Deutsche Bank Insurance Analyst Quits

April 11 - In recent years, to counter the academic brain drain, South African companies have been turning to foreign professionals to fill top posts in the banking, business and insurance sectors. Deutsche Bank AG, one of the country's most well-known financial institutions, lured Risto Ketola from his native Finland to serve as the company's chief insurance analyst in September 2003.

However, it was reported yesterday that Risto has quit the post that he has held for nearly five year and has already returned to Helsinki with his family. Deutsche Bank said Ketola's decision was based on the increasing crime rate in the country, as well as the unstable economic and political situation.

"He was growing more uneasy about the environment in South Africa," said Mike Gresty, head of research at Deutsche Bank. "It was a family decision. It's very sad when people of his caliber leave our shores."

Companies specializing in helping families move to other countries have reported a threefold increase in the number of people looking to leave South Africa's shores this year.

Ketola joined Deutsche Bank after working for Alexander Forbes Ltd. and the ING Groep, NV. The thirty-three year old was the only non-mining analyst who ranked among Forbes Magazine's top five South African researches in 2006 and was considered very highly by his colleagues at Deutsche Bank, as well as the rest of the industry.

Thathisihlalo Makunga, Deutsche Bank's food analyst also quit this month for alterative research opportunities that were offered to him.

Mike Gresty said that the company intended replacing Risto as soon as possible, due to the importance of the insurance analyst post.