Respected economic analyst Ian Cruickshanks, who spent the final years of his career as Chief Economist at the Institute of Race Relations (IRR) and the Centre for Risk Analysis (CRA), has died aged 82.
Remembered as an insightful and outspoken commentator, Cruickshanks was a much sought after contributor to television and radio debates on the economy, and was routinely quoted in the media on his assessment of the implications for markets and for consumers of events and trends in the economic sphere.
In a tribute yesterday, David Ansara, Chief Operating Office at the CRA, said: ‘Ian was appointed the IRR’s Chief Economist in November 2013. Since then, he played a vital role in strengthening the Institute’s economic analysis capabilities and elevating its public profile.’
Ansara added: ‘Ian was a prolific commentator in the media on economic trends and financial markets. In his countless radio and television interviews, he was not shy to call out bad policy and to highlight the critical importance of economic growth. But no matter how bleak the economic outlook was, he would always remark with a wry smile that “at least the sun is shining today”.’
Ansara said he would ‘always be grateful’ to Cruickshanks ‘for sharing his wisdom and experience with us during the last chapter of his colourful career. He will be greatly missed.’
In a tribute to Cruickshanks, former IRR CEO Frans Cronje said: ‘I think the best thing about him was that he was not formally trained. For that reason, his predictions were much better than those of his peers. There is a lesson in that.’
Cronje added: ‘He learned the hard way, by understanding human nature.’
Cruickshanks described himself as ‘an independent analyst not influenced by institutional protocols’, whose analysis revealed ‘my mostly conservative outlook, combined with innovative views based on fundamental and technical expertise’.
The outlook as much as the expertise welled from a long career following the markets and making sense of economic developments.
He acknowledged the grounding of the ‘sound financial experience’ gained in his three years articled to a firm of accountants – and the succeeding three years as an internal auditor – at the start of his career.
This was followed by seven years in investment banking, working as an analyst and portfolio manager, and two decades on the Johannesburg Stock Exchange equity and bond markets. (He passed the JSE’s membership exam in 1971).
Cruickshanks joined Nedbank in 1990 as assistant treasurer (domestic markets), completing the Executive Development Programme at Stellenbosch University Business School in 1992.
He founded and led Nedbank Capital Strategic Research in 1996 and continued until 2012.
The esteem of his peers is reflected in his being made an honorary life member of the Investment Analysts’ Society in 2018, recognition of which Cruickshanks was justly proud.
Away from the office, the ‘conservative investment banker’ – he once said – ‘has been balanced by a personal desire for adrenalin rush, leading to participation in motorcycle and saloon car circuit racing, motor rallying and sky diving.’
He was an active sportsman, being involved in water polo and marathon running (including 10 Comrades and earning a coveted silver medal).
His personal credo was that a ‘rigorous exercise regime is followed in the belief that a healthy body contributes to a healthy mind’.
Cruickshanks believed strongly that ‘a commitment to democracy in South Africa means treating all citizens equally with the respect they deserve’, and that ‘performance in all activities is aimed at achieving a 100% pass mark in the belief that aiming high is rewarded by maximum possible success.’
IRR and CRA colleagues remember in Cruickshanks a man who strove more than most to live up to his own demanding standard.
He is survived by his wife, Morag, and their four sons, Piers, Alexandre, Dominic, and Grahame.