Investec to consolidate Africa range
Investec Asset Management is set to wind up three of its African equity funds.
The group said after a review of client demand and efficiencies of scale, it has decided to merge the Luxembourg-domiciled $31.9m (£19.6m) GSF Africa & Middle East and $18.9m GSF Middle East & North Africa funds into the larger Luxembourg-domiciled $81.6m GSF Investec Africa Opportunities fund.
As such, the UK-domiciled £14.4m Investec Africa Middle East fund will be wound up, with investors able to maintain their exposure to Africa through the Africa Opportunities vehicle.
Founded in South Africa, the company has more than 50 per cent of its total $99.4m assets under management invested on the continent.