Exotix provides Equities, Sovereign Debt and Corporate Credit Analysis, spanning 160+ companies in Frontier and Emerging Markets. This means we’re constantly evaluating and re-evaluating risk and opportunities spanning Africa, the Middle East, South Asia, Europe/CIS and the Americas – providing unique insights based on fundamental research.

Exotix offers a unique sector-specialist model across frontier markets, driven by senior analysts with local support in our key markets to provide a combination of in-depth knowledge with local colour. 

 

Research Coverage


Research Services

  • Macro / Strategic Analysis
  • Equities Analysis
  • Credit Analysis
  • Corporate Access / Roadshows
  • Direct Analyst Access
  • Regional Conferences
  • Cross-Product Intelligence
  • Frontier Debt Guidance

 

Sectors

  • Agriculture
  • Beverages
  • Cement
  • Chemicals
  • Conglomerates
  • Consumer (Inc. Automobiles)
  • Financials
  • Metals & Mining
  • Oil & Gas
  • Pharmaceuticals
  • Telecommunications
  • Utilities

 

Regions

  • Latin America & Caribbean
  • Sub-Sahara Africa
  • Middle East & North Africa (MENA)
  • South Asia
  • Europe/CIS

 

Countries & Companies

160+ Companies across 48 Countries.

 

View full list of countries and companies we cover

 

Research Management Team


London

 

Paul Domjan

Head of Research, Analytics & Data


Paul joined Exotix from 4CAST-RGE, a leading provider of thematic and intraday economic analysis, where he served as CEO. Paul co-founded Country Insights Ltd., which was acquired by Roubini Global Economics in 2012. He then led the merger of the subscription business of Roubini Global Economics with 4CAST Ltd to form 4CAST-RGE. Paul also has a strong background in public policy, as a former special adviser to the Energy and Climate Change Select Committee of the UK parliament the first energy security adviser to the U.S. European Command of the U.S. Department of Defense, where he worked extensively with frontier oil producers and as deputy political analyst in the scenario planning group at Royal Dutch/Shell. He was a Marshall Scholar at Oxford University and is also an alumnus of London Business School and the University of Texas at Austin.

 
 

Stuart Culverhouse

Chief Economist and Head of Fixed Income Research


Stuart has over twenty years experience as an Economist working in both the public and private sectors and has been covering emerging markets as a focus since 2000. He joined Exotix in July 2006 as Chief Economist and now heads the team of macro and fixed-income analysts. Before this, he worked for ten years in the United Kingdom Government Economic Service, first at HM Treasury from 1996 to 2001, where he had responsibility for Latin America, and in particular Argentina over 2000 to 2001. He also worked on domestic UK economic policy, Government debt management and public private partnerships. He then spent five years as an Economic Adviser at the Export Credits Guarantee Department from 2001 to 2006, where he covered Latin America and East Africa.

 

Dubai

 

Hasnain Malik

Equity Strategy & Head of Equity Research


Before joining Exotix in 2014, Hasnain founded Frontier Alpha, a boutique research firm, and was a managing director at Citi in MENA investment research for 14 years. Previously, he was in London covering European and global sectors at Barclays de Zoete Wedd. He was also the first analyst to publish equity research on a number of companies in the region from sectors such as conglomerates, consumer and real estate. Hasnain has served on the board of the Middle East Investor Relations Society since 2008. He read Philosophy, Politics and Economics at Oxford University and has an MPhil in Economics. Hasnain has been highly ranked by institutional investors since 1998, in sectors as diverse as utilities and technology in Europe. He was top ranked in MENA equity strategy in the 2012 Institutional Investor survey and his team took second place globally for Frontier Markets research in 2017.

 

New York

 

Rex Nowell

Head of Global Sales for Research, Analytics & Data


Rex has led global teams in the sale of independent market and economic research for more than 20 years. At Roubini Global Economics, Rex led the EMEA team in London before returning to the US to run the Americas and Asia. Previously EVP, Global Sales Manager, at Decision Economics, Rex built the client base from start-up, extending it from the US to Europe and then throughout Asia.

 

Global Reach, Local Specialism


Research Recognition & Awards


Silver for Frontier Markets Research

2017 - Institutional Investor Rankings

Best Africa Ex-SA Equities Research & Young Analyst of the Year

2016 - Financial Mail

Best Research & Data Provider

2016 & 2017 - Africa Global Funds

Best Africa Research Team

2017 - Africa Investor

Research & Analysis Team


Fixed Income Research

Stuart Culverhouse

Head of Sovereign & Fixed Income Research


Stuart has over twenty years experience as an Economist working in both the public and private sectors and has been covering emerging markets as a focus since 2000. He joined Exotix in July 2006 as Chief Economist and now heads the team of macro and fixed-income analysts. Before this, he worked for ten years in the United Kingdom Government Economic Service, first at HM Treasury from 1996 to 2001, where he had responsibility for Latin America, and in particular Argentina over 2000 to 2001. He also worked on domestic UK economic policy, Government debt management and public private partnerships. He then spent five years as an Economic Adviser at the Export Credits Guarantee Department from 2001 to 2006, where he covered Latin America and East Africa.

Stuart has over twenty years experience as an Economist working in both the public and private sectors and has been covering emerging markets as a focus since 2000. He joined Exotix in July 2006 as Chief Economist and now heads the team of macro and fixed-income analysts. Before this, he worked for ten years in the United Kingdom Government Economic Service, first at HM Treasury from 1996 to 2001, where he had responsibility for Latin America, and in particular Argentina over 2000 to 2001. He also worked on domestic UK economic policy, Government debt management and public private partnerships. He then spent five years as an Economic Adviser at the Export Credits Guarantee Department from 2001 to 2006, where he covered Latin America and East Africa.

Rafael Elias

Director, Latin America Credit


Formerly Head of Emerging Markets Research and Strategy for Fixed Income at Cantor Fitzgerald, Rafael returned to Exotix in 2017 to continue his core focus on Latin America as Corporate Credit Analyst, based in New York. Rafael, who last worked with Exotix in 2010, has covered Latin American companies for more than two decades in roles including emerging markets credit trading at Credit Agricole and Knight Libertas. He began his Wall Street career as a fixed-income and equities analyst focused on Latin America for Credit Suisse First Boston and has held positions at ING Barings, UBS Warburg and Deutsche Bank. 

Formerly Head of Emerging Markets Research and Strategy for Fixed Income at Cantor Fitzgerald, Rafael returned to Exotix in 2017 to continue his core focus on Latin America as Corporate Credit Analyst, based in New York. Rafael, who last worked with Exotix in 2010, has covered Latin American companies for more than two decades in roles including emerging markets credit trading at Credit Agricole and Knight Libertas. He began his Wall Street career as a fixed-income and equities analyst focused on Latin America for Credit Suisse First Boston and has held positions at ING Barings, UBS Warburg and Deutsche Bank. 

Tolu Alamutu

Director, Credit Analyst (Financials)


Covering banks in a number of markets including Nigeria, Ukraine and Kazakhstan, Tolu brings experience from leading the CEEMEA Corporate Credit Research team at Bank of America Merrill Lynch (BofAML), where she covered 50 banks across the region, and previously financial institutions in Western Europe. Tolu has a B.Sc in Economics from the London School of Economics and Political Science, and is a CFA Charterholder.

Covering banks in a number of markets including Nigeria, Ukraine and Kazakhstan, Tolu brings experience from leading the CEEMEA Corporate Credit Research team at Bank of America Merrill Lynch (BofAML), where she covered 50 banks across the region, and previously financial institutions in Western Europe. Tolu has a B.Sc in Economics from the London School of Economics and Political Science, and is a CFA Charterholder.

Christopher Dielmann

Senior Economist


Christopher spent four years working within the International Monetary Fund’s Debt Policy Division as lead analyst for all debt sustainability modeling, as well as policy design & implementation, restructuring and lending. He has also been responsible for daily monitoring of risk and interest rate sensitivity within Freddie Mac’s $850 billion retained portfolio; developed the first economic and financial tools to model the bankruptcy and restructuring of Systemically Important Financial Institutions (SIFIs) for Deloitte; and handled econometric modeling of global agricultural data for the World Bank. Christopher holds BS & BA degrees from Syracuse University’s Maxwell School, a dual Masters in Economics and International Relations from the John Hopkins School of Advanced International Studies (SAIS), and is a CFA charter holder. His wide ranging analysis of global macroeconomic themes and special situations in key markets in Africa, the Middle East and Asia is used by both the Fixed Income and Equity teams at Exotix.

Christopher spent four years working within the International Monetary Fund’s Debt Policy Division as lead analyst for all debt sustainability modeling, as well as policy design & implementation, restructuring and lending. He has also been responsible for daily monitoring of risk and interest rate sensitivity within Freddie Mac’s $850 billion retained portfolio; developed the first economic and financial tools to model the bankruptcy and restructuring of Systemically Important Financial Institutions (SIFIs) for Deloitte; and handled econometric modeling of global agricultural data for the World Bank. Christopher holds BS & BA degrees from Syracuse University’s Maxwell School, a dual Masters in Economics and International Relations from the John Hopkins School of Advanced International Studies (SAIS), and is a CFA charter holder. His wide ranging analysis of global macroeconomic themes and special situations in key markets in Africa, the Middle East and Asia is used by both the Fixed Income and Equity teams at Exotix.

Kiti Pantskhava

Senior Credit Analyst


An experienced corporate credit analyst, Kiti covers high yield and distressed bonds in Russia, Ukraine and CEEMEA. Her professional interests revolve around metals and mining, oil and gas, transportation and telecoms sectors. Before joining Exotix, Kiti worked as a buy-side credit analyst at Gazprombank Asset Management in Moscow, covered CEEMEA corporate credits as a desk analyst at Nomura in London and was a senior metals and mining credit analyst at VTB Capital. Kiti has a B.S. in Finance and is a CFA charterholder.

An experienced corporate credit analyst, Kiti covers high yield and distressed bonds in Russia, Ukraine and CEEMEA. Her professional interests revolve around metals and mining, oil and gas, transportation and telecoms sectors. Before joining Exotix, Kiti worked as a buy-side credit analyst at Gazprombank Asset Management in Moscow, covered CEEMEA corporate credits as a desk analyst at Nomura in London and was a senior metals and mining credit analyst at VTB Capital. Kiti has a B.S. in Finance and is a CFA charterholder.

Sales & Product

Paul Domjan

Head of Research, Analytics & Data


Paul joined Exotix from 4CAST-RGE, a leading provider of thematic and intraday economic analysis, where he served as CEO. Paul co-founded Country Insights Ltd., which was acquired by Roubini Global Economics in 2012. He then led the merger of the subscription business of Roubini Global Economics with 4CAST Ltd to form 4CAST-RGE. Paul also has a strong background in public policy, as a former special adviser to the Energy and Climate Change Select Committee of the UK parliament the first energy security adviser to the U.S. European Command of the U.S. Department of Defense, where he worked extensively with frontier oil producers and as deputy political analyst in the scenario planning group at Royal Dutch/Shell. He was a Marshall Scholar at Oxford University and is also an alumnus of London Business School and the University of Texas at Austin.

Paul joined Exotix from 4CAST-RGE, a leading provider of thematic and intraday economic analysis, where he served as CEO. Paul co-founded Country Insights Ltd., which was acquired by Roubini Global Economics in 2012. He then led the merger of the subscription business of Roubini Global Economics with 4CAST Ltd to form 4CAST-RGE. Paul also has a strong background in public policy, as a former special adviser to the Energy and Climate Change Select Committee of the UK parliament the first energy security adviser to the U.S. European Command of the U.S. Department of Defense, where he worked extensively with frontier oil producers and as deputy political analyst in the scenario planning group at Royal Dutch/Shell. He was a Marshall Scholar at Oxford University and is also an alumnus of London Business School and the University of Texas at Austin.

Rex Nowell

Head of Global Sales for Research, Analytics & Data


Rex has led global teams in the sale of independent market and economic research for more than 20 years. At Roubini Global Economics, Rex led the EMEA team in London before returning to the US to run the Americas and Asia. Previously EVP, Global Sales Manager, at Decision Economics, Rex built the client base from start-up, extending it from the US to Europe and then throughout Asia.

Rex has led global teams in the sale of independent market and economic research for more than 20 years. At Roubini Global Economics, Rex led the EMEA team in London before returning to the US to run the Americas and Asia. Previously EVP, Global Sales Manager, at Decision Economics, Rex built the client base from start-up, extending it from the US to Europe and then throughout Asia.

Bansi Jashapara

Head of EMEA Sales for Research, Analytics & Data


Bansi was previously a senior account manager for BCA Research and went on to lead research sales for SLJ Macro. She started her career in emerging markets structuring and cross-asset sales to hedge fund clients in HSBC’s Global Markets division. She has a BSc in Economics from the University of Warwick and a Masters in Finance from the University of Cambridge.

Bansi was previously a senior account manager for BCA Research and went on to lead research sales for SLJ Macro. She started her career in emerging markets structuring and cross-asset sales to hedge fund clients in HSBC’s Global Markets division. She has a BSc in Economics from the University of Warwick and a Masters in Finance from the University of Cambridge.

Dan Ward

Research Managing Editor


Prior to joining Exotix Capital, Dan worked for Continuum Economics and its predecessor, Roubini Global Economics, as Managing Editor, running the global editorial team and shaping the company’s research agenda. Dan has also held roles at Moody's Investors Service, Global Insight and Europa Publications, part of the Informa group. He has a bachelor's degree in politics from the University of Bristol and graduated with distinction with a master's degree in international relations from the London Centre of International Relations.

Prior to joining Exotix Capital, Dan worked for Continuum Economics and its predecessor, Roubini Global Economics, as Managing Editor, running the global editorial team and shaping the company’s research agenda. Dan has also held roles at Moody's Investors Service, Global Insight and Europa Publications, part of the Informa group. He has a bachelor's degree in politics from the University of Bristol and graduated with distinction with a master's degree in international relations from the London Centre of International Relations.

Ian Hamilton

Supervisory Analyst


Ian brings over 12 years’ experience in research as an editor and supervisory analyst. At EFG Hermes, he formalized the research review process, creating a house style and research manual, and passed the CFA Level 1. While at ING he obtained his FINRA Series 16 licence and brought his personal interest in Poland to bear on the firm’s CEE research.

Ian brings over 12 years’ experience in research as an editor and supervisory analyst. At EFG Hermes, he formalized the research review process, creating a house style and research manual, and passed the CFA Level 1. While at ING he obtained his FINRA Series 16 licence and brought his personal interest in Poland to bear on the firm’s CEE research.

Equity Research

Hasnain Malik

Equity Strategy & Head of Equity Research


Before joining Exotix in 2014, Hasnain founded Frontier Alpha, a boutique research firm, and was a managing director at Citi in MENA investment research for 14 years. Previously, he was in London covering European and global sectors at Barclays de Zoete Wedd. He was also the first analyst to publish equity research on a number of companies in the region from sectors such as conglomerates, consumer and real estate. Hasnain has served on the board of the Middle East Investor Relations Society since 2008. He read Philosophy, Politics and Economics at Oxford University and has an MPhil in Economics. Hasnain has been highly ranked by institutional investors since 1998, in sectors as diverse as utilities and technology in Europe. He was top ranked in MENA equity strategy in the 2012 Institutional Investor survey and his team took second place globally for Frontier Markets research in 2017.

Before joining Exotix in 2014, Hasnain founded Frontier Alpha, a boutique research firm, and was a managing director at Citi in MENA investment research for 14 years. Previously, he was in London covering European and global sectors at Barclays de Zoete Wedd. He was also the first analyst to publish equity research on a number of companies in the region from sectors such as conglomerates, consumer and real estate. Hasnain has served on the board of the Middle East Investor Relations Society since 2008. He read Philosophy, Politics and Economics at Oxford University and has an MPhil in Economics. Hasnain has been highly ranked by institutional investors since 1998, in sectors as diverse as utilities and technology in Europe. He was top ranked in MENA equity strategy in the 2012 Institutional Investor survey and his team took second place globally for Frontier Markets research in 2017.

Rahul Shah

Head of Financials Equity Research


Rahul is responsible for coverage of MENA financials names, as well as providing oversight of the overall frontier financials research product. He has covered the financials sector as a sell-side analyst for over two decades, first in London and for the last 10 years in Dubai. He was previously at Credit Suisse, where he was head of MENA equity research, and has also worked at other leading investment banks such as Deutsche Bank, Bank of America and JP Morgan. Rahul has extensive experience of covering banks across the economic cycle, in developed, emerging and frontier markets, and has also covered other financials sub-sectors such as insurers, asset managers, exchanges and private equity. Through his research and in-depth industry knowledge he has developed strong relationships with senior management, regulators and professional services firms. Together with his financials team colleagues, Rahul has implemented a rigorous but consistent analytical framework which facilitates cross-company analysis and also helps to direct top-down geographical allocation within the sector. Rahul holds degrees from the University of Cambridge and the London Business School. He is a CFA charterholder and a UK-qualified chartered accountant. 

Rahul is responsible for coverage of MENA financials names, as well as providing oversight of the overall frontier financials research product. He has covered the financials sector as a sell-side analyst for over two decades, first in London and for the last 10 years in Dubai. He was previously at Credit Suisse, where he was head of MENA equity research, and has also worked at other leading investment banks such as Deutsche Bank, Bank of America and JP Morgan. Rahul has extensive experience of covering banks across the economic cycle, in developed, emerging and frontier markets, and has also covered other financials sub-sectors such as insurers, asset managers, exchanges and private equity. Through his research and in-depth industry knowledge he has developed strong relationships with senior management, regulators and professional services firms. Together with his financials team colleagues, Rahul has implemented a rigorous but consistent analytical framework which facilitates cross-company analysis and also helps to direct top-down geographical allocation within the sector. Rahul holds degrees from the University of Cambridge and the London Business School. He is a CFA charterholder and a UK-qualified chartered accountant. 

Olabisi Ayodeji

Equity Research Analyst, Banks (Africa)


Olabisi’s coverage of multiple markets across Africa enables her to contextualize key macroeconomic and sector-related data across the region, and incorporate comparative analysis of key trends from various markets into her models and forecasts. Prior to joining Exotix, Olabisi was as an associate at PricewaterhouseCoopers Nigeria, where she led a number of audit engagements in the Energy, Utilities and Mining business unit. Having previously covered Nigerian consumers, she now focuses on industrial companies.

Olabisi’s coverage of multiple markets across Africa enables her to contextualize key macroeconomic and sector-related data across the region, and incorporate comparative analysis of key trends from various markets into her models and forecasts. Prior to joining Exotix, Olabisi was as an associate at PricewaterhouseCoopers Nigeria, where she led a number of audit engagements in the Energy, Utilities and Mining business unit. Having previously covered Nigerian consumers, she now focuses on industrial companies.

Vahaj Ahmed

Head of Industrials Equity Research


Vahaj delves deep into analysis of supply-demand factors and pays close attention to companies focusing on cost reduction and efficiency in his reports on South Asia industrials, such as cement and power, oil and gas, and fertilizers. He utilizes strong relationships with most of the listed companies in Pakistan, his home country, where he takes foreign investors to every quarter and loves to show different perspectives during extensive road trips. A born explorer across countries including Iraq and Mongolia, Vahaj was previously head of research at Topline Securities in Pakistan and graduated with a BSc (Hons) in Investment & Financial Risk Management from Cass Business School, City University of London.

Vahaj delves deep into analysis of supply-demand factors and pays close attention to companies focusing on cost reduction and efficiency in his reports on South Asia industrials, such as cement and power, oil and gas, and fertilizers. He utilizes strong relationships with most of the listed companies in Pakistan, his home country, where he takes foreign investors to every quarter and loves to show different perspectives during extensive road trips. A born explorer across countries including Iraq and Mongolia, Vahaj was previously head of research at Topline Securities in Pakistan and graduated with a BSc (Hons) in Investment & Financial Risk Management from Cass Business School, City University of London.

Faith Mwangi

Equity Research Analyst, Financials (East Africa)


Taking a solutions-based approach to research, Faith’s reports are themed around questions that her clients have been asking in order to provide insight and value. She is in continuous conversation with clients to support her mode of research and creates scenarios to cover every conceivable scenario possible. Faith honed her skills in banking and media sector analysis in her former career with Standard Investment Bank and Genghis Capital.

Taking a solutions-based approach to research, Faith’s reports are themed around questions that her clients have been asking in order to provide insight and value. She is in continuous conversation with clients to support her mode of research and creates scenarios to cover every conceivable scenario possible. Faith honed her skills in banking and media sector analysis in her former career with Standard Investment Bank and Genghis Capital.

Tracy Kivunyu

Equity Research Analyst, Telecoms


Tracy joined Exotix from African Alliance where she was rated by Financial Mail in 2015 and jointly won numerous awards for research from Euromoney and Think Business Kenya. Responsible for equity research in eight telcos listed in Africa, Tracy prides herself on meticulous research methodology, integrating information from the telco ecosystem (regulators, competitors, global peers) and on-the-ground access to derive insights for her reports. She has been an equity analyst for the past four years, covering stocks in banking, hotels and tobacco industries, before specializing in telcos. 

Tracy joined Exotix from African Alliance where she was rated by Financial Mail in 2015 and jointly won numerous awards for research from Euromoney and Think Business Kenya. Responsible for equity research in eight telcos listed in Africa, Tracy prides herself on meticulous research methodology, integrating information from the telco ecosystem (regulators, competitors, global peers) and on-the-ground access to derive insights for her reports. She has been an equity analyst for the past four years, covering stocks in banking, hotels and tobacco industries, before specializing in telcos. 

Nkemdilim Nwadialor

Equity Research Analyst, Financials


Nkemdilim works closely with the broader financials sector team on sector strategy products and enhances our stock coverage. Nkem joined Exotix from Mainstreet Bank Capital, a leading Nigerian Investment bank, where she was an investment banking analyst who focused on financial advisory deals. She is also holds a B.sc in Economics from the University of Lagos.

Nkemdilim works closely with the broader financials sector team on sector strategy products and enhances our stock coverage. Nkem joined Exotix from Mainstreet Bank Capital, a leading Nigerian Investment bank, where she was an investment banking analyst who focused on financial advisory deals. She is also holds a B.sc in Economics from the University of Lagos.

Waseem Khan

Equity Research Analyst, Financials, Consumer and Pharmaceuticals (Bangladesh)


Covering the broad span of the financial sector, consumer and pharmaceuticals in Bangladesh as an equity research analyst, Waseem is also our point man for corporate access and investor roadshows, working closely with the frontier equity research team. Prior to joining Exotix, he worked at BRAC EPL as a Research Associate where he covered banks, NBFIs and mobile financial services in Bangladesh. Waseem has previous management consulting experience, holds a BBA with a major in Finance from the Institute of Business Administration, University of Dhaka, and is a CFA Level 3 candidate.

Covering the broad span of the financial sector, consumer and pharmaceuticals in Bangladesh as an equity research analyst, Waseem is also our point man for corporate access and investor roadshows, working closely with the frontier equity research team. Prior to joining Exotix, he worked at BRAC EPL as a Research Associate where he covered banks, NBFIs and mobile financial services in Bangladesh. Waseem has previous management consulting experience, holds a BBA with a major in Finance from the Institute of Business Administration, University of Dhaka, and is a CFA Level 3 candidate.

Rohit Kumar

Equity Research Analyst, Financials (Pakistan, Sri Lanka)


Rohit’s analysis of the banking sector in Pakistan and Sri Lanka incorporates perspective from his experience as the deputy head of research for Pakistan Banking and Construction sectors at Insight Securities, where he played a key role in setting up the research department and initiating coverage. He was previously at Taurus Securities, a subsidiary of the National Bank of Pakistan, covering the banking, construction and power sectors in Pakistan. Rohit is a CFA Charterholder.

Rohit’s analysis of the banking sector in Pakistan and Sri Lanka incorporates perspective from his experience as the deputy head of research for Pakistan Banking and Construction sectors at Insight Securities, where he played a key role in setting up the research department and initiating coverage. He was previously at Taurus Securities, a subsidiary of the National Bank of Pakistan, covering the banking, construction and power sectors in Pakistan. Rohit is a CFA Charterholder.