Veteran emerging markets investor Dr Mark Mobius is launching the Templeton Africa Fund - available to UK investors from May 2012, subject to FSA registration.
The new Templeton Africa Fund will seek long-term capital growth by investing in equity securities in African countries, or in companies based elsewhere but which have their principal business activities in Africa.
It will be launched as a sub-fund of Franklin Templeton Investments' Luxembourg-registered Sicav range. A Sicav (societe d'investissement a capital variable) is a European open-ended fund structure
Dr Mobius will be supported by Templeton's emerging markets team of more than 50 investment professionals. He believes Africa is ideally positioned, not only for the strong growth rates the continent offers, but also for its wealth of natural resources and the impact of a rising emerging middle class.
Dr Mobius said: "Africa is expected to grow more than 7 per cent annually in the next 20 years, due to an improving investment environment, better economic management and developed as well as emerging markets rising demand for the continent's resources, all of which offers a compelling proposition to global investors."
See our big theme: The scramble for Africa