Johannesburg - After losing key people in recent months, Absa Capital has made a high-profile appointment by securing the services of Andrew McNulty to head its newly-established equities research division.

McNulty moves from stockbrokerage BJM Securities, where he was head of research and CEO, in April.

"The recruitment of Andrew is a major coup for Absa Capital," said Andrew Selby, head of sales and research, adding that the group would be looking to secure the services of other equity analysts in coming months.

McNulty has held leading positions in the equities space in both South Africa and the UK. He was previously head of UBS's Pan-European Insurance Research Team in London, as well as a life assurance analyst. He was also head of financials research at Investec in Johannesburg.

There has been much jockeying in the asset management space, with both Stanlib and Absa Capital in particular vying for talent. Stanlib recently secured a number of high-profile appointments, including Kate Rushton from Absa Capital.

At the recent Absa results announcement, deputy CEO Louis von Zeuner talked up the formation of a corporate banking offering as well as an increased focus on the wealth management side of the business. McNulty's appointment would tie into that strategy.

The formation of an equities research team at Absa Capital is a sign that the asset management industry is likely to become increasingly competitive, especially with newly-installed Stanlib CEO Thabo Dloti cracking the whip on his underperforming managers.

BJM itself is no pushovers and has made no secret of the fact that it plans to punch above its weight.

The firm has a strong reputation for attracting and growing its own talent, and all eyes will be on the asset manager and stockbrokerage to see who it appoints to replace McNulty.

BJM shares were unchanged at 285c in late trade on Wednesday.

- Fin24.com