African equity funds enjoy record inflows

Thu Sep 9, 2010 9:13am GMT

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* Near perfect year for Africa equity fund inflows

* 2010 set to smash Africa investment records

By Ed Cropley, African Investment Correspondent

JOHANNESBURG, Sept 9 (Reuters) - African equity funds have attracted net new cash in 51 of the last year's 52 weeks, EPFR Global said on Thursday, underscoring the evolution of the continent's frontier markets as a serious investment play.

According to the Washington-based fund tracker, a net $660 million flowed into African regional funds over the last 12 months -- not vast sums on the global scale but far more than Africa has ever attracted in the past.

"Through the seven months of this year, the flows into Africa regional funds are already pretty close to four times the previous best year, which was 2007," EPFR global markets analyst Cameron Brandt told Reuters.

The one blip marring what would have been a clear run of 52 weeks of positive net inflows came in mid-July and only amounted to $750,000 of withdrawals.

"The sustained levels of flows have been pretty compelling and impressive because there have certainly been some bumps in the road this year," Brandt said. Continued...

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