STANLIB, Standard Bank of South Africa's asset management operation, has launched the Standard South Africa Equity fund and the Standard Africa Equity fund.
The fund will also invest in shares of companies not listed on African exchanges but which derive the majority of their turnover and profits from Africa. It will typically invest in a concentrated portfolio of 45-60 shares and is designed to provide investors with long term capital growth, and will be managed by John Mackie, head of Africa investment at STANLIB.
The Standard South Africa Equity fund is managed by Richard Middleton, head of STANLIB’s growth investing franchise. The fund will typically invest in a concentrated portfolio of 40-50 shares and will target returns of 4% above the JSE all share index over rolling two periods.
Minimum investment in the Dublin-domiciled funds is US$50,000 and there is a 5% maximum initial charge and annual fee of 2%, out of which a trail fee can be paid to introducing intermediaries.
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