CAPE TOWN (Reuters) - Investec Asset Management aims to more than triple its assets under management in Africa outside of South Africa to $10 billion over the next five years, a senior executive told Reuters on Monday.
The firm is targeting companies in frontier markets such as Kenya and Nigeria that benefit from rising consumer demand. It also expects a wave of privatisation across the continent to help spur investment, said John Green, Investec Director of Global Business Development said.
Investec Asset Management, the fund arm of South African bank Investec has $30 billion in assets under management across the continent, with $3 billion of that outside of South Africa.
"In three to five years, that could be $10 billion," Green said in an interview on the sidelines of the Fortune Global Forum in Cape Town.
"For the last six years we have been on an active campaign to bring people with capital to the continent... It's about investment, not aid. Aid is not creating a sustainable economic benefit".
