adminTHE Old Mutual Group recently outlined plans to grow its presence in West Africa, particularly in Nigeria.
Already they have transferred Zimbabwe’s Zom Chizura to head up the Nigeria unit.
Mr Chizura started work in the West African country in October.
CABS chief executive Kevin Terry will also be moving to Kenya.
Said to be the largest private sector investor in Africa, the company has embarked on a capital-raising programme to increase its investment in sustainable projects on the continent by a further $1-billion over the next two years.
The company, which has more than $5,1 billion in Pan African investment beyond South Africa, is already well established in Southern and East Africa.
This comes after the Old Mutual Plc chief executive Julien Roberts, who was recently in Zimbabwe, said that the country unit will mainly be used as a skills hub.
Mr Roberts said that the skills base was testament to what the business means in the past and what it means in the future “that people are essential to its expansion.”
He said the objective of the group was to be known as the financial services champion. And this would be pushed through growth of an African-based emerging markets business.
“Every time we look to find out where we get the skill we will use to grow the business; we look towards the great resource that this country holds.”
Mr Roberts said the group wants to build an African-based emerging markets business.
“We will anchor the growth in Ghana, Nigeria and Kenya with an ambition to move out more into East Africa and then grow the rest of the countries from there.”
However, the new tranche of investments will see it increasing its presence in West Africa, with Nigeria the focal point.
Old Mutual Investment Group’s Director of Investment, Mr Hywel George, said the company is set to capitalise on its unique advantage as a market leader on the continent and will continue to implement strategies in line with the projected future impact of Africa’s growing economies on investment returns.
Mr George said the investment focus is largely directed at sustainable projects around key development themes which also go beyond listed equity.
These include alternative investment and fixed interest arenas such as low carbon energy, education, affordable housing, infrastructure real estate, agriculture and unlisted debt, diversified across countries, asset types, managers, and economic/inflation cycles.
“Over the past few years we have made a meaningful impact in the region by committing investment funding of around $500m across this broad array of investments,” said Mr George.
By investing in schools, housing and infrastructure, we are not only supporting the development of the continent and making a lasting, positive impact on the social landscape, but also ensuring sustainable returns for investors.
“While private equity investments on the continent remain long term and illiquid, they are giving us net real returns of 2 percent to 3 percent above listed assets.” — Financial emails.
Online Reporter