Franklin Templeton is launching an Africa fund for veteran investor Mark Mobius, making it the latest fund group to test investor appetite for the world's second-largest continent.
The Templeton Africa fund, scheduled for launch next month, will invest in African equities or companies which have their principal businesses in Africa. Mobius will be lead manager on the fund, with support from Franklin Templeton's 50-strong emerging markets team. In another sign fund groups are once again seeing long-term potential on the continent, J. P. Morgan has reopened its $377m Africa Equity fund. The fund soft-closed in 2010 but the team is now comfortable it can offer new capacity while investing on a sustainable basis. African equities fell sharply last year, with the ...
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