New Africa multi-manager fund to invest for income

African tribal masksMomentum Global Investment Management has launched a multi-manager fund investing in Africa's fixed income markets.

Aimed at institutional investors, the Africa Fixed Income Fund is managed by David Lashbrook, head of Africa investment strategies at Momentum Global Investment Management.

“Running the fund on a multi-manager basis enables us to benefit from local market specialists and actively manage risk,” Lashbrook says.

He will manage the fund using a range of complimentary underlying investment specialists based in the UK and across Africa.

Lashbrook says until recently, African fixed income markets north of the Limpopo, South Africa’s northernmost region, have typically been extremely small and generally of short duration.

Issues were usually “swallowed up” by local pension funds and insurance companies, which bought and “locked them away until maturity”, he says. “This is changing,” he adds.

Momentum Global Investment Management is a wholly owned subsidiary of South Africa-based financial services group MMI Holdings.

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