South African investment fund managers are moving fast to meet investor demand for offshore diversification, according to Guernsey Finance.
Markets & Industry News
The African Power Platform (APP) has been launched as a new initiative to connect Governmental and Private Stakeholders of the African power sector by creating a network where they can connect with ease.
Investec Asset Management has strengthened its strategic partnership with the China-Africa Development Fund (CADFund), the Chinese government’s main platform for facilitating Chinese investment in Africa with AUM of around $10bn.
Mergence Investment Managers, a majority black-owned asset manager with offices in Cape Town, Johannesburg and Windhoek has announced the opening of a newly licensed subsidiary in Maseru, Lesotho.
Zimbabwean stocks are expensive for new money investment, Hasnain Malik - Managing Director, Frontier Markets Equity Strategy at Exotix, has said.
Despite improved economic growth and better fundamentals, African Eurobonds have been hit hard in 2018, with at present 48% of African credits trading with yields over 7%, according to Renaissance Capital.
Several African countries have reported a rise in their GDP despite fears over increased debt according to ICAEW's (the Institute of Chartered Accountants in England and Wales) latest report.
Barclays Africa Group shareholders have approved that the group changes its name to Absa Group in July, setting in motion the start of one of the largest re-brand projects in Africa at this time.
Zambia’s US Dollar-denominated bonds continue to weaken, as the government has still not clarified the debt situation or its fiscal and borrowing plans, according to Exotix Capital.
The South African hedge fund industry ended 2017 with assets under management of R62.4bn, a decline of R5bn from the R67.4bn managed at the end of 2016.
The Angolan government has raised $3bn in its second Eurobond issue in international markets with demand from 500 investors based in the US, Europe and Asia reaching nearly $9bn.
Stellar Capital Partners, a diversified investment holding company listed on the Johannesburg Stock Exchange, has sold the asset management business of Cadiz to Warwick.
Latest data from the end-March 2018 Quarterly Collective Investment Schemes Performance Survey, shows that, on average, 80% or more of general equity unit trusts and other collective investment schemes (ETFs) in South Africa, fail to produce total investment returns above the FTSE/JSE All Share Index.
4 Africa Exchange (4AX) has announced the acquisition of RainFin’s corporate debt marketplace in exchange for a strategic shareholding in 4AX. Fay Mukaddam, 4AX CEO, says: “It is a long-standing fact that the debt market is inadequately serviced, a problem that it is not isolated to South Africa.”