Investec Adds Two Industrials Analysts


Investec, a UK and South African based investment bank and asset management firm, recently announced the addition of two experienced equity research analysts to its sell-side industrials equity research team.

Investec’s Two New Research Additions

Investec recently added Scott Cagehin and Rory Smith to their industrials research team — two equity research analysts with almost two dozen years of combined sell-side equity research experience.

Prior to joining Investec, Mr. Scott Cagehin who will cover UK electrical and mechanical engineers, spent 4 years as a research analyst at HSBC Bank Plc.  Previously, Mr. Cagehin was employed for eight years as an analyst at Numis Securities Ltd.  Cagehin started his career as a sell-side research analyst at Merrill Lynch in 2000 covering Small/Midcap stocks.  Scott has a Bachelor of Arts (Honors) degree in International Finance & Trade from the University of Portsmouth.

Rory Smith joins Investec to cover UK Aerospace & Defense and Industrials following a stint with RBC’s Pan-European Industrials research team. Previously, Mr. Smith spent three years covering the UK Aerospace and Defense sector at boutique investment bank Liberum.  Smith graduated with a Bachelors of Accounting and Finance from Glasgow University and a Masters of Science in Finance from Strathclyde Business School.

Ben Bourne, who heads Investec’s Industrials Team, commented on these two new additions, saying: “The Investec Industrials team is thriving. Scott and Rory will provide a further boost to our coverage, providing expertise and differentiated research that adds real value for institutions.”

Our Take

With a team of 28 macro and equity research analysts, Investec covers more than 300 small and mid-cap stocks in the UK, Ireland and the rest of Europe, and is a corporate broker for 107 public limited companies.

Investec posted a strong performance in the 2019 Extel Survey, garnering several outright wins in the UK small and mid-cap (SMID) category, including top technology research team, top insurance individual researcher and eight top three positions in individual sector rankings.

Investec’s recent addition of analysts Cagehin and Smith is not a surprise as the firm has been expanding its research team during 2019.  In January, Investec added three new senior analysts including Ben Bourne (Industrials), Michael Donnelly (Support Services) and Salvatore Caruso (Financials).

However, it is interesting that Investec is expanding its equity research team at a time when the implementation of MiFID II’s unbundling requirements has caused disruption among research providers throughout Europe.  MiFID II has prompted a number of European investment banks to slash coverage and research headcount due to reduced research payments from buy-side clients.  The FCA recently reported in its review of MiFID II that asset managers had reduced their spending on sell-side and independent research by 20% to 30% from pre-MiFID II levels.



About Author

Mike Mayhew is one of the leading experts on the investment research industry. In addition to founding Integrity Research, Mike is on the board of directors of Investorside Research Association, the non-profit trade association for the independent research industry, and a frequent speaker on research industry trends and developments. Mike has over thirty years of research industry experience. Email:

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