SAVCA 2017 Case Study Compendium

Markets & Industry News

Brainworks to list on the JSE

Author: Africa Global Funds | Date: 2017-06-14

Brainworks, a Mauritian-based holding company with a diversified Zimbabwean investment portfolio, has made its submission to the JSE for its listing on the main board.

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Ivory Coast launches Eurobond

Author: Africa Global Funds | Date: 2017-06-12

Ivory Coast has issued Eurobonds with two tranches: a dollar-denominated 16-year $1.25bn offering at 6.250%, and an eight-year euro-denominated tranche worth €625m, yielding 5.125%.

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OMEM forms Wealth and Investment cluster

Author: Africa Global Funds | Date: 2017-06-08

Old Mutual Emerging Markets (OMEM) has launched a new Wealth and Investment cluster to be headed by Dave Macready, the current CEO of Old Mutual South Africa (OMSA).

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Sanlam to acquire PIEAL in Kenya

Author: Africa Global Funds | Date: 2017-03-23

The Sanlam Group, through its subsidiary Sanlam Emerging Markets, has finalised a deal to acquire PineBridge’s majority stake in PineBridge Investments East Africa in Kenya.

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Africa Capital Group favors education stocks

Author: Anna Lyudvig | Date: 2017-03-08

Africa Capital Group favors education stocks and is investing heavily in this fast-growing sector through three key holdings, according to Ryan Hoover, Portfolio Manager.

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Foresight to raise over $60m and list on JSE

Author: Africa Global Funds | Date: 2017-03-06

Foresight is planing to raise in excess of $61.48m by way of an inward secondary listing on the main board of the JSE and private placement in South Africa of new ordinary shares.

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Kenya’s CMA approves first ETF listing

Author: Africa Global Funds | Date: 2017-02-27

The Capital Markets Authority (CMA) of Kenya has granted approval for the listing of the first Exchange Traded Fund (ETF) to be issued by NewGold Issuer (RF) Ltd.

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African equities: Better returns ahead

Author: Anna Lyudvig | Date: 2017-02-23

Falling African equity prices and valuations over the past 30 months have laid the groundwork for better returns ahead, according to Andrew Lapping, Fund Manager at Allan Gray.

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TriLinc surpasses $500m in trade finance investments

Author: Africa Global Funds | Date: 2017-02-17

TriLinc Global Impact Fund has funded an excess of $500m in total aggregate investments since inception, across 20 countries and 38 sectors through its global network of institutional-class sub-advisors.

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OMIG increases return expectations for SA assets

Author: Anna Lyudvig | Date: 2017-01-31

Old Mutual Investment Group (OMIG) has increased their expected longer-term real return for local property to 5.5% a year and for local equities to 5% a year over the next five years, up from 4.5%.

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RMB lists US Dollar Custodial Certificates

Author: Africa Global Funds | Date: 2017-01-27

Rand Merchant Bank (RMB), a division of FirstRand Bank, has listed a new product on the Johannesburg Stock Exchange (JSE), which will enable companies and individuals to hold unlimited quantities of cash in US dollars.

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SEFA to support hydropower project in Kenya

Author: Africa Global Funds | Date: 2017-01-19

The African Development Bank (AfDB)-managed Sustainable Energy Fund for Africa (SEFA) has approved a $992k grant to support the preparation of 7.8-MW hydropower project (HPP) in Kenya.

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SSA Eurobond issuance under pressure

Author: Anna Lyudvig | Date: 2017-01-16

Eurobond issuance in Sub-Saharan Africa was relatively quiet in the second half of 2016, owing partially to the demand by the market for higher yields, according to S&P Global Ratings.

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Tanzania offers opportunities for portfolio investors

Author: Africa Global Funds | Date: 2016-11-29

For portfolio investors, the opportunities are gradually emerging in Tanzania, East Africa’s fastest-growing nation, according to Stuart Theobald, Chairman of Intellidex and Imara Africa Advisors Contributing Analyst.

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African debt offers investment opportunities

Author: Anna Lyudvig | Date: 2016-11-16

The size of the local currency debt market is skewed towards Nigeria and Egypt, but many smaller markets are readily accessible to foreign investors, according to Nick Ndiritu, Portfolio Manager at Allan Gray.

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Carlyle’s hedge fund in $400m investment loss

Author: Africa Global Funds | Date: 2016-11-11

Vermillion, a Carlyle Group’s commodities hedge fund, has lost $400m it invested last year in Societe Anonyme Marocaine de l’Industrie du Raffinage (Samir), a Moroccan oil-refinery.

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Egyptian pound moves to a managed float

Author: Africa Global Funds | Date: 2016-11-03

The Central Bank of Egypt (CBE) has moved its exchange rate regime to a managed float, setting the Egyptian pound to E£13/$ and annoucning its intention to allow the exchange rate to converge to a market price at the upcoming auction.

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SA bonds still attractive despite downgrade fears

Author: Africa Global Funds | Date: 2016-10-17

Valuations in South Africa still favor local bonds, despite political uncertainty and fears of downgrade, according to Old Mutual Multi-Managers (OMMM), a fully integrated, advice-led wealth management business.

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African countries suffer from global trade finance gap

Author: Africa Global Funds | Date: 2016-10-12

African countries and small and medium-sized enterprises (SMEs) are suffering the most from a deepening global trade finance gap, according to a new survey by the International Chamber of Commerce (ICC).

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Swala to raise up to $120m project finance

Author: Africa Global Funds | Date: 2016-10-12

Swala Oil & Gas, Tanzania has engaged Exotix Partners, a boutique investment bank for frontier markets, to place corporate bonds of up to a value of $120m in order to finance a material transaction.

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Futuregrowth to re-open lending to Land Bank

Author: Africa Global Funds | Date: 2016-09-27

Futuregrowth Asset Management has confirmed that it will reopen lending to The Land and Agricultural Bank of South Africa (Land Bank) with immediate effect, following a review of its governance and investor protection mechanisms.

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AGAM moves into Africa

Author: Africa Global Funds | Date: 2016-09-19

Atlantic Global Asset Management (AGAM), a major global asset management firm with well-established businesses in the Asia-Pacific and South Africa region, and its partner company Questra World, have announced African expansion.

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SA economic outlook improves

Author: Africa Global Funds | Date: 2016-09-14

Despite recent political uncertainty, there is currently a sharply improved short-term cyclical outlook for South Africa compared to earlier in the year, according to Johann Els, OMIG Senior Economist.

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Restructuring opens up distressed debt opportunities in Africa

Author: Africa Global Funds | Date: 2016-09-08

The anticipated increase in restructuring activities has opened up possibilities for investors looking for distressed debt opportunities in Africa, according to Lyndon Norley, Consultant in the Insolvency & Restructuring Practice, Bowmans.

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African sukuk market has growth potential

Author: Africa Global Funds | Date: 2016-09-01

African sukuk can provide diversification benefits for Islamic investors as well as additional financing opportunities, Samira Mensah, S&P Global Ratings Credit Analyst, has said.

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Futuregrowth suspends loans to Eskom, Transnet and others

Author: Africa Global Funds | Date: 2016-09-01

Futuregrowth, Old Mutual’s Fixed Income asset management boutique, has announced a decision to suspend any additional loans to certain state-owned enterprises (SOEs) in South Africa until they obtain further clarity and comfort around the governance and oversight of these SOEs.

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BRVM to launch mining platform by 2018

Author: Africa Global Funds | Date: 2016-08-29

The Bourse Regionale des Valeurs Mobilieres (BRVM) is aiming to have a dedicated mining platform in place by 2018, according to General Manager Edoh Kossi Amenounve.

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Liberty to list REIT on JSE

Author: Africa Global Funds | Date: 2016-08-23

Liberty Holdings has announced its intention to list a portion of its premium property portfolio on the main board of the JSE as a Real Estate Investment Trust (REIT) towards the end of 2016.

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Stellar-Prescient deal to close by the end of this year

Author: Africa Global Funds | Date: 2016-08-22

The acquisition of Prescient’s financial services operations by Stellar Capital, a JSE listed investment holding company with a reported net asset value of R1.42bn, is expected to complete by the end of this year.

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Exotix favors Nigeria 12-month bills

Author: Anna Lyudvig | Date: 2016-08-09

Exotix Partners, a global finance and investment firm, has added Nigeria T-bills to its top-5 global picks in frontier markets debt, Africa Global Funds has learned

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FTSE Russell develops new Index Series for Namibia

Author: Africa Global Funds | Date: 2016-08-02

FTSE Russell, a global index and data provider wholly owned by London Stock Exchange Group, has recently launched its new FTSE NSX Index Series, designed to represent the performance of Namibian companies.

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SA hedge funds are worth considering

Author: Africa Global Funds | Date: 2016-07-13

In a low return or a volatile market environment in South Africa, hedge funds offer the best hope for positive returns, according to Geoff Blount, Managing Director of BayHill Capital.

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New exchange gets underway in Uganda

Author: Africa Global Funds | Date: 2016-07-13

ALTX Africa Group, an investment holding company incorporated in Mauritius, has launched a new financial exchange in Uganda, the first in a series of steps to establish the network of exchanges in Africa.

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Brexit weighs heavily on Africa

Author: Anna Lyudvig | Date: 2016-06-24

The UK’s decision to leave the EU (Brexit) brings long-lasting political and economic consequences and is rather inopportune for African economies, however asset managers and investors alike should focus on their long-term strategies.

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STANLIB announces single equity franchise

Author: Africa Global Funds | Date: 2016-06-23

STANLIB, a Johannesburg based asset manager, has consolidated its equity products and mandates into a single Equity franchise, to enhance its specialist South African Equity franchise.

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AHIF: Togo sets pace for new era of growth

Author: Africa Global Funds | Date: 2016-06-03

In the run-up to the first Africa Hotel Investment Forum (AHIF) in Lomé, the organiser, Bench Events, has praised Togo’s commitment to far-reaching infrastructure improvements destined to boost economic growth and transform the country into a strategic transport hub in west Africa.

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SA stocks in thrall to market volatility

Author: Africa Global Funds | Date: 2016-05-12

South African equities are going to be challenged by high volatility and multiples for the remainder of 2016, Peter Brooke, Head of Old Mutual Investment Group’s Macro Solutions boutique, has said.

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EAIF selects Investec as fund manager

Author: Africa Global Funds | Date: 2016-05-09

Following a competitive tender process that brought interest from over 30 companies, from across Europe, Africa and North America, the Emerging Africa Infrastructure Fund has appointed Investec Asset Management as its fund manager.

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RMB Holdings expands into real estate

Author: Africa Global Funds | Date: 2016-05-03

RMB Holdings (RMH) will be expanding its investment strategy to include a property investment business, Africa Global Funds has learned.

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Allan Gray: Nigerian banks too cheap to ignore

Author: Africa Global Funds | Date: 2016-04-29

A higher oil price will help the Nigerian economy, but it is not required to make the Nigerian banks very attractive investments, according to Andrew Lapping, Portfolio Manager at Allan Gray.

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ALUWANI to relaunch ex-Momentum Africa Fixed Income Fund in SA

Author: Anna Lyudvig | Date: 2016-04-20

ALUWANI Capital Partners, an independent investment management business in South Africa, is understood to be relaunching its Pan-African ex South Africa fixed income fund under a new platform, according to Mishnah Seth, Head of Frontier Strategies.

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Deutsche AM sees value in SA, Kenya and Egypt

Author: Anna Lyudvig | Date: 2016-04-15

Deutsche Invest | Africa, a €85m Pan-African equity fund, favors South Africa, Kenya and Egypt, according to Sebastian Kahlfeld, Senior Fund Manager at Deutsche Asset Management (Deutsche AM).

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Growthpoint embarks on its largest rooftop solar installations

Author: Africa Global Funds | Date: 2016-04-11

Growthpoint, the largest South African primary listed REIT (real estate investment trust), is undertaking two large solar installations on the rooftops of its Northgate Mall and Brooklyn Mall in Johannesburg and Pretoria, each with a capacity of nearly 1,2MWp.

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Angola requests assistance from the IMF

Author: Africa Global Funds | Date: 2016-04-07

The International Monetary Fund (IMF) has received a formal request from Angola to initiate discussions on an economic programme that could be supported by financial assistance.

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Credit concentration affects MMFs in South Africa

Author: Anna Lyudvig | Date: 2016-04-06

Credit concentration is a systemic issue in South Africa, affecting most or all variable rate money market funds, as well as other fixed income funds which are essentially cash strategies, according to Global Credit Rating (GCR).

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Neptune Africa to merge with EM Fund

Author: Anna Lyudvig | Date: 2016-04-05

Neptune, a UK-based fund management company, has announced that it will merge its £9.6m ($13.7m) Neptune Africa Fund into the £7m ($9.99m) Neptune Emerging Markets Fund on April 29, 2016.

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Naspers and SABMiller mask JSE performance

Author: Africa Global Funds | Date: 2016-04-04

The South African stock market has performed poorly since early 2015, but this has been concealed by the performance of Naspers and SABMiller, according to Geoff Blount, Managing Director of BayHill Capital.

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BlackRock to offer offshore funds to SA investors

Author: Africa Global Funds | Date: 2016-04-01

BlackRock has received regulatory approval to offer a range of offshore funds to South African investors, including asset managers, retirement funds and insurance companies, as well as financial advisors.

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Africa must embrace new business models

Author: Africa Global Funds | Date: 2016-03-30

Growth in Africa is expected to average over 4% over the next five years, but is still heavily commodity-dependent, according to the Institute of Chartered Accountants in England and Wales (ICAEW).

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Scipion to act as trade finance sub-advisor for TriLinc

Author: Africa Global Funds | Date: 2016-03-14

TriLinc Global Impact Fund has approved Scipion Capital to act as a sub-advisor on trade finance investment opportunities in Sub-Saharan Africa, broadening its trade finance and term loan investment capabilities in the region.

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Old Mutual to split four business units by 2018

Author: Anna Lyudvig | Date: 2016-03-12

Old Mutual has announced that its four businesses - Old Mutual Emerging Markets (OMEM), Nedbank Group, Old Mutual Wealth (OMW) and Old Mutual Asset Management (OMAM) – will be separated from each other by the end of 2018.

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SA hedge fund industry set to grow

Author: Africa Global Funds | Date: 2016-03-08

The South African hedge fund industry is expected to experience growth spurt now that investors have access to regulated products, Robert Foster, Convenor of the ASISA Hedge Funds Standing Committee, has said.

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Barclays pulls out of Africa

Author: Africa Global Funds | Date: 2016-03-01

Barclays has announced its intention to sell down its 62.3% interest in Barclays Africa Group over the coming two to three years, after posting an annual loss of £394m ($550m).

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Cheap valuations make African stocks attractive

Author: Anna Lyudvig | Date: 2016-02-18

The increasing risk aversion of many frontier market investors has left many African stocks trading at valuations not seen for years, Peter C. Thoms, Founder and Portfolio Manager of Africa Capital Group LLC, has said.

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S&P: risks to increase for EMEA banks in 2016

Author: Africa Global Funds | Date: 2016-02-14

The recent oil-price shock, currency risk, and legacy portfolio issues are the key threats for emerging EMEA banking sectors in 2016, according to Standard & Poor's Credit Analyst Natalia Yalovskaya.

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Franklin Templeton: Africa is exciting

Author: Africa Global Funds | Date: 2016-01-19

Africa is probably the most exciting story of the future when talking about frontier markets, Carlos Hardenberg, Senior Vice President, Director of Frontier Markets Strategies, Templeton Emerging Markets Group, has said.

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NSE anticipates return of investors to Nigerian markets

Author: Africa Global Funds | Date: 2016-01-14

The year began with the continued depreciation of the naira against the dollar and uncertainty around the direction of economic policies, which fueled an already prevalent bearish sentiment in the Nigerian capital market.

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2015 was a bleak year for African markets

Author: Africa Global Funds | Date: 2016-01-05

Tumbling commodity prices, indications of a slowdown in Chinese growth and a risk-off sentiment inspired by the first rise in US interest rates since 2006 were among the major themes driving African indices in 2015.

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Investors lost confidence in South Africa

Author: Anna Lyudvig | Date: 2015-12-14

The return of veteran finance minister Pravin Gordhan will help to stabilize markets in South Africa, but the damage will be longer-lasting, according to David Kohl, Chief Currency Strategist and Head Economist Germany at Julius Baer.

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South Africa: junk status looms

Author: Africa Global Funds | Date: 2015-12-07

South Africa has moved one step closer to a junk bond status after Fitch Ratings and Standard & Poor’s (S&P) both releasing their sovereign credit rating reviews on the country on Friday, December 4.

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US Fed’s move to put pressure on African markets

Author: Anna Lyudvig | Date: 2015-11-20

Sub-Saharan Africa is particularly sensitive to the combination of weak commodity prices and rising US interest rates, Tom Elliott, deVere Group’s International Investment Strategist, has warned.

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SA active fund managers outperformed by S&P indices

Author: Anna Lyudvig | Date: 2015-11-09

The South African equities market has experienced a volatile first half of the year, but active fund managers have failed to take advantage of the discrepancies in the market, according to S&P Dow Jones Indices (S&P DJI).

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Islamic finance market to reach $3trn by 2018

Author: Africa Global Funds | Date: 2015-11-05

The global market for Islamic financial services topped $2trn at the end of 2014, up 12% on the previous year, a new Islamic report published by TheCityUK has revealed.

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Africa Capital Group favors SA, Nigeria and Kenya

Author: Anna Lyudvig | Date: 2015-10-27

With stressed valuations and currencies, markets in South Africa, Nigeria and Kenya offer numerous attractive investment opportunities, according to portfolio managers at Africa Capital Group LLC.

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Nigerian consumer stocks - good bet, says Old Mutual

Author: Africa Global Funds | Date: 2015-10-21

Old Mutual Investment Group remains underweight to Nigeria in their portfolios relative to the MSCI Africa indices on concerns around currency devaluation and the economic slowdown, according to portfolio manager Cavan Osborne.

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FTSE Russell and JSE launch ESG index series

Author: Africa Global Funds | Date: 2015-10-12

FTSE Russell has launched the FTSE/JSE Responsible Investment Series, developed as a result of the expanded partnership between FTSE Russell and Johannesburg Stock Exchange (JSE), announced earlier this year.

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Egypt: investors hit pause on currency risks

Author: Anna Lyudvig | Date: 2015-09-18

Recent weakness in the Egyptian market is leading investors to look again for opportunities, but currency risks remain the major obstacle, according to Simon Kitchen, Director of MENA Strategy at EFG Hermes.

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Aberdeen acquires Advance Emerging Capital

Author: Africa Global Funds | Date: 2015-09-17

Aberdeen Asset Management has said it will acquire 100% ownership of Advance Emerging Capital (AEC), a London based specialist investment manager with over $633m (£409m) across a range of investment funds.

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Nigeria expelled from JPMorgan’s bond index

Author: Anna Lyudvig | Date: 2015-09-09

The expulsion of Nigeria from JPMorgan’s Government Bond Index is an embarrassment to the economic reputation of the Nigerian Government, according to Ayo Salami, CIO of Africa Liquid Strategies at Duet Asset Management.

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ACCF approves two projects to support climate finance readiness in Africa

Author: Africa Global Funds | Date: 2015-08-27

The AfDB-managed Africa Climate Change Fund (ACCF) has approved over $800,000 in funding to support Mali with preparatory funding to advance its low-carbon, climate resilient development agenda, and to strengthen data and information on climate change vulnerabilities and opportunities for 54 African countries.

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Chinese events to affect SSA countries

Author: Africa Global Funds | Date: 2015-08-26

The recent happenings in China – the yuan devaluation, weak manufacturing Purchasing Managers’ Index figures, stock market turmoil, and interest rate cuts – will have a notable impact on Sub-Saharan African countries, according to NKC African Economics.

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Nigeria’s bourse launches new listing platform

Author: Africa Global Funds | Date: 2015-08-25

The Nigerian Stock Exchange has launched a new listing platform - the Premium Board and the associated Premium Board Index, keeping with its commitment to promoting Africa’s biggest companies.

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KTH R800m bond offer oversubscribed

Author: Africa Global Funds | Date: 2015-08-06

Pan-African investment holding company Kagiso Tiso Holdings (KTH) has completed the issuance of R800m ($67.72m) senior unsecured floating rate notes under its existing Domestic Medium Term Note (DMTN) programme.

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Barclays sponsors SA Purchasing Managers Index

Author: Africa Global Funds | Date: 2015-08-05

Barclays has partnered with the Bureau for Economic Research at Stellenbosch University in support of South Africa’s monthly manufacturing Purchasing Managers’ Index (PMI), a leading economic indicator.

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South Africa faces risks of further weakness

Author: Africa Global Funds | Date: 2015-08-05

South Africa remains exposed ahead of the next round of capital flow volatility associated with shifts in the US Federal Reserve policy, according to Novare Investments.

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AIFMD puts pressure on fundraising

Author: Africa Global Funds | Date: 2015-07-21

Many fund managers based outside the EU (42%) do not plan to raise capital from European investors in the near future, with 59% of this group avoiding the region due to concerns about the AIFMD, according to Preqin.

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African debt markets attract foreign investors

Author: Africa Global Funds | Date: 2015-07-17

African debt remains attractive, even though many investors are sitting on the sidelines and waiting for clarity in light of the current global uncertainty, according to Standard Bank.

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New BEE asset manager to begin operations this October

Author: Anna Lyudvig | Date: 2015-07-10

South Africa’s newest majority black-owned and controlled asset management business with R62bn ($5bn) AUM, in which MMI Holdings will be a shareholder, is set to commence operations in October 2015, according to CEO Designate Sibusiso Mabuza.

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Africa its own biggest investor, finds RisCura

Author: Africa Global Funds | Date: 2015-07-06

Africa from an investment perspective is by no means a finished product, but in a world of low growth and mature markets, it is essential for global minded investors to understand its potential, Rory Ord, Principal at RisCura, has said.

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SEFA approves $1m grant for green mini-grids development

Author: Africa Global Funds | Date: 2015-06-25

The Sustainable Energy Fund for Africa (SEFA) has approved a $1m grant to launch the first phase of a Green Mini-Grids (GMG) Market Development Program (MDP), which will be implemented by the SE4ALL Africa Hub in coordination with SE4ALL’s Clean Energy Mini-Grid High Impact Opportunity stakeholder group.

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CDC unveils web-enabled ESG Toolkit for Fund Managers

Author: Africa Global Funds | Date: 2015-06-23

CDC Group, the UK development finance institution, has launched an updated and fully-web enabled version of its environmental social and governance (ESG) Toolkit for Fund Managers at the 2015 Responsible Investment Forum.

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ASISA disagrees with Morningstar rating for South Africa

Author: Africa Global Funds | Date: 2015-06-17

The Association for Savings and Investment South Africa (ASISA) has voiced concern over the reputational damage to the SA Collective Investment Schemes industry caused by the inaccurate information contained in the Morningstar’s report.

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SA investors confident about domestic equity

Author: Africa Global Funds | Date: 2015-06-12

South African investors remain optimistic about the domestic stock market, with 53% thinking that the market will rise in 2015, according to the 2015 Franklin Templeton Global Investor Sentiment Survey.

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Nigeria focuses on regulatory compliance

Author: Africa Global Funds | Date: 2015-06-11

Nigeria’s government and tax authorities are taking a tougher line on compliance than ever before, according to Magnus Nmonwu, Regional Director for Sage West Africa.

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Access reveals finalists of $5m competition for renewable energy projects

Author: Africa Global Funds | Date: 2015-06-09

Access Infra Africa, a developer, owner and operator of power assets in Africa, has announced the four finalists of the Access Co-Development Fund (ACF), a $5m competition launched in April 2015 to bridge the gap between early stage African renewable energy projects and the expertise and funding they require to become operational.

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Gulf Capital invests in Carbon Holdings

Author: Africa Global Funds | Date: 2015-06-07

Gulf Capital, one of the largest and most active alternative investment firms in the Middle East, has signed a debt financing agreement to support Egypt's largest petrochemicals holding company Carbon Holdings.

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Annan’s report urges to invest in African energy

Author: Africa Global Funds | Date: 2015-06-05

African governments, investors, and international financial institutions must significantly scale up investment in energy to unlock Africa’s potential as a global low-carbon superpower, according to a new Kofi Annan’s report.

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MMI included in JSE Top 40 Index

Author: Africa Global Funds | Date: 2015-06-04

The Johannesburg Stock Exchange (JSE) has announced that MMI Holdings, a South African based financial services group, will now be included, for the first time since listing in December 2010, in the JSE Top 40 Index.

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BUSINESS/PARTNERS sees growth opportunities in SA SME sector

Author: Africa Global Funds | Date: 2015-06-04

Despite the challenging economic conditions facing the South African small and medium enterprise (SME) sector, the appetite for finance and growth amongst these businesses still seems to be healthy and robust, Nazeem Martin, Managing Director of BUSINESS/PARTNERS, has said.

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Mergence provides financing to Project Isizwe

Author: Africa Global Funds | Date: 2015-06-02

Mergence Investment Managers has recently provided financing to Project Isizwe to accelerate the roll-out of a free WiFi project supported by the Tshwane Municipality, which could set the pattern for social impact bonds in South Africa.

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Emira BEE investor KTH realises significant return on its investment

Author: Africa Global Funds | Date: 2015-06-02

Kagiso Tiso Holdings Proprietary (KTH) has realised the value of its investment in Emira Property Fund through a significantly oversubscribed accelerated offering of all of KTH’s 29,316,187 participatory interests (PIs) in Emira, representing 5.74% of its PIs in issue.

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BNY Mellon highlights transformative role of Big Data

Author: Africa Global Funds | Date: 2015-06-02

The investment management industry can use their own data to design, manufacture and market solutions more effectively with a view to generating outcomes that are more aligned to investor expectations, according to Daron Pearce, global investment manager segment head for Investment Services at BNY Mellon.

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Chase Bank Kenya launches Kes10bn bond

Author: Africa Global Funds | Date: 2015-05-20

Chase Bank Kenya has launched its Kes.10bn medium term multi currency note programme to strengthen its capital base and support its strategic initiatives.

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SA businesses to benefit from African free trade area

Author: Africa Global Funds | Date: 2015-05-18

The Tripartite Free Trade Area, a single free trade area across 26 nations in Africa, will promote active trade between South Africa and the rest of the continent, according to Jonathan Horn, MD of Maersk Line Southern Africa.

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Deepening SA stock market set to draw fresh investor interest

Author: Africa Global Funds | Date: 2015-05-13

South Africa’s stock market is acquiring greater depth and breadth as flourishing sectors such as retail, tourism and financial services attract a new wave of investment, according to members of the Group of Boutique Asset Managers (GBAM).

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SA funds lacking exposure to alternatives

Author: Africa Global Funds | Date: 2015-05-13

South African institutions are, on average, lacking significant commitment to alternative assets and private equity investments, with many funds having no exposure at all, according to Paul Boynton, CEO of Old Mutual Alternative Investments.

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Kenya gears up for derivatives trading

Author: Africa Global Funds | Date: 2015-05-12

The Kenya capital markets are gearing up for the launch of the derivatives trading at the Nairobi Securities Exchange (NSE) scheduled to start at the end of June 2015.

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IMF, World Bank announce $1.1bn debt relief for Chad

Author: Africa Global Funds | Date: 2015-04-30

The International Monetary Fund (IMF) and the World Bank’s International Development Association (IDA) have decided to support $1.1bn in total debt relief for Chad, of which $1bn is expected to be delivered by multilateral creditors and the remainder by bilateral and commercial creditors.

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Access signs MoU with Egypt for renewable project

Author: Africa Global Funds | Date: 2015-04-29

Access Power MEA, a developer, owner and operator of power assets in the Middle East and Africa, has signed a Memorandum of Understanding with the Egyptian Ministry of Electricity and Renewable Energy (MERE) to develop a 65 MWp of renewable energy.

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EGX launches electronic disclosure system

Author: Africa Global Funds | Date: 2015-04-21

The Egyptian Exchange (EGX) will launch next Thursday, April 30, the first electronic system for direct disclosure of companies, where the listed companies will be able to post their disclosure reports directly to the trading screens.

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First property crowdfunding platform for SSA launched

Author: Africa Global Funds | Date: 2015-04-17

Realty Africa, a crowdfunding platform dedicated to property investments, will soon start offering investors from all over the world the opportunity to invest in the growth and development of Sub-Saharan Africa.

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JSE and Eris announce swap futures licensing partnership

Author: Africa Global Funds | Date: 2015-04-17

The Johannesburg Stock Exchange (JSE), Africa's largest exchange, has signed a multi-year licensing agreement with Eris Exchange, a US-based futures exchange group, to list swap futures on the South African Exchange.

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Imara: Zim still a magnet for long-term investors

Author: Africa Global Funds | Date: 2015-04-14

Economic woes may be mounting in Zimbabwe, but the country retains strong allure for long-term investors with a focus on sub-Saharan Africa, according to Harare-based Imara Edwards Securities.

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SA ETPs: Are they sustainable?

Author: Anna Lyudvig | Date: 2015-04-10

Questions are being raised about the sustainability of South African exchange traded products (ETP), with some providers finding it harder to achieve enough investable funding.

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Nigeria heading for macroeconomic adjustment

Author: Africa Global Funds | Date: 2015-03-26

Regardless of who wins the next Nigeria's presidential election, the West African economy is heading for further macroeconomic adjustment, according to Jan Dehn, Head of Research at Ashmore.

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Imara’s Kenya affiliate tops $1bn in AUM

Author: Anna Lyudvig | Date: 2015-03-19

Nairobi-based ICEA LION Asset Management (ILAM), an affiliate of the pan-African Imara financial services group, has exceeded $1bn level in assets under management (AUM).

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Egypt secures $60bn of investments

Author: Africa Global Funds | Date: 2015-03-16

Egypt has secured $60bn of direct investments and soft loans commitments to drive social inclusion and job creation in the country.

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CfC Stanbic Bank, Markit launch Kenya private sector based index

Author: Africa Global Funds | Date: 2015-03-16

CfC Stanbic Bank and Markit, a financial information services provider, have launched the Purchasing Managers’ Index (PMI) for Kenya, a composite index premised on providing the earliest, most accurate and most comprehensive suite of economic indicators in the country.

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Morocco’s microfinance market is primed for growth

Author: Africa Global Funds | Date: 2015-03-10

Morocco’s microfinance sector is stronger today that it was before the crisis, but still has not reached its full potential, according to Joumana Cobein, IFC Country Manager for the Maghreb region.

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Niger to set up $253m sukuk program

Author: Africa Global Funds | Date: 2015-03-04

The Islamic Corporation for the Development of the Private Sector (ICD), the private sector arm of the Islamic Development Bank Group (IDB), and the Government of Niger have signed an agreement to setup a 150bn CFA franc ($253m) sukuk program.

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PAHF partners with Africa Reit

Author: Africa Global Funds | Date: 2015-02-25

The Pan African Housing Fund (PAHF), managed by Phatisa, has partnered with Africa Reit to secure a six-acre property located in the Karen-Lang’ata area of Nairobi, Kenya.

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Euronext partners with JSE on commodities contracts

Author: Africa Global Funds | Date: 2015-02-17

Euronext has signed a license agreement with the Johannesburg Stock Exchange (JSE) providing the JSE with the right to list the flagship Milling Wheat contract currently traded on Euronext.

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Pan-African renewable energy platform launched

Author: Africa Global Funds | Date: 2015-02-17

Global wind and solar company Mainstream Renewable Power and the global pan-emerging market private equity firm Actis, have jointly launched a $1.9bn pan-African renewable energy generation platform, Lekela Power.

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RDIF to support investments in Egypt

Author: Africa Global Funds | Date: 2015-02-17

The Russian Direct Investment Fund (RDIF) and the Egyptian Ministry of Investment have agreed to bolster investment cooperation between the two countries.

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SA institutions lack exposure to alternative assets

Author: Africa Global Funds | Date: 2015-02-13

South African institutions are, on average, lacking significant commitment to alternative assets and private equity investments, with many funds having no exposure at all, according to Old Mutual Alternative Investments.

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Insparo cuts Africa exposure

Author: Anna Lyudvig | Date: 2015-02-12

Insparo Asset Management has broadened the mandate of its current flagship strategy, the Insparo Africa and Middle East Fund, to include the wider frontier markets, and renamed the fund to Insparo Frontier Markets Opportunities Fund.

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SA hedge funds grow AUM to nearly $5bn in 2014

Author: Africa Global Funds | Date: 2015-02-11

The South African hedge fund industry has enjoyed consistent steady growth of around R10bn ($0.84bn) a year over the past three years, according to the Association for Savings and Investment South Africa (ASISA).

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African mining prospects remain intact

Author: Africa Global Funds | Date: 2015-02-09

The prospects for mining in Africa remains essentially intact over the medium term, according to Standard Bank, Africa’s biggest lender by assets.

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Africa: FDI declines slightly in 2014

Author: Africa Global Funds | Date: 2015-01-30

Foreign direct investment (FDI) inflows to Africa fell by 3% last year to an estimated $55bn, largely accounted for by a decrease of FDI into North Africa, according to the UNCTAD’s Global Investment Trends Monitor.

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Plummeting oil prices can support SA economy

Author: Africa Global Funds | Date: 2015-01-27

Recent drastic declines in the international oil price and the resultant sharp cuts in the local petrol price could herald a sharp turnaround in South Africa’s more immediate fortunes, according to Old Mutual Investment Group.

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East African equity markets top SSA chart

Author: Africa Global Funds | Date: 2015-01-25

East African equity markets showed the best performance in Sub-Sahara Africa (SSA) during 2014, led by Tanzania (+22.7%), Uganda (14.1%) and Kenya (13.3%), according to a report by PineBridge Investments.

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High net worth individuals are key to SA funds

Author: Africa Global Funds | Date: 2015-01-21

High net worth individuals will be key driver for small and new South African funds going forward, according to some of the participants at the latest Opalesque South Africa Roundtable.

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SSA microfinance market to grow 10-20% in 2015

Author: Africa Global Funds | Date: 2015-01-20

The microfinance market in Sub-Saharan Africa is expected to achieve growth rates of 10-20% in 2015, according to the Microfinance Market Outlook by responsAbility Investments.

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Egyptian exchange to trade first ETF

Author: Africa Global Funds | Date: 2015-01-13

The Egyptian Exchange (EGX) will start trading on the first exchange traded fund (ETF) on EGX 30 index in the Egyptian market on Wednesday, January 14, 2015.

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Tunisia to issue $1.75bn bonds this year

Author: Africa Global Funds | Date: 2015-01-13

Tunisia is planning to issue $1.75bn of dollar-denominated and Islamic bonds in 2015 as it seeks funds to revive economic growth, according to the central bank governor Chadli Ayari.

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StanChart closes global equities business

Author: Africa Global Funds | Date: 2015-01-12

Standard Chartered has announced the closure of its institutional cash equities, equity research and equity capital markets (ECM) activities, as the banking group continues to exit or reconfigure non-core and underperforming businesses.

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Old Mutual builds East African presence

Author: Africa Global Funds | Date: 2015-01-12

Old Mutual has acquired a 23.3% stake in UAP Holdings, an East and Central African financial services company with a presence in six countries, for KES 8.88 bn ($97.6m).

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ECA calls for debt cancellation for Ebola-affected countries

Author: Africa Global Funds | Date: 2014-12-17

The Executive Secretary of the Economic Commission for Africa, Carlos Lopes has called on the international community to consider debt cancellation for Ebola-affected countries as this would create the right conditions for recovery in their post-crisis phase.

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DRs expected to rise in Africa

Author: Africa Global Funds | Date: 2014-12-16

Africa is a very significant region for the depositary receipts market, according to Anthony Moro, Head of EMEA at BNY Mellon's Depositary Receipts business.

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EGX works hard to list new companies

Author: Africa Global Funds | Date: 2014-12-15

The Egyptian Exchange (EGX) has continued its efforts to attract new companies to list on the Egyptian main market or in NILEX market for small and medium companies.

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MMI to acquire Imara S.P. Reid for $10.28m

Author: Africa Global Funds | Date: 2014-12-15

Imara Holdings has announced the planned sale of one of its subsidiaries, the stockbroker Imara S.P. Reid (ISPR), to MMI Strategic Investments (MMI) for a maximum of R120m ($10.28m).

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AIFMD fuels strong growth in European domiciles

Author: Africa Global Funds | Date: 2014-12-12

The introduction of the AIFMD has increased the attractiveness of European onshore domiciles for non-EU managers, according to a report published by the Association of the Luxembourg Fund Industry (ALFI), carried out by Oliver Wyman.

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Kenya’s PAAM receives CMA approval for unit trusts

Author: Africa Global Funds | Date: 2014-12-09

Pan Africa Asset Management (PAAM), an investment management arm of the Pan Africa Holdings Group, one of the largest and longest-established financial services groups in Kenya, has received approval by the Capital Markets Authority (CMA) to register the Pan Africa Unit Trust Scheme as a collective investment scheme.

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Castlepines to invest in Tunisia Economic City

Author: Africa Global Funds | Date: 2014-11-23

Castlepines Global Equity, an international equity fund that invests its own and partner equity in major infrastructure assets for secure, long-term yields, will be the leading investor in Tunisia Economic City.

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STANLIB acquires SIMS Ghana

Author: Africa Global Funds | Date: 2014-11-10

STANLIB, and its holding company, Liberty Holdings, have acquired 100% shareholding in Stanbic Investment Management Services (SIMS) Ghana.

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ECA welcomes the rebasing of the Kenyan economy

Author: Africa Global Funds | Date: 2014-10-10

In the wake of the recent rebasing of estimates of gross domestic product (GDP) by Ghana and Nigeria, Kenya is now the latest African country to rebase its national accounts data.

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Barclays Africa expands ETF offering in Mauritius

Author: Africa Global Funds | Date: 2014-10-09

Barclays Africa has expanded its exchange traded fund (ETF) offering in Mauritius with the listing of its eRAFI Overall SA Index ETF (eRAFI Overall SA ETF) on the Stock Exchange of Mauritius (SEM).

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Regulations in SA impact on stakeholders

Author: Africa Global Funds | Date: 2014-09-30

Regulation has impacted how each and every stakeholder in the financial services industry conducts business, most notably how one stakeholder interacts with another.

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SA issues $500m sukuk

Author: Africa Global Funds | Date: 2014-09-22

The National Treasury of South Africa has issued debut $500m Islamic bond in the international capital markets.

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Kenya capital markets to introduce international certification standards

Author: Africa Global Funds | Date: 2014-09-08

As part of its drive to enhance the positioning of Kenya as a premier investment destination, the Capital Markets Authority (CMA) has signed a memorandum of understanding (MOU) with the Chartered Institute for Securities & Investment (CISI) for the introduction of international certification standards in the capital markets industry.

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Finding the news behind the news has always been the challenge, but Anna and her team always seem to pull it off. The AGF website, e-newsletter and monthly magazine are read by the whole Phatisa team; well-written, African private equity news not found elsewhere. We are proud to be affiliated with such a young, ambitious and driven media team and wish them only the best.

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We find AGF a very useful publication, especially covering, as it does, all asset classes in Africa (as, uniquely, does Investec Asset Management). The public funds data and macro stats are very useful, while the articles and interviews are insightful and often cover (in relative terms) neglected markets and asset classes.

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Harith: Financiers and developers of infrastructure projects

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