UK-based Threadneedle Investments has formed a deal with South African asset manager Stanlib to refer clients to each others' funds.
Johannesburg-based Stanlib, formed from the merger in 2002 of Standard Bank Asset Management and Liberty Asset Management, manages more than €34 billion in a number of Africa-focused vehicles, including its Africa ex South Africa Equity fund.
“Collectively, Africa’s economy is around $2 trillion and is expected to reach $2.6 trillion by 2020,” says Dylan Evans, head of international business development, Stanlib. “The continent counts some of the world’s fastest growing economies. Yet, very few of the largest 200 pension funds in the UK and Europe are known to have any dedicated exposure to Africa.”
The agreement builds on a deal signed in 2012, when Stanlib gave $800 million (€580 million) in global and emerging market equity and global balance portfolios to Threadneedle to manage.
As well as giving Threadneedle clients access to African investment funds, Threadneedle hopes to attract money from African investors who are customers of Stanlib.
Threadneedle manages £89 billion (€107 billion) across a number of asset classes.
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