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The fund is open-ended, daily traded and will be managed by its Frontier investment team, comprising Amr Seif (formerly portfolio manager for EMEA Funds at JP Morgan) and Roelof Horne, portfolio manager of the Africa and Pan-Africa funds.

The fund will target an international client base and will invest across the entire African continent spanning a universe of around 25 countries and a market capitalisation of $1.5 trillion.

Commenting on the investment opportunities in Africa, Horne said: "Doing business in Africa is tough, but the rewards are fast-growing revenues and high margins. Political, economic, social and infrastructure development in Africa lags the rest of the world.

"The best kept secret about Africa is the widespread, rapid and sustained improvement on all fronts - leading to excellent investment opportunities."

Investec Asset Management has been running African assets for over 16 years with combined assets of over $30bn under management invested in the region as of 31 March, 2008.