February 3, 2011 / 8:59 AM / 9 years ago

Duet Group to launch African Equity Fund

NAIROBI, Feb 3 (Reuters) - London-based asset manager Duet Group and Africa’s biggest bank by assets Standard Bank (SBKJ.J) plan to launch a quoted $100 million fund for African equities in March, the two firms said on Thursday.

Duet is acting as fund manager and Standard Bank 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 sounder economic management.

“The fund 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 capitalisation above $250 million that meet minimum trading liquidity requirements,” they said.

Duet Group runs two Africa-focused funds targeting the banking, telecommunications, consumer goods and construction sectors.

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. [ID:nLDE69D1W8] (Reporting by Helen Nyambura-Mwaura; Editing by Richard Lough and Dan Lalor)

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