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- Duet Group, Standard Bank Partner, Launch N15bn Equity Fund
Duet Group, Standard Bank Partner, Launch N15bn Equity Fund
- By Business World
- Published February 7th, 2011
- MoneyWorld
- Unrated
THE Duet Group, a London-based asset manager and Standard Bank, Africa’s biggest bank have partnered to launch N15 billion fund for African equities in March.
As part of the deal, Duet is acting as fund manager while Standard Bank acts as market maker for the fund that will be listed in London. Private equity firms are setting up shop in Africa, attracted by a growing urban population and expanding middle class as well improving governance, political stability and sound economic management.
The fund, the two parties said, will seek to replicate a proprietary benchmark index composed of companies listed on the stock exchanges in sub-Saharan African countries, excluding South Africa, with a market capitalization above $250 million that meet minimum trading liquidity requirements.
Duet Group runs two Africa-focused funds targeting the banking, telecommunications, consumer goods and construction sectors.
It was gathered that Nigeria makes up the largest weighting in the funds and the group is interested in Ghana and Uganda, both of which will soon become oil producers.
As part of the deal, Duet is acting as fund manager while Standard Bank acts as market maker for the fund that will be listed in London. Private equity firms are setting up shop in Africa, attracted by a growing urban population and expanding middle class as well improving governance, political stability and sound economic management.
The fund, the two parties said, will seek to replicate a proprietary benchmark index composed of companies listed on the stock exchanges in sub-Saharan African countries, excluding South Africa, with a market capitalization above $250 million that meet minimum trading liquidity requirements.
Duet Group runs two Africa-focused funds targeting the banking, telecommunications, consumer goods and construction sectors.
It was gathered that Nigeria makes up the largest weighting in the funds and the group is interested in Ghana and Uganda, both of which will soon become oil producers.
