As West Africa has become an increasingly attractive investment destination, the importance of a capable infrastructure financial modelling service cannot be understated, Pramodh Debipersad, Project Finance Director for Mazars, has said.
Investments in green energy infrastructure can bolster Africa's economic development, according to Juliette Biao Koudenoukpo, Director and Regional Representative of the Africa Office for the UN Environment Programme.
Namibia Mortgage Acceptance Corporation (Namibia MAC), a subsidiary of Africa Growth Corporation seeks to raise $250m to accelerate the privately funded affordable housing mortgage market in sub-Saharan Africa.
Growthpoint Investec African Properties, a property investment holding company led by Investec Asset Management and Growthpoint Properties, is looking to deploy capital in the near future, according to Managing Director, Thomas Reilly.
Shortages of hard currency in Africa’s rapidly growing real estate sector remain a real and persistent operational challenge, according to Gerhard Zeelie, Head, Real Estate Finance, Africa regions for Standard Bank.
TriLinc Global Impact Fund has funded an excess of $500m in total aggregate investments since inception, across 20 countries and 38 sectors through its global network of institutional-class sub-advisors.
Rand Merchant Bank (RMB), a division of FirstRand Bank, has listed a new product on the Johannesburg Stock Exchange (JSE), which will enable companies and individuals to hold unlimited quantities of cash in US dollars.
For the first time since December 2009, South African value stocks have pulled ahead of growth stocks when measured over a one-year period, according to Andrew Dittberner, CIO at Cannon Asset Managers.
For portfolio investors, the opportunities are gradually emerging in Tanzania, East Africa’s fastest-growing nation, according to Stuart Theobald, Chairman of Intellidex and Imara Africa Advisors Contributing Analyst.
The size of the local currency debt market is skewed towards Nigeria and Egypt, but many smaller markets are readily accessible to foreign investors, according to Nick Ndiritu, Portfolio Manager at Allan Gray.
Despite a local election outcome widely accepted to be progressive for the country, consumer and business confidence in South Africa remains deeply depressed, according to Old Mutual Investment Group (OMIG).
The Central Bank of Egypt (CBE) has moved its exchange rate regime to a managed float, setting the Egyptian pound to E£13/$ and annoucning its intention to allow the exchange rate to converge to a market price at the upcoming auction.
The Bourse Régionale des Valeurs Mobilières (BRVM) has become the first stock market for Islamic Finance in Africa with five sukuk listings issued by Côte d'Ivoire, Senegal and Togo, amounting to 766bn FCFA ($1.3bn).
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.
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).
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.
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.
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.
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.
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.
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.
African commercial property funds are increasingly running into US dollar-driven volatility and liquidity challenges as local currency earnings devalue against US dollar-denominated debt, according to Standard Bank.
Zambia offers a strong policy environment for investors with no exchange control, no capital gains tax and a fairly good legal system protecting property rights, according to Stuart Theobald, Chairman of Intellidex and Imara Contributing Analyst.
The Channel Islands Securities Exchange (CISE) has recently seen more enquiries about Islamic finance products from Africa-based asset managers and is taking steps to capitalize on the renewed interest.
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.
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.
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.
IFC, a member of the World Bank Group, and the Ghana Stock Exchange (GSE) have partnered to promote the adoption of sound business practices within the capital market to support business expansion and boost economic growth.
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.
South African local collective investment schemes (CIS) have attracted healthy net inflows of R26bn in the first quarter of this year, despite prevailing economic and political uncertainty dowsing investor confidence.
Given the scale, complexity and fragmented nature of the African continent, making well-informed choices about which markets to enter when and via which mode will be more critical than ever, according to Michael Lalor, EY’s Lead Partner Africa Business Centre.
TriLinc Global Impact Fund has approved an additional $15m in trade finance facilities to companies operating in Sub-Saharan Africa, bringing total financing commitments as of April 30, 2016 to $153.5m.
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.
Barclays PLC has sold shares equivalent to a 12.2% stake in South Africa-based Barclays Africa Group, to a number of institutional investors including the Public Investment Corporation, Africa's largest fund manager.
With lots of discussions around potential downgrade in South Africa, many investors have doubts whether Banks should be included in portfolios, according to Alwyn van der Merwe, Director of Investments, Sanlam Private Wealth.
Quantum Global Group, an investment firm focusing on Africa, has announced expansion plans across Africa and the new representative office in Dubai to serve as a gateway for regional investors into Africa.
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.
Ethiopia may be the second-largest economy in the world after Angola without a stock exchange and there are no plans for one in the coming five years, Charlie Robertson, Global Chief Economist at Renaissance Capital has said.
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.
MSCI is considering removing Nigeria from the MSCI Frontier Markets Index given restrictions on currency trading and the resulting deterioration of FX liquidity impacting investors’ ability to repatriate capital.
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).
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.
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.
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.
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.
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.
Renaissance Capital, an investment bank focused on emerging markets, favors Morocco from an equity strategy perspective, particularly against more challenged markets elsewhere in Africa for Africa funds.
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.
Botswana remains the continent’s least corrupt country, improving its ranking by three positions to reach 28th place, according to the 2015 Corruption Perceptions Index (CPI) by Transparency International.
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.
South African government bonds denominated in US dollars currently yield 2.8% more than US Treasury bonds to compensate investors for well-known South Africa specific risks, according to Mark Dunley-Owen of Allan Gray.
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.
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.
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.
Dual currency funding structures can bring stability and robustness to real estate deals in sub-Saharan Africa, according to Adeniyi Adeleye, Head of Real Estate Finance for West Africa at Stanbic IBTC.
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).
South African active asset managers should be changing their asset allocation calls to offer a measure of protection against market volatility, according to Rob Spanjaard, Director at Rezco Asset Management.
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.
S&P Dow Jones Indices has launched the Dow Jones Sustainability South Africa Composite Diversified Index, which is part of the Dow Jones Sustainability Diversified family of indices (DJSI Diversified).
There is significant investor appetite and liquid funds available for international equity investment in Sub-Saharan Africa, according to Judith Tyson, research fellow at the Overseas Development Institute.
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.
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.
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.
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.
With the continued weakening of the South African Rand, offshore allocations should be the foundation of any investment strategy for South African investors, according to Windall Bekker, Senior Vice President of PineBridge Investments.
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.
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.
Discussions are currently underway between market participants in Nigeria, Kenya and South Africa to launch the cross listing of Exchange Traded Funds (ETFs), a move afoot that will lead to improved liquidity on Africa’s exchanges.
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.
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.
Traditional asset management, particularly the mutual fund industry, will grow at a compound annual growth rate (CAGR) of nearly 9.6% in 12 markets across Africa by 2020, according to a research from PwC.
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.
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.
Allan Gray’s Africa ex-SA Equity Fund has generated negative returns for the last quarter, however the asset manager believes that the fund’s largest holdings Econet Wireless, Umeme and Zimplats offer attractive buying opportunities.
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.
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.
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.
South African hedge funds are at risk of regulatory and enforcement action if they do not register as a collective investment scheme in accordance with new legislation, the Financial Services Board (FSB) has warned.
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.
The majority of South African equity funds invested in both the domestic and international markets lagged their respective benchmarks over a one-year period, according to the S&P Dow Jones Indices’ SPIVA South Africa Scorecard.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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).
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.
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.
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.
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.
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.
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.
The value of announced M&A transactions involving Sub-Saharan African targets reached $5.7bn during the first quarter of 2015, almost double the value recorded during the same period in 2014 ($2.9bn), according to Thomson Reuters's quarterly investment banking analysis for the SSA region.
Large volumes of good quality commercial and residential property are needed to support the continuing African growth story, according to Matthew Colbourne, associate, international research at Knight Frank.
Standard Bank Private Clients will be renamed ‘Wealth and Investment’ to reflect its commitment to adapting its service offering to the evolving needs of its customers as well as to align to global standards for high net worth wealth management.
Global megatrends, such as rapid urbanisation and demographic changes, will drive growth opportunities in the real estate industry across the African continent over the next five years, according to PwC.
North African cities of Cairo, Tunis, Algiers and Casablanca are believed to be among the most dynamic and future focused on the continent, according to the PwC’s first edition of the ‘Into Africa – the continent’s cities of opportunity’ report.
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.
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.
Low oil prices, downward pressure on the Nigerian naira, and the delayed presidential election - all raise credit risk and reduce growth opportunities for the country's banks, according to Standard & Poor's Ratings Services.
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.
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.
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.
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).
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.
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.
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.
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.
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.
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.
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.
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.
PIMCO has amended and restated its non-fundamental policy for ten closed-end funds with respect to investments in securities and instruments economically tied to emerging market countries including South Africa.
Africa has the opportunity to quadruple living standards by 2040, but to do so it will need to find $11.4trln in extra investment over that period, according to the Capital Economics’s report commissioned by Jersey Finance.
Increased Internet access will generate more consumer spend than any other media product or service in the next five years in the South African entertainment and media industry, according to a report issued by PwC.
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.
I find AGF’s content to be well-written, interesting and highly informative. AGF is able to attract leading figures in the African fund market for exclusive insights and opinion articles that are difficult to find elsewhere.
Joe Greenwell Business Development Director - Augentius
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.
Stuart Bradley Joint Managing Partner - Phatisa
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.
Nick Tims Managing Director
I have found the AGF monthly magazine very informative and always containing some interesting research on the Private Equity industry not found elsewhere.