MOVES-Abu Dhabi's Invest AD hires new manager for Africa fund
DUBAI, March 21 (Reuters) - Invest AD, the Abu Dhabi-owned investment firm, said on Monday it has hired a new fund manager to join its Africa-focused equities fund.
Stephane Bwakira, previously an equities analyst with South African investment bank and asset manager Investec (INLJ.J: Quote), will join the team managing the Invest AD - Emerging Africa Fund. The fund delivered a return of 19.3 percent in 2010, the Invest AD said in a statement.
"We're going to be following actively the flow in fixed capital formation and related sectors -- areas such as the cement sector, infrastructure companies and financial services," Bwakira said in the statement.
Invest AD is owned by Abu Dhabi Investment Council (ADIC), which focuses on countries closer to home and is a separate entity from Abu Dhabi Investment Authority (ADIA), one of the world's largest sovereign wealth funds.
Emerging and frontier equity funds in Africa attracted substantial net inflows in 2010 but the political unrest in the Middle East and North Africa has cast a shadow on investment funds operating in the region. (Reporting by Dinesh Nair, Editing by Amran Abocar)
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