Investec in February 2020 as a roving analyst, covering growth companies. With over 12 years’ experience in equity research across multiple sectors, including a significant number of primary and secondary fundraisings, I was voted Analyst of the Year at the 2017 SmallCap Awards. I have an MBA from Manchester Business School following undergraduate studies at the University of Liverpool.
Andrew Blain
Equity Analyst, Generalist
I joined Investec in February 2020 as a roving analyst, covering growth companies. With over 12 years’ experience in equity research across multiple sectors, including a significant number of primary and secondary fundraisings, I was voted Analyst of the Year at the 2017 SmallCap Awards. I have an MBA from Manchester Business School following undergraduate studies at the University of Liverpool.

Ben Bourne
Equity Analyst, Capital Goods
Ben has 20 years of experience in equities. He joined Investec in 2018, to lead the Capital Goods team. The Capital Goods research team is ranked first in the SMID II survey and Ben has been ranked first for the last three years. His coverage has encompassed companies in Aerospace & Defence, Industrial Engineering, Electrical Equipment, Alternative Energy and Tech Hardware sectors. Ben is an Oxford Brookes University graduate with a BA (Hons) degree in Business & International Management. Among other interests, he enjoys skiing and tennis.
Ben Bourne
Equity Analyst, Capital Goods
Ben has 20 years of experience in equities. He joined Investec in 2018, to lead the Capital Goods team. The Capital Goods research team is ranked first in the SMID II survey and Ben has been ranked first for the last three years. His coverage has encompassed companies in Aerospace & Defence, Industrial Engineering, Electrical Equipment, Alternative Energy and Tech Hardware sectors. Ben is an Oxford Brookes University graduate with a BA (Hons) degree in Business & International Management. Among other interests, he enjoys skiing and tennis.

Ross Broadfoot
Equity Analyst, Media & Technology
I joined the securities business in September 2015 as a generalist equity salesman. In my sales role, I was responsible for a number of new client relationships, alongside working with existing clients on both primary and secondary transactions. Highlights include the GVC/Ladbrokes deal, Cineworld/Regal and most recently Melrose/GKN. I graduated from Cambridge University with an MA in Natural Sciences (Pathology) and have attained Level 1 of the CFA Program and the Series 7 & 63 US regulatory exams.
Ross Broadfoot
Equity Analyst, Media & Technology
I joined the securities business in September 2015 as a generalist equity salesman. In my sales role, I was responsible for a number of new client relationships, alongside working with existing clients on both primary and secondary transactions. Highlights include the GVC/Ladbrokes deal, Cineworld/Regal and most recently Melrose/GKN. I graduated from Cambridge University with an MA in Natural Sciences (Pathology) and have attained Level 1 of the CFA Program and the Series 7 & 63 US regulatory exams.

Scott Cagehin
Equity Analyst, Industrials
I joined Investec in August 2019 to cover the UK Industrial Engineering and Electronic & Electrical Equipment sectors. I previously worked at HSBC, where I covered the sector for 4 years. Prior to that I covered the sector for 8 years at Numis, having started at Merrill Lynch in 2000 latterly covering Small/Midcap stocks. I have a BA (Hons) degree in International Finance & Trade from the University of Portsmouth.
Scott Cagehin
Equity Analyst, Industrials
I joined Investec in August 2019 to cover the UK Industrial Engineering and Electronic & Electrical Equipment sectors. I previously worked at HSBC, where I covered the sector for 4 years. Prior to that I covered the sector for 8 years at Numis, having started at Merrill Lynch in 2000 latterly covering Small/Midcap stocks. I have a BA (Hons) degree in International Finance & Trade from the University of Portsmouth.

Tom Callan
Equity Analyst, Support Services
With 10+ years’ experience in the banking industry, I joined the Support Services team at Investec in June 2019. Previously, I worked as an equity analyst at Cenkos Securities and Panmure Gordon, with coverage across both TMT and Support Services. Having qualified as a chartered accountant with KPMG, prior to embarking on a career in Equity Research, I worked as an Associate at Goldman Sachs. I have a First Class Honours degree in Economics & Social Studies from the University of Manchester, and am FCA (CF30) approved. Outside of work, my interests include playing tennis and golf (badly!), as well as travelling.
Tom Callan
Equity Analyst, Support Services
With 10+ years’ experience in the banking industry, I joined the Support Services team at Investec in June 2019. Previously, I worked as an equity analyst at Cenkos Securities and Panmure Gordon, with coverage across both TMT and Support Services. Having qualified as a chartered accountant with KPMG, prior to embarking on a career in Equity Research, I worked as an Associate at Goldman Sachs. I have a First Class Honours degree in Economics & Social Studies from the University of Manchester, and am FCA (CF30) approved. Outside of work, my interests include playing tennis and golf (badly!), as well as travelling.

Kate Calvert
Equity Analyst, Retail
I joined Investec in October 2013. I have over 20 years’ experience covering the General and Food Retail sector as both research analyst and specialist sales, having started my career at Safeway as a Location Planning Analyst.
Kate Calvert
Equity Analyst, Retail
I joined Investec in October 2013. I have over 20 years’ experience covering the General and Food Retail sector as both research analyst and specialist sales, having started my career at Safeway as a Location Planning Analyst.

Johanna Christie
Publishing
I joined Investec in 2008 and have over ten years’ experience within equity research managing all aspects of the research production process including systems support, management reporting and product development for our global research teams.
Johanna Christie
Publishing
I joined Investec in 2008 and have over ten years’ experience within equity research managing all aspects of the research production process including systems support, management reporting and product development for our global research teams.

Roberta Ciaccia
Equity Analyst, Media
With over 20 years of experience in equities, I joined Investec in 2021 to cover gambling and leisure stocks. I have covered European leisure stocks since 2007, initially with Exane BNP Paribas, then with Berenberg from 2016. Between 2019 and 2020, I worked at Macquarie as Investment Banker on EU-US M&A deals advisory, always with a focus on the leisure and gambling space. I graduated from the University of Genoa (Italy).
Roberta Ciaccia
Equity Analyst, Media
With over 20 years of experience in equities, I joined Investec in 2021 to cover gambling and leisure stocks. I have covered European leisure stocks since 2007, initially with Exane BNP Paribas, then with Berenberg from 2016. Between 2019 and 2020, I worked at Macquarie as Investment Banker on EU-US M&A deals advisory, always with a focus on the leisure and gambling space. I graduated from the University of Genoa (Italy).

Roger Cursley
Equity Research Editor
I have over 30 years’ experience in the securities industry, on both the buy-side and sell-side. During that time, I have specialised in UK equities, as a fund manager, specialist salesman and latterly as a strategist. I currently act as a Research Editor and Supervisor Analyst (Series 24). I hold an M.A. Hons degree (PPE) from New College, University of Oxford.
Roger Cursley
Equity Research Editor
I have over 30 years’ experience in the securities industry, on both the buy-side and sell-side. During that time, I have specialised in UK equities, as a fund manager, specialist salesman and latterly as a strategist. I currently act as a Research Editor and Supervisor Analyst (Series 24). I hold an M.A. Hons degree (PPE) from New College, University of Oxford.

Ryan Djajasaputra
Economist
In 2007, I joined Investec as part of the Kensington acquisition, before joining the Economics team in 2010. I provide macroeconomic, interest rate and foreign exchange analysis to Investec Group and its corporate clients. After graduating with a Bachelor’s degree in Economics from UWE Bristol.
Ryan Djajasaputra
Economist
In 2007, I joined Investec as part of the Kensington acquisition, before joining the Economics team in 2010. I provide macroeconomic, interest rate and foreign exchange analysis to Investec Group and its corporate clients. After graduating with a Bachelor’s degree in Economics from UWE Bristol.

Michael Donnelly
Equity Analyst, Support Services
I joined Investec in 2018 to cover Support Services, a sector that I have followed for most of my 25+ year career. I was ranked #1 in the sector by II in 2022, 2021 & 2020. I previously worked at Canaccord, Panmure Gordon, Morgan Stanley and Merrill Lynch. I have an MSc in Finance from London Business School and a BSc (Hons) in Laser Physics. In 2018, my work was recognised in the Amazon #1 bestseller “The Signs Were There''.
Michael Donnelly
Equity Analyst, Support Services
I joined Investec in 2018 to cover Support Services, a sector that I have followed for most of my 25+ year career. I was ranked #1 in the sector by II in 2022, 2021 & 2020. I previously worked at Canaccord, Panmure Gordon, Morgan Stanley and Merrill Lynch. I have an MSc in Finance from London Business School and a BSc (Hons) in Laser Physics. In 2018, my work was recognised in the Amazon #1 bestseller “The Signs Were There''.

Jens Ehrenberg
Equity Analyst, Financial Services
I joined Investec as an analyst covering Diversified Financials in 2023. I have more than 10 years of experience in finance and covered UK & pan-European Diversified Financials and Banks in previous roles at Citigroup, Balyasny Asset Management, Singer Capital Markets and Berkshire Global Advisers. I obtained a Masters’ degree in Economics & Business from IEP Sciences Po, Paris and an LL.B. in Business law from FOM University in Germany. I am also a CFA and CAIA charter holder.
Jens Ehrenberg
Equity Analyst, Financial Services
I joined Investec as an analyst covering Diversified Financials in 2023. I have more than 10 years of experience in finance and covered UK & pan-European Diversified Financials and Banks in previous roles at Citigroup, Balyasny Asset Management, Singer Capital Markets and Berkshire Global Advisers. I obtained a Masters’ degree in Economics & Business from IEP Sciences Po, Paris and an LL.B. in Business law from FOM University in Germany. I am also a CFA and CAIA charter holder.

Alicia Forry
Deputy Head of Research
My area of expertise is large cap Food, Beverages, Household & Personal Care and Tobacco, as well as ESG/Sustainability. I have covered the global large cap Consumer sector for 14 years, on both the buy and sell-side, visiting companies and investors across Europe, the US and Asia. I am also the Head of UK Equity ESG Product, covering sustainability themes and ESG reporting across all sectors of the UK market. I am a graduate of the University of Southern California with a BS in Biological Sciences and a CFA charterholder.
Alicia Forry
Deputy Head of Research
My area of expertise is large cap Food, Beverages, Household & Personal Care and Tobacco, as well as ESG/Sustainability. I have covered the global large cap Consumer sector for 14 years, on both the buy and sell-side, visiting companies and investors across Europe, the US and Asia. I am also the Head of UK Equity ESG Product, covering sustainability themes and ESG reporting across all sectors of the UK market. I am a graduate of the University of Southern California with a BS in Biological Sciences and a CFA charterholder.

Ian Gordon
Equity Analyst, Banks
I joined Investec in January 2012, and have worked on the sell-side for over 13 years at a number of firms, but always focused on UK banks. My coverage now includes the “challenger bank” segment as well as the FTSE 100 banks. Prior to 2005, I spent 17 years at Lloyds Bank in a wide variety of roles including retail/corporate banking, corporate debt recovery, export finance, leasing, strategy and investor relations. I am an Economics graduate from Hull University and have completed my Banking (ACIB) and Corporate Treasurer (AMCT) qualifications.
Ian Gordon
Equity Analyst, Banks
I joined Investec in January 2012, and have worked on the sell-side for over 13 years at a number of firms, but always focused on UK banks. My coverage now includes the “challenger bank” segment as well as the FTSE 100 banks. Prior to 2005, I spent 17 years at Lloyds Bank in a wide variety of roles including retail/corporate banking, corporate debt recovery, export finance, leasing, strategy and investor relations. I am an Economics graduate from Hull University and have completed my Banking (ACIB) and Corporate Treasurer (AMCT) qualifications.

Ellie Henderson
Economist
I joined Investec in February 2021 as part of the London Economics team, providing economic advice and analysis for the company and its clients. Before joining Investec I worked as an economist for Fathom Consulting, where I predominantly focused on China research. I hold a Bachelor’s degree in Economics from the University of Surrey, as well as a Master’s degree in Economics from Birkbeck, University of London.
Ellie Henderson
Economist
I joined Investec in February 2021 as part of the London Economics team, providing economic advice and analysis for the company and its clients. Before joining Investec I worked as an economist for Fathom Consulting, where I predominantly focused on China research. I hold a Bachelor’s degree in Economics from the University of Surrey, as well as a Master’s degree in Economics from Birkbeck, University of London.

Hunter Hillcoat
Equity Research Editor
I have over 20 years’ experience in the securities industry, including over 11 years at Investec, predominantly as a sell-side equities analyst. In 2021 I transitioned into the Research Editing and Supervisory Analyst team. I hold a BSc (Hons) degree from the University of Witwatersrand and an MBA (with distinction) from Curtin University.
Hunter Hillcoat
Equity Research Editor
I have over 20 years’ experience in the securities industry, including over 11 years at Investec, predominantly as a sell-side equities analyst. In 2021 I transitioned into the Research Editing and Supervisory Analyst team. I hold a BSc (Hons) degree from the University of Witwatersrand and an MBA (with distinction) from Curtin University.

Sandra Horsfield
Economist
I am part of the London Economics team, having joined in 2020, providing macroeconomic analysis and advice to the Investec Group and its clients. I hold a Bachelor’s and a Master’s degree in Economics, both from the London School of Economics. I have over 20 years’ experience as a financial markets economist on the buy and sell side as well as in consulting.
Sandra Horsfield
Economist
I am part of the London Economics team, having joined in 2020, providing macroeconomic analysis and advice to the Investec Group and its clients. I hold a Bachelor’s and a Master’s degree in Economics, both from the London School of Economics. I have over 20 years’ experience as a financial markets economist on the buy and sell side as well as in consulting.

Ben Hunt
Equity Analyst, Retail
I joined Investec in 2017 as an analyst. I have worked in equity research as both an analyst and salesperson, covering Retail since 2007 starting my career at Oriel Securities, frequently achieving a top 3 ranking in the mid cap Extel survey and more recently at Investec. I have a BSc in Economics from University College London and am a CFA Charterholder.
Ben Hunt
Equity Analyst, Retail
I joined Investec in 2017 as an analyst. I have worked in equity research as both an analyst and salesperson, covering Retail since 2007 starting my career at Oriel Securities, frequently achieving a top 3 ranking in the mid cap Extel survey and more recently at Investec. I have a BSc in Economics from University College London and am a CFA Charterholder.

Rahim Karim
Equity Analyst, Financial Services
I joined Investec in April 2021 with over 15 years’ experience as an equities analyst, covering the Diversified Financials, Support Services and Oil & Gas Sectors. Previously I have worked at Lehman Brothers, Barcap and Liberum. Prior to working as an analyst, I studied at Cambridge University, where I obtained my BA in Economics. I am also a CFA charter holder.
Rahim Karim
Equity Analyst, Financial Services
I joined Investec in April 2021 with over 15 years’ experience as an equities analyst, covering the Diversified Financials, Support Services and Oil & Gas Sectors. Previously I have worked at Lehman Brothers, Barcap and Liberum. Prior to working as an analyst, I studied at Cambridge University, where I obtained my BA in Economics. I am also a CFA charter holder.

Lydia Kenny
Equity analyst, Capital goods
I joined Investec in April 2023 covering the UK Industrials and Capital Goods sectors. Prior to then, I worked on the UK SMID cap Industrials research team at Berenberg for 3.5 years. Other experience was gained via internships at Goodbody Stockbrokers Dublin, EY and KPMG. I received a First in Finance from University College Cork and also qualified with a MSc(Hons) in Quantitative Finance from UCD Smurfit School of Business. Among other interests, I enjoy Gaelic football and horse riding.
Lydia Kenny
Equity analyst, Capital goods
I joined Investec in April 2023 covering the UK Industrials and Capital Goods sectors. Prior to then, I worked on the UK SMID cap Industrials research team at Berenberg for 3.5 years. Other experience was gained via internships at Goodbody Stockbrokers Dublin, EY and KPMG. I received a First in Finance from University College Cork and also qualified with a MSc(Hons) in Quantitative Finance from UCD Smurfit School of Business. Among other interests, I enjoy Gaelic football and horse riding.

Aynsley Lammin
Equity Analyst, Building and Construction
I am a Chartered Accountant and joined the Building and Construction research team at Schroders in 1998. I spent 17 years at Schroders and Citi in the frequently top 3 rated sector team covering the wider Pan European Building and Construction sector and more latterly the UK Building and Construction sector at Canaccord Genuity. I hold a first class degree in Economics from the London School of Economics and an MPhil degree in Economics from King’s College, Cambridge University.
Aynsley Lammin
Equity Analyst, Building and Construction
I am a Chartered Accountant and joined the Building and Construction research team at Schroders in 1998. I spent 17 years at Schroders and Citi in the frequently top 3 rated sector team covering the wider Pan European Building and Construction sector and more latterly the UK Building and Construction sector at Canaccord Genuity. I hold a first class degree in Economics from the London School of Economics and an MPhil degree in Economics from King’s College, Cambridge University.

Saul Larthe
Equity analyst, Capital goods
I joined the Capital Goods team at Investec Securities in October 2022 as an Equity Research Analyst focusing on Aerospace & Defence and Industrials. Prior to that, I was an Equity Analyst at Investec Wealth for 3 years, with coverage encompassing Aerospace & Defence, Building Materials and Housebuilders. Early in my career I worked in multi-asset portfolio management, investment analysis, and business development at a leading wealth manager. I hold an MSc in Financial Economics from City University and a BSc (Hons) in Industrial Economics from the University of Nottingham.
Saul Larthe
Equity analyst, Capital goods
I joined the Capital Goods team at Investec Securities in October 2022 as an Equity Research Analyst focusing on Aerospace & Defence and Industrials. Prior to that, I was an Equity Analyst at Investec Wealth for 3 years, with coverage encompassing Aerospace & Defence, Building Materials and Housebuilders. Early in my career I worked in multi-asset portfolio management, investment analysis, and business development at a leading wealth manager. I hold an MSc in Financial Economics from City University and a BSc (Hons) in Industrial Economics from the University of Nottingham.

Jens Lindqvist
Equity Analyst, Healthcare
I am a fully qualified Medical Doctor from Karolinska Institute (Stockholm), with more than 20 years of City experience. Prior to joining Investec in January 2020, I was a Partner and Senior Research Analyst (Life Sciences) at N+1 Singer for over 10 years, before which I held positions with HSBC and Bridgewell Securities. Before joining the City, I practised Medicine and managed research projects at the Department of Diabetology, Karolinska Hospital, and worked for several years as a General Practitioner. I also hold an MBA from Rotterdam School of Management. Outside of work I enjoy the opera, running, skiing and tennis.
Jens Lindqvist
Equity Analyst, Healthcare
I am a fully qualified Medical Doctor from Karolinska Institute (Stockholm), with more than 20 years of City experience. Prior to joining Investec in January 2020, I was a Partner and Senior Research Analyst (Life Sciences) at N+1 Singer for over 10 years, before which I held positions with HSBC and Bridgewell Securities. Before joining the City, I practised Medicine and managed research projects at the Department of Diabetology, Karolinska Hospital, and worked for several years as a General Practitioner. I also hold an MBA from Rotterdam School of Management. Outside of work I enjoy the opera, running, skiing and tennis.

Darren Milne
Equity Analyst, Media & Leisure & Healthcare
I joined Investec in July 2021 as part of the Edinburgh team working on the Investec Searchlight product covering UK Small and Mid Cap stocks. I previously worked at Baillie Gifford for 5 years, most recently in the Investment Risk, Analytics & Research team. I hold an MA (Hons) degree in Business Management from the University of Edinburgh.
Darren Milne
Equity Analyst, Media & Leisure & Healthcare
I joined Investec in July 2021 as part of the Edinburgh team working on the Investec Searchlight product covering UK Small and Mid Cap stocks. I previously worked at Baillie Gifford for 5 years, most recently in the Investment Risk, Analytics & Research team. I hold an MA (Hons) degree in Business Management from the University of Edinburgh.

Clare O'Callaghan
Equity Research Editor
I have over twelve years’ experience as a Research Editor and Supervisory Analyst – working at Investec for over four years, having joined from Nordic bank SEB. I previously worked as a news reporter and assistant editor at Euroweek, covering the corporate bonds beat. I hold a B.A. Hons degree in English from the University of Leeds and a journalism qualification from University of the Arts London.
Clare O'Callaghan
Equity Research Editor
I have over twelve years’ experience as a Research Editor and Supervisory Analyst – working at Investec for over four years, having joined from Nordic bank SEB. I previously worked as a news reporter and assistant editor at Euroweek, covering the corporate bonds beat. I hold a B.A. Hons degree in English from the University of Leeds and a journalism qualification from University of the Arts London.

Roger Phillips
Equity Analyst, Technology
Roger Phillips is an equity analyst covering technology stocks. He joined Investec in October 2013 to cover UK software and IT services stocks. Before this he covered UK and European technology stocks at several other investment banks, starting in 1998.
Roger Phillips
Equity Analyst, Technology
Roger Phillips is an equity analyst covering technology stocks. He joined Investec in October 2013 to cover UK software and IT services stocks. Before this he covered UK and European technology stocks at several other investment banks, starting in 1998.

Alastair Reid
Equity Analyst, Media
After 14 years in equity research, I joined Investec in 2019 to head up coverage of the Media sector. From 2015 until 2018, I covered Media companies across Europe and the US for Berenberg, primarily focused on the professional information and advertising agency sub-sectors. Prior to that, I spent 10 years covering the European Media sector at UBS, as co-head of the team in the latter part of the period. I started in the industry at ABN Amro in 2004 after graduating from the University of Cambridge with a BA (Hons) degree in Natural Sciences.
Alastair Reid
Equity Analyst, Media
After 14 years in equity research, I joined Investec in 2019 to head up coverage of the Media sector. From 2015 until 2018, I covered Media companies across Europe and the US for Berenberg, primarily focused on the professional information and advertising agency sub-sectors. Prior to that, I spent 10 years covering the European Media sector at UBS, as co-head of the team in the latter part of the period. I started in the industry at ABN Amro in 2004 after graduating from the University of Cambridge with a BA (Hons) degree in Natural Sciences.

Lewis Roxburgh
Equity Analyst, Building & Construction
I joined the Investec Equity Research Team in 2023 after moving internally from the Wealth division. Prior to joining Investec, I began my career working in client management at Aegon Asset Management. I hold a Joint Honours degree in Accounting & Finance and Masters degree in Investment Analysis, both from the University of Stirling. I also hold the CISI Level 6 Private Client Investment Advice & Management (PCIAM) diploma.
Lewis Roxburgh
Equity Analyst, Building & Construction
I joined the Investec Equity Research Team in 2023 after moving internally from the Wealth division. Prior to joining Investec, I began my career working in client management at Aegon Asset Management. I hold a Joint Honours degree in Accounting & Finance and Masters degree in Investment Analysis, both from the University of Stirling. I also hold the CISI Level 6 Private Client Investment Advice & Management (PCIAM) diploma.

Philip Shaw
Chief Economist
I head up the Economics team for Investec in London after joining in 1997. I am a regular commentator on the economy and financial markets in the press and on TV. I graduated with an Economics degree from Bath University and a master’s in Econometrics from the University of Manchester. I started my career in the Government Economic Service at the Department of Energy before joining Barclays as an economist/econometrician.
Philip Shaw
Chief Economist
I head up the Economics team for Investec in London after joining in 1997. I am a regular commentator on the economy and financial markets in the press and on TV. I graduated with an Economics degree from Bath University and a master’s in Econometrics from the University of Manchester. I started my career in the Government Economic Service at the Department of Energy before joining Barclays as an economist/econometrician.

Emma Shayshutt
Publishing
I joined Investec in 2012 as part of the product management team. I have over 20 years’ experience in the industry, specifically within equity research, focusing on product development, global research systems support and the overall research production process.
Emma Shayshutt
Publishing
I joined Investec in 2012 as part of the product management team. I have over 20 years’ experience in the industry, specifically within equity research, focusing on product development, global research systems support and the overall research production process.

Ellie Shuff
PA to Head of Research and Team Assistant
I joined Investec in October 2019 as Team Assistant for the Equity Research department, having previously worked as a Recruitment Consultant for Morgan Spencer. I hold a degree in Early Years Education and Teaching from the University of Essex.
Ellie Shuff
PA to Head of Research and Team Assistant
I joined Investec in October 2019 as Team Assistant for the Equity Research department, having previously worked as a Recruitment Consultant for Morgan Spencer. I hold a degree in Early Years Education and Teaching from the University of Essex.

Alex Smith
Equity Analyst, Alternative Energy and Oil & Gas
I joined the Investec Equity Research team in November 2016 and currently work on the Oil & Gas desk. I provide institutional clients with research and in-depth analysis on stocks in both sectors. I graduated with a degree in Economics from Exeter University in 2015.
Alex Smith
Equity Analyst, Alternative Energy and Oil & Gas
I joined the Investec Equity Research team in November 2016 and currently work on the Oil & Gas desk. I provide institutional clients with research and in-depth analysis on stocks in both sectors. I graduated with a degree in Economics from Exeter University in 2015.

Matthew Webb
Equity Analyst, Consumer Goods
Matthew joined Investec in December 2022 to cover UK SMID cap consumer staples. He has covered the consumer sector for 25 years, spending the bulk of his career at Cazenove and JPMorgan. At different times he has focused on both large and small cap companies across staples, retail and leisure.
Matthew Webb
Equity Analyst, Consumer Goods
Matthew joined Investec in December 2022 to cover UK SMID cap consumer staples. He has covered the consumer sector for 25 years, spending the bulk of his career at Cazenove and JPMorgan. At different times he has focused on both large and small cap companies across staples, retail and leisure.

Andrew Whitney
Head of Research
I cover a range of Pharmaceutical, Biotechnology and Services stocks. I have followed the drug development industry for 20 years, originally completing a PhD in Medicinal Chemistry at the University of Cambridge. As well as experience in academic and industrial Pharmaceuticals research, I am a qualified Chartered Accountant, have worked in transaction teams and have been a strategy consultant.
Andrew Whitney
Head of Research
I cover a range of Pharmaceutical, Biotechnology and Services stocks. I have followed the drug development industry for 20 years, originally completing a PhD in Medicinal Chemistry at the University of Cambridge. As well as experience in academic and industrial Pharmaceuticals research, I am a qualified Chartered Accountant, have worked in transaction teams and have been a strategy consultant.

Julian Yates
Equity Analyst, Technology
I have worked as a Technology analyst at Investec for over 10 years. Previously, I covered Pan European Software and IT Services at Deutsche Bank, having started my career as a Tech analyst at ABN AMRO in 1999.
Julian Yates
Equity Analyst, Technology
I have worked as a Technology analyst at Investec for over 10 years. Previously, I covered Pan European Software and IT Services at Deutsche Bank, having started my career as a Tech analyst at ABN AMRO in 1999.
