Krutham
Financial/Market news
Krutham is a leading think tank and consulting firm focused on developing financial systems to better achieve social goals.
We have offices in Johannesburg, London and Boston.
We provide services in the following areas:
- Capital markets research. Working with investment firms, stock brokers and on a bespoke basis, we cover listed assets across Africa producing insightful investment analysis.
- Market research. We research financial services consumers, particularly of sophisticated financial services products in wealth, investment and corporate, drawing out insights for financial services companies.
- Strategy research and consulting. We help financial services clients stay ahead of trends and understand their evolving market places.
- Social economy research. We support impact investors and develop innovative financial solutions to pressing social challenges.
Krutham is staffed by a mix of financial analysts, market researchers, media professionals and strategy experts. Source
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| Scope | National |
|---|---|
| Language | English |
| Country | South Africa |
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Recent Articles
Search ArticlesWhy payments reform may reprice banks’ returns
Banks have seen payment-related margins being compressed for years and PEM will make it worse. As the NPU builds shared infrastructure and non-banks are licensed to offer payment services, banks’ mote is evaporating. Instead, banks will earn margins from software, distribution, data and customer relationships. Banks must shift their strategies accordingly – focusing competition and pricing for a more competitive market but in which banks’ access to clients remains an advantage.
STUART THEOBALD: When trust fades: the high cost of leaving the US-led financial system
We are witnessing the end of the US century, and I don’t think the consequences have fully landed. Last week I was in a meeting with a global investor asking for proposals to manage a new fund. They had one stipulation: no US-based firms will be considered. Why? So that their investment thesis “can’t be hijacked by implicit or explicit threats”.
PETER ATTARD MONTALTO | The struggle of doing the hard things
Can South Africa do hard things? When I meet new diplomats who have just arrived in South Africa, they often say they are excited by the “opportunity and potential” of the country because of how we navigated the end of apartheid. I call it the “Mandela, rainbows and unicorns” vibe, and most of them ditch this as soon as they make contact with reality.
STUART THEOBALD: The persuasive case for local stocks
In these bullish times, emerging markets (EMs) have been the stars. We’ve now had 18 months of sustained outperformance, in which the MSCI EM index has dominated the world index, delivering a 47% return, or 23% better than the US-heavy world index. Over that same period the JSE delivered a 32% return, still comfortably ahead of the world index. But on a longer view, South Africa has been an outperformer for much of the post-Covid period, beating both the world and the EM indices.
Responsible investment in South Africa
South Africa’s pension fund sector manages nearly R5tn in assets on behalf of millions of beneficiaries whose retirement security depends, in significant part, on the long-term health of the economy.
Data as collateral: banks need to recalibrate lending models
Banks have the opportunity tolend to micro and small businesses but their models are designed for a different kind of customer.Alternative data can act as a bridge,writes Thembi Khumalo South African banks say they want to serve micro and small businesses but the tools they are using are simply not designed for them. While incorporating alternative and behavioural data won’t solve everything, it can offer lenders a credible place to start looking.
STUART THEOBALD | The PIC has an identity crisis
Here is a controversial suggestion: shut down the Government Employees Pension Fund (GEPF) and use its assets to pay off government debt. Why? Start with the numbers. The GEPF portfolio has earned an average return of 7.2% over the past 10 years. Over the same period, the government has paid around 8.5%-10% to borrow in the market. This is like saving into an account while borrowing on a credit card at a higher rate. It is not rational.
PETER ATTARD MONTALTO | Regulators may define Ramaphosa’s lasting legacy
Everyone will know well the story of Marelize, the bike, the rugby posts and the exasperated mother. We can all sympathise with the mother at the moment, it would seem. The messiness of the Public Investment Corporation (PIC) CEO and board dramas and the Independent Directorate Against Corruption head Andrea Johnson (even the current blue-on-blue catfights): all these see a headlong collision with the rugby posts and exasperation.
Beyond borders
African impact investing has moved beyond proof of concept. Discussions at the 2026 Africa Impact Summit in Lusaka, together with insights from the Africa Impact Investment Awards, point to a market defined by credible institutions, innovative capital structures and measurable outcomes. The sector has demonstrated that impact and commercial returns can be delivered together. The challenge now is to scale proven models to meet Africa’s growing development needs.
STUART THEOBALD | Why Enoch Godongwana is right to reject a wealth tax
Inequality in South Africa is extreme and has many dire consequences, driving instability, poor productivity and damage to the fiscus. So, I can understand why a wealth tax sounds like a good idea. On the surface it straightforwardly tackles the problem, reallocating from the wealthiest to enable greater state resources. Finance minister Enoch Godongwana, however, poured cold water on the idea last week in parliament, saying that a wealth tax wasn’t optimal for the country.