Frontier funds are currently very underweight with just 1.8% in Morocco, but may increase their exposure when its weight in the MSCI Frontier Index increases, according to Renaissance Capital.
Markets & Industry News
The Infrastructure Consortium for Africa (ICA) has announced a 24% leap in infrastructure financing in Africa in 2018, surpassing $100bn for the first time.
The demerger and independent listing of Investec Asset Management (IAM) remains on track for Q1 2020, subject to Investec Group shareholder approvals.
The African Development Bank has approved the conversion of the Bank-administered multi-donor trust fund SEFA into a “special fund”, to amplify its development impact by allowing it to access a wider range of financial instruments beyond the current scope of technical assistance.
Delta Property Fund, a specialist black-managed and substantially black-owned REIT with a significant sovereign underpin, has reported results for the six months ended August 31, 2019 reflecting continued headwinds facing the macro-economy and the commercial office sector.
Black-owned asset management firms are introducing product offerings that cater towards increased interest from institutional investors towards real assets such as infrastructure and private equity, according to Fatima Vawda, 27four Investment Managers Managing Director.
Kenya's Capital Markets Authority (CMA) has approved the issuance of the first unlisted green bond, to be issued by Acorn Project (Two) following the launch of the Policy Guidance Note on Green Bonds in February 2019.
MERJ Exchange, formerly Trop-X, has announced the first-ever official listing of a tokenized security on a fully compliant and regulated national stock exchange.
CrossBoundary Energy Access (CBEA), Africa’s first project financing facility for mini-grids, has announced its first transaction of $5.5m to finance 60 mini-grids in Tanzania.
The African currencies that saw sharp corrections in recent years, such as the Nigerian naira (NGN) and Egyptian pound (EGP) will become incrementally overvalued, according to Renaissance Capital.
Following the release of inflation data in May, the South African Reserve Bank indicated that there is room for interest rate cuts as the inflation rate circles 4.5%.
Capital raised by African issuers declined by 28% year on year to $341m in the first half of 2019 (H1 2019), compared with $472m in H1 2018, according to Baker McKenzie.
Cytonn Asset Managers (CAM), the regulated affiliate of Cytonn Investments, has received two licenses from the Retirement Benefits Authority (RBA) for the Cytonn Personal Retirement Benefits Scheme and the Cytonn Income Drawdown Fund.
Emerging Markets Investment Management, the liquid emerging markets focused investment arm of Duet Group, has been appointed as sub-investment manager of the HI EMIM Africa Fund.