The ranking, which is based on a confidential poll of South African financial institutions and asset managers, was released by the Financial Mail on 25 May 2012. Thirty-two institutions, with more than R3,7 million-worth of assets under management, responded to the questionnaire. Respondents were given a list of institutions and analysts, provided by Johannesburg Stock Exchange firms that supply research data to institutional clients, and were asked to rank analysts in 40 sectors.

Two metrics were used to rank the analysts: on one measure, respondent institutions were weighted according to their domestic assets under management; on the other, respondent institutions were unweighted. On both measures Mr Mashele, representing Nedgroup Securities, was placed second in the Political Trends/Industrial Relations category, in both cases behind Mr Nic Borain of Religare Noah. Dr Azar Jammine and Ms Nazmeera Moola, both of Macquarie FSS, were placed third in the weighted and unweighted categories respectively.