Excerpts from a China news report: Some hedge funds are turning to resource-rich sub-Saharan Africa for investment, a fact reflecting an upward trend in some of the region's economies and the growth of hedge funds and their search for new frontiers, The Wall Street Journal reported on Friday.
Citigroup is now trading securities from countries such as Kenya, Botswana, Tanzania, Uganda and Ghana for its clients. Within a few years, it has gone from trading in only two countries in sub-Saharan Africa to 12.
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Standard Bank (aka Stanbic) is seeking mid-size retail banks in Kenya, Nigeria, Ghana and Angola, in addition to invest heavily in its own operations in Kenya to grow at 25 percent a year,
Stanbic is Kenya's 12th largest bank and its assets grew by 36% in the half year.