Our Firm - Who We Are

The Leader in Illiquid & Frontier Markets

With more analysts covering more companies than any other frontier markets firm, Exotix provides the most comprehensive and integrated cross-asset platform to penetrate the full capital structure.

Exotix Partners, the world’s leading investment firm for frontier and illiquid markets, was a pioneer when these assets were still termed the “exotics.”

More than 15 years on, we continue to provide unrivalled insight, knowledge and execution across equity and fixed income markets, and investment banking.

Our analysts span emerging and frontier markets in Europe, the Middle East, Africa, Asia and Latin America – covering over 130 companies, more than any other frontier markets firm.

Growing our Market

This focus has propelled Exotix’s market share to lead trading across Kenya, Nigeria, Pakistan and Bangladesh. The Global Finance Awards in 2015 proclaimed Exotix the Best Equity Bank and the Best Boutique Investment Bank in Africa for 2015 and 2016. Africa Global Funds magazine ranked Exotix in its Best-in-Class Service Providers listing for 2016.

But further expansion is afoot, with particular focus on growing the core global loans business and coverage of Latin America, where Exotix’s investment banking business has seen major success.

Our People

Behind the firm’s momentum is Chief Executive Duncan Wales, who led global initiatives for business development and strategy over several years as part of the executive management team at ICAP Plc, before taking a senior position in Standard Chartered’s corporate and institutional banking group.

Duncan’s skills are complemented by Chairman Mark Richards, who as the CEO of investment firm, IPGL, the principal shareholder of Exotix, brings considerable experience in emerging markets from senior roles at Actis, Barclays and Egypt’s CIB.

Stuart Harley, Chairman of the Equities business, is a former head of emerging market equity sales at Citigroup, where his achievements over 18 years include establishing and running the bank’s Moscow office as the Head of Russia and CIS. Vicky Elliott, with over 19 years’ experience as an emerging markets sales trader at Merrill, Goldman Sachs and Exotix, heads Equity Sales Trading and Trading.

Fixed income is led by Paul Hammett, a former Managing Director at Standard Chartered Bank whose 17 years’ experience includes roles at Credit Suisse and JPMorgan.


At our core are ideas and thought leadership that make our clients money. Our fixed income research team, headed by Stuart Culverhouse, are quoted almost daily by the Financial Times, Wall Street Journal, The Economist, Bloomberg, Reuters and the rest of the global media. Prior to joining us in 2006, Stuart was with the UK Government Economic Service, the Export Credit Agency and Goldman Sachs. He works closely on sovereign analysis with economist Alan Cameron, a renowned specialist on Africa among other frontier regions.

The equity research side is headed by Hasnain Malik, a former Managing Director for Middle East and North Africa Research at Citigroup.


Our equities execution capability covers 100% of the MSCI Frontier Index, with 7-day live hours trading across all of our markets through a network of 60 brokers worldwide, offering the broadest liquidity pools and ensure best execution at all times.

Investment Banking & Advisory

Stretching well beyond the equity and fixed-income markets, the Exotix advisory team provides comprehensive investment banking services to companies, financial institutions, investment funds and governments. These include strategic advisory assignments from debt capital to private equity fund raising.

In markets challenged by unprecedented complexities, Exotix is a place with the ideas, experience and integrated capabilities to turn such challenges into success.

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