Independent equity research firm Emerging and Frontier Capital (EFC) has achieved direct authorisation from the UK's Financial Conduct Authority (FCA), effective from 6 February 2026.
Founded in 2024, the London-based firm specialises in frontier and small emerging markets, providing institutional investors with macro strategy and bottom-up equity research. Its focus regions span Sub-Saharan Africa (SSA), the Middle East and North Africa (MENA), Central and Eastern Europe, Central Asia, South Asia, and South East Asia.
EFC positions itself as a "conflict-free" provider, offering unbiased research devoid of brokerage or investment banking ties. The firm aims to cover 12 markets with a target universe of 150 stocks across the consumer, financial, utilities, telecoms, and industrial sectors. Alongside its research library, the firm also provides a full suite of customised corporate access services, including roadshows and company visits.
According to the FCA register, EFC is authorised to advise on investments and agree to carry on regulated activities for professional clients and eligible counterparties.
The firm's partnership includes a strong contingent of former EFG Hermes analysts who departed the bank in early 2024.
Simon Kitchen, EFC's Head of Macro Strategy, holds the regulated SMF27 Partner role. He previously spent over 16 years at EFG Hermes, leading strategy coverage for MENA and frontier markets until February 2024.
Maureen Kirigua (SSA Financials) and Silha Rasugu (SSA Telecoms and Utilities) also join as SMF27 Partners, both having previously covered their respective sectors at EFG Hermes.
Russell Curtis, another EFG Hermes alumnus, serves as Head of Product and Supervisory Analyst. He assumes the SMF16 Compliance Oversight and SMF27 Partner functions.
Rounding out the leadership is Founding Partner Adrian Cundy, a South-East Asia consumer and Vietnam specialist with over 25 years of experience at firms including VinaSecurities, Prudential Asset Management, and RCM Global Investors. Cundy holds the SMF17 Money Laundering Reporting Officer (MLRO) and SMF27 Partner roles.
