Business
Russia’s Renaissance Group: Now is the time to Invest in Africa
(Reuters) – Investors should forget China and park their money in sub-Saharan Africa if they wish to benefit from the growth in emerging markets, the chief investment officer at Russia’s Renaissance Asset Managers said on Friday.
“Africa reminds me of China back in 1999. If you missed China then, don’t do that now,” Plamen Monovski told Reuters in an interview. “It’s the last place in the world that is due for that rapid change and advancement.”
Africa, once shunned by most investors, is beginning to attract interest from some of the world’s largest banks and corporates.
Singapore commodities firm Olam International Ltd this week announced plans to invest about US$100 million in Nigeria, while Standard Chartered‘s private bank said in October it planned to set up an onshore presence in Kenya.
Investors should turn to Africa where equities are trading at “exceptionally cheap” levels as the continent is benefitting from Chinese demand for natural resources as well as investments by the Asian giant, Monovski said.
Monovski, who joined the fund management arm of Russia’s Renaissance Capital from Blackrock last year, helps manage US$2.5 billion of assets.
