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Botswana: Investec Launches Middle East Fund
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Mmegi/The Reporter (Gaborone)
17 April 2008
Posted to the web 17 April 2008
Staff Writer
Investec Asset Management this week launched its Africa Middle East Fund, which will build on asset managers' established frontier market capability in Africa and target an international client base.
According to a statement released by Bakang Seretse of Investec Botswana, the fund is open-ended and daily traded, and will invest across the entire African continent, including the Middle East and Gulf countries.
Its investment will span roughly 25 countries, a population of over a billion people and a market capitalisation of $1.5 trillion. Seretse says a team comprising Amr Seif, who was formerly a Portfolio Manager for EMEA Funds at JP Morgan and Roelof Horne, and Portfolio Manager of the successful Africa and Pan-Africa Funds, will manage the Africa Middle East Fund.
Seif says Africa and the Middle East is an emerging region within emerging frontier markets, but with less development.
"They are less developed, less mature economies with accumulating wealth, yet the markets are still very inefficient," Seif says.
"We believe that these characteristics will offer superior growth opportunities relative to developed markets and even other emerging market regions."
Horne adds that Africa is a difficult place to invest in but with high rewards. "Investing in Africa is pure frontier territory," he says. "Doing business in Africa is tough, but the rewards are fast-growing revenues and high margins. Political, economic, social and infrastructure development in Africa lags the rest of the world.
"Media headlines will focus on isolated setbacks, but the best kept secret about Africa is the widespread, rapid and sustained improvement on all fronts - leading to excellent investment opportunities."
Investec Asset Management has been running African assets for over 16 years with combined assets of over $30billion under management invested in the region. The newly launched AME Fund will be the fourth fund in a range of offshore funds enabling investors to access the region.
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The asset manager has investment offices in Gaborone, Cape Town and London.
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