About Invictus Economics

Invictus Economics is one of the leading independent economic research companies in Zimbabwe . We provide insightful and truly independent economic research on Zimbabwe.

Founded in 2010, we have gained an enviable reputation for original and insightful analysis and have built up a diverse and distinguished client base.

Our clients are primarily in the financial sector, including some of Zimbabwe’s leading banks, fund managers, and insurance companies. But we also have a growing number of corporate clients from a wide range of sectors and industries, and relationships with government and the central bank in Zimbabwe.

Our Research Philosophy

Invictus Economics is majority-owned by its management and staff. We are therefore independent and have no conflicts of interest. Our loyalties are quite simply to our clients, to whom we pledge to provide full, unbiased coverage and to “tell it as we see it”, whether that is good or bad.

Our economic philosophy is broad-based and pragmatic. Although we take full account of the monetary aspects of the economy and draw on econometric analysis when required, we do not believe that these approaches offer a unique or necessarily reliable guide to the real world. Instead, they have to be interpreted alongside other data. An understanding of institutional change and new global trends is also essential.

We are not afraid to challenge the conventional wisdom and stand out from the pack. This is reflected in our economic and market forecasts, which are often very different from the consensus. We avoid simply reporting past developments and aim instead to provide original and forward-looking analysis, with strong and clear conclusions.

The paramount values which we seek to uphold are independence of thought,insight, clarity, brevity, accuracy and good judgment.

Invictus Capital is authorised and regulated by the Securities and Exchange Commission of Zimbabwe (SECZ).

Why Pay for Research?

Many potential clients naturally wonder why they should pay for economic research, given the large amount apparently distributed for “free” by the banks and brokers. The answer is simple: because research is important and the quality is reflected in the price.

In reality, of course, clients are paying for bank and broker research through dealing spreads and commissions. But this research is rarely independent or unbiased. Independence has always been important in the conduct of research and the provision of advice.

The alternative solution is to buy in independent research from outside—either to supplement in-house resources or as a substitute for them. That is the solution we offer.

If such an independent service helps to make better decisions, as our clients say it does, then the cost is a small price to pay. And for many financial organisations, as clients and trustees increasingly absorb the lessons of the excesses of recent years,

being able to demonstrate that they take at least some independent research will be a key requirement for attracting and retaining business.

research

Why Invictus Economics?

Compared to other independent providers of macroeconomics research, we have three outstanding qualities:

The quality and breadth of our staff.

The research team led by Ritesh Anand have over 30 years combined experience in economics and financial markets. Our economists work closely together to ensure our high staffing levels and wide expertise give us real strength in depth, and enable us to provide the full service which clients need.

The style and content of our research.

It is concise, timely and written in a jargon-free and user-friendly style. We are acutely conscious of the competing pressures on our clients’ time. Accordingly, our research is designed so that clients can, if they so wish, quickly glean the essential message without reading the whole document.

The flexibility of our services.

Our research is provided in a variety of different packages covering different geographies and sectors, with varying amounts of personal contact with our economists. This allows clients to select subject areas and packages which exactly suit their needs – and their budgets.

Our Services

Our regular publications and consultancy services are available on annual subscription. Most subscriptions include free invitations to our seminars and conferences, and significant discounts are available for multi-service subscriptions.

In addition, we offer tailor-made services such as providing speakers for ad-hoc presentations and undertaking commissioned research. Publications include:

• Monthly Economic Review
• Quarterly Economic Review
• Annual Budget Review
• Ad hoc Presentations

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