Duet Group (“Duet”), the global alternative asset manager, and Standard Bank, Africa’s largest bank assets are pleased to announce their intention to launch Duet Africa Index PLC.
The “Fund” is a closed-ended one to be listed on the Main Market of the London Stock Exchange (“the LSE”), expected to be of a minimum size of US$100 million.
The said 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 capitalization above US$250 million that meet the trading liquidity requirements (the index).
The Fund Manager has the discretion to exclude any company from the Index which he feels is suffering from, inter alia and financial problems.
The Index is a customized market capitalization weighed index developed by Dr. Ayo Salami of Duet and reviewed by Standard Bank. The fund is expected to formally launch in March 2011.
Duet shall act as a fund manager and Standard Bank as market maker for the fund in accordance with the rules of the LSE. Smith & Williamson Corporate Finance Limited will act as Sponsor and JP Morgan as Fund Custodian and Administrator.
Duet is a global alternative asset manager founded in 2002 with over US$2.4 billion of equity under management as of January 1, 2011 across its Hedge Funds and Real EstateInfrastructural investments.
The group employs 73 professionals in London, New York, Tokyo, Singapore, New Delhi, Dubai and Istanbul.
Standard Bank is a leading African banking group focused on emerging markets globally which spans 17 countries across the African continent and 15 countries outside Africa.
Standard Bank Plc in London is the bank’s principal international subsidiary authorized and regulated by the Financial Services Authority and a member of the London Stock Exchange.
Standard Bank group assets stood at US$173 billion and market capitalization at US$21 billion on 30th June 2010. Standard Bank employs more than 52,000 people worldwide.
STORY: EMELIA N. A. ARYEE