The Team

The Intellidex team includes highly qualified experts in financial markets, market research, macro political and economic research, strategy research and publishing.

StuartpicStuart Theobald, PhD, CFA

Stuart is a co-founder of Intellidex and its executive chairman. He has 18 years’ experience covering financial services across Africa, first as a financial journalist and later as a financial analyst. As a journalist he received multiple awards for his investigative work on banks and the financial markets. As an analyst his work ranges from equity analysis to political analysis.

He is also a research associate of the London School of Economics’ Centre for Philosophy of Natural and Social Science.

Stuart was educated at Rhodes University and the London School of Economics and has degrees in economics, philosophy and finance. He holds a PhD from the LSE and the Chartered Financial Analyst designation.

Click here to read Stuart’s Business Day columns. Stuart oversees all Intellidex projects including : Research in the Era of Fake News, The Myth of Corporate Cash Hoarding, The Empowerment Endowment, The  submission to parliamentary hearing on finance sector transformation, Who Owns the News Media in SA?, The Value of BEE Deals and Understanding the NDP.

Graunt profile picGraunt Kruger, PhD
CEO: Intellidex USA
Global Lead: Strategy Research

Graunt is a director at Intellidex and heads its United States subsidiary as well as its Strategy Research practice. Graunt has an extensive background in financial services product innovation and research and has worked for several financial services businesses including Standard Bank where he was head of enterprise development.

He is also a part time academic at the University of Cape Town’s Graduate School of Business.

Graunt was educated at Rhodes University, the London School of Economics and the University of the Witwatersrand. He holds an MSc from the LSE and MBA and PhD in banking and finance from Wits Business School.

View the work Graunt has done on financial wellness, The age of debt is behind us and BEE Trusts and Foundations.

PeterAMPeter Attard Montalto
Director: Intellidex UK
Global Lead: Capital Markets Research

Peter has been analysing South Africa for 12 years and is a well-known commentator and analyst of its economy, politics and markets. He has a broad experience covering other emerging markets over his career including Central and Eastern Europe and the Middle East and has been spending an increasing amount of time covering Sub-Saharan African economies. Over this time he has dealt with a broad range of asset managers and corporate clients.

Peter was previously Head of Emerging Europe Middle East and Africa Economics at Japanese Bank Nomura and before that was an Emerging Markets’ economist at Lehman Brothers. He studied at St John’s College at the University of Cambridge and holds an MA in mathematics and economics.

Peter is a trustee of the South African education charity Breadline Africa and an advisor to a number of other charities.

Click here to read Peter’s capital markets research notes, his Business Day columns and appearances in various media publications.

Vuyos_Pic_small_400x400Vuyo Jack, CA (SA)
Non-Executive Director

Vuyo is  co-founder of Intellidex and a director of the company. He is chairman of Empowerdex which he founded with Chia-Chao Wu. He is a director of various companies. He is a commissioner on the Davis tax review committee, having been appointed by the minister of finance. He was nominated as a Young Global Leader by the 2009 World Economic Forum.

Vuyo holds a BCom from Wits University and is a chartered accountant.


Caroline Southey
Independent, Non-Executive Director

Caroline is an independent non-executive director of Intellidex. She is the editor of The Conversation Africa and a member of the Rhodes Board of Governors.

Caroline is former editor of the Financial Mail (South Africa) and World Desk Editor at Financial Times in London. Previous roles also include director of community banking, Standard Bank and former head of communications for the CEO of Absa. She also served as a writer/editor for National Planning Commission.

Caroline holds a BA from Rhodes University.

Colin Anthony, Intellidex general managerColin Anthony
General Manager

Colin is GM of Intellidex and responsible for day-to-day operations in South Africa. He joined Intellidex in 2010 as managing editor responsible for production of our media projects. He is a highly experienced financial journalist who has published and edited a variety of publications including Smart Investor, Business Day Management Review and Business Day Real Business.

Colin holds a BJourn & Media Studies degree and BA (Hons) in psychology from Rhodes University.

View the work Colin has done on: The Future of Energy, Most Empowered Companies, Top Stockbrokers, Top Private Banks and Wealth Managers, Implementing the NDP,  Who Owns the News Media in SA?,  the SAVCA Industry Awards and Ranking the Analysts.

OrinOrin Tambo, CFA
Senior Financial Analyst

Orin is a financial analyst at Intellidex responsible for various projects and equities research work. He has seven years’ experience as an analyst, economist and academic.

Orin holds a BCom (Hons) in financial modelling from the University of South Africa, a BSc (Hons) in economics from the University of Zimbabwe and holds the Chartered Financial Analyst designation.

View the work Orin has done on: The Value of BEE Deals, The Myth of Corporate Cash Hoarding, The  submission to parliamentary hearing on finance sector transformation, and Top Private Banks and Wealth Managers.

Phibion Makuwerere, Intellidex analystPhibion Makuwerere, CFA
Financial Analyst

Phibion is responsible for  various research projects and analysis of listed instruments. He has seven years’ experience in financial analysis and administration.

Phibion holds a BSc (Hons) in economics from the University of Zimbabwe and a diploma from the Institute of Bankers, Zimbabwe. He is also a Chartered Financial Analyst charter holder.

View the work Phibion has done on: The Value of BEE Deals , The Myth of Corporate Cash HoardingWho Owns the News Media in SA?, Top Stockbrokers, Spire Awards and The Future of Energy.

tina1Tina Shika
Administration Manager

Tina is responsible for the administration of Intellidex including finance and credit control.

She holds a Diploma in Financial Management and is studying her BCom, Financial Management.

heidicroppedsmallHeidi Dietzsch
Market Research Manager

Heidi joined in January 2017 to expand Intellidex’s market research capacity. She has a wealth of experience in this field.

Heidi has a postgraduate Diploma in Journalism and Media Studies from Rhodes University, a BA in Political Science and BA (Hons) in Development Studies from the University of Johannesburg.

View the work Heidi has done on: Top Stockbrokers, Top Private Banks and Wealth Managers, the SAVCA Industry Awards, Raking the Analysts and the Spire Awards. Heidi also writes regular market research articles.

Sandra (2)

Sandra Vimbai Ngwena

Philanthropy Manager

Sandra is the head of philanthropy at Intellidex, with more than 16 years of experience in the development, not-for-profit and philanthropy sectors. She served as director of operations for one of South Africa’s largest private foundations, overseeing a R150m budget. She has also worked on communications strategies in the development sector across more than 30 countries. Her work at Intellidex includes research and evaluation of non-profit institutions and impact investing strategies.

Sandra holds a Post-Graduate Diploma in Management from Buckinghamshire New University

LettaLetta Maponyane
Research Assistant

Letta Joined Intellidex in 2018 as a research assistant  and is responsible for various contributions to composition of reports on research projects and data analysis work. She has four years’ experience in private and academic institutions, as a consultant and research assistant. This role entails presentation to clients, data processing, face to face interviews, consultation and report writing.

Letta holds a Bsc Mathematical Sciences majoring in Mathematics and Economics, also Bcom (Hons) in Economics from the University of Johannesburg (UJ). Moreover, she’s currently busy with an Mcom degree in Financial Economics with the UJ.

View the ETF monthly reviews Letta has contributed to and the Basa Transformation Report.

Mayo Twala intro photoMayo Twala

Mayo joined the Intellidex team as content manager for Intellidex’s websites. She edits and co-ordinates research into the TFSA market and the company’s social media strategy and contributes to Intellidex’s various media projects.

Mayo holds a Bachelor of Arts (BA) in English, History and Organisational Psychology and a Post-Graduate Diploma in Media Management (PDMM) from Rhodes University.

Click here for more information about the savetaxfree website, Mayo’s columns and the 2019 Guide to Tax-Free Savings.

Associate Consultants

Xenia Ngwenya

Nomfundo Xenia Ngwenya, PhD

Nomfundo is a director of Phuma Phambili Engineering, a black-owned company that reconditions rockdrills for the gold and platinum mining sectors.  She was previously the chief director for African Economic Integration at the National Treasury, where she represented South Africa at key continental multilateral economic institutions such as the African Development Bank, the African Development Fund, the International Monetary Fund’s Afritac-South Steering Committee, the Southern African Customs Union’s Finance and Audit Committee and meetings of SADC Senior Officials.

She was previously the director of Global Development Policy, where she headed National Treasury’s BRICS desk.  In this role, Nomfundo oversaw the formulation of South Africa’s negotiating position at the New Development Bank and was part of the South African delegation to the inaugural negotiations of the NDB.  She has also headed SAIIA’s South African Foreign Policy and African Drivers programme, served at the South African Secret Service and lectured at the University of South Africa.

She holds a PhD from the University of Cambridge, an MSc in Politics of the World Economy from the London School of Economics and Political Science (LSE), MA and BA (Hons) in International Studies from the University of Stellenbosch, and a BA (Political Science) from the University of Port Elizabeth.

downloadRaksha Semnarayan

Raksha has extensive experience in the area of drafting, interpreting and implementing regulatory and legislative frameworks in the financial sector. She is a former board member and former head of the Market Conduct Division of the Banking Association South Africa. This division is responsible for the compilation of submissions on the impact of legislative instruments affecting the banking sector and presenting this to government departments, regulatory authorities and Parliament.

Prior to that Raksha headed the legislative and research unit in the Legal Services Division of the South African Reserve Bank (SARB). Key projects that she was involved in include the drafting, and the drafting process, of the Financial Services Regulation Act, the amendments to the Financial Intelligence Centre Act, the amendments to the Financial Markets Act and the National Payments Act.

Raksha drafted legal opinions for the Governors’ Executive Committee and presented papers on regulatory issues before various academic forums including those arranged by the University of Cambridge, UK. Raksha developed and managed the New Legislative Process for the SARB which was aimed at influencing legislative and regulatory issues that affected the SARB mandate.

Previously Raksha was employed as a senior manager at Standard Bank of South Africa and was a Senior Counsel at Absa Bank Ltd, where she worked on legal and regulatory issues affecting banks.

Raksha is an admitted attorney of the High Court of South Africa. She holds a Bachelor of Social Science and Bachelor of Laws degrees from the University of Natal. She holds a Masters of Law from the University of Witwatersrand and a Masters of Business Administration from the University of South Africa and Open University.

Krishna GovenderKrishna Govender, CA (SA)

Krishna, a chartered accountant (SA) and partner at an SMME management consultancy, has 20 years’ financial markets experience. He has vast experience in business strategy, implementation of strategy, financial modelling, day-to-day operational management and processes for various SMME, EME and QSE businesses.

Prior to the management consulting business, Krishna served in a senior executive capacity as the chief financial officer of SuperSport International (Pty) Ltd and was part of the Multichoice SA Group for five and a half years. In addition to the operational financial management of SuperSport and strategic financial guidance to the senior executive team, Krishna has been a non-executive director of Natal Sharks (Pty) Ltd, Free State Cheetahs (Pty) Ltd, KZN Dolphins (Pty) Ltd, Titans Cricket (Pty) Ltd, Eastern Titans (Pty) Ltd and SuperSport United FC (Pty) Ltd.

Krishna is a non-executive director and audit committee chair of the Johannesburg Development Agency (municipal entity); and an independent audit committee member of the Gauteng Gambling Board.

Nomzamo XabaNomzamo Xaba

Nomzamo completed a BCom Degree, majoring in accounting, from the University of Johannesburg.

 She leads the research and advisory function of the Empowerdex Group which focuses on providing economic research on transformation in South Africa, specifically in relation to BEE regulations.

Nomzamo is the project lead on the provision of B-BBEE advisory services to clients both locally and internationally who seek to understand and navigate the world of B-BBEE.  She has worked on the development and implementation of transformation strategies across various sectors of the economy, including liquid fuels and petroleum, financial services and ICT.