Event Program
08.00 Coffee & Registration
08.45 Chairman’s Welcoming Address
09.00 Macro Outlook: Tough decisions for your company’s economic future
Mr Daniel Broby, Chief Investment Officer, Silk Invest (UK)
Benefits for delegates will include:
•Current thinking and wisdom on issues that are essential for the effectiveness of the finance executives the businesses they drive.
•Learning strategies to help them build their businesses despite the challenging financial environment
•Gain a unique insight into the thinking of fellow financial management professionals during the interactive panel sessions
•Network and exchange ideas with their peers, discovering new angles to address their most pressing issues.
10:15 Challenges and opportunities for Today’s CFOs
Mr Nigel Chanakira, President and Founder of Kingdom Financial Holdings
11:00 Midmorning teas and Sandwiches
11.45 The Zimbabwe Economy- Past, Present and Future
Mr H W Mungoshi,Chief Economist, ZESA
13.00 Networking Lunch
14.15 The FD’s role in attracting new business and revenue streams
Discussion Group
•An interactive discussion group looking at the following areas:
•How can the FD directly through his own personal efforts attract new business?
•How can the FD help others to attract new business? How can we best add value in each of the Marketing P’s (Product, Price, Place, Promotion, People, Process, Physical evidence)?
•What are we good at that helps attracts new business? And what do we FD’s have a tendency to do – and need to watch out for – which goes against this aim?
•How can we best use target setting and design of the company compensation systems to attract new business? Is it true, what gets measured by us gets done?
•Would it help if we could be more entrepreneurial…should we be? How do we best get any concerns we have in an opportunity without being seen as a blocking mechanism on all things new?
•Does our desire for planning things and our eye for detail act for or against attracting new business?
15.30 Afternoon Teas and Coffees with Biscuits and Scones
16:00 Speaker
17:00 Chairman’s Vote of Thanks
17.15 Speed meets
17:30 Networking drinks reception
Entertainment by Victor Kunonga (Zimbabwe leading Jazz Artist)
The Forum seeks to provide the Chief Finance Officers and Finance Managers in the region an independent strategic debate. The forum speakers and program of plenary sessions will inspire finance executives to focus on opportunities that exist. A range of carefully selected topics will form the thrust of the discussions during the interactive sessions.
The CFO Forum is an event specifically designed to address the increasing needs and demands of the senior finance executive.
With years of economic slowdown, Zimbabwean businesses are subjected to painful boom-and-bust cycles. A prolonged economic surge has left the country with a legacy of stubbornly low productivity growth and a reduced appetite for professional excellence.
Zimbabwean financial executives are facing the inevitable challenges of sharper competition, low productivity and financing constrains? What can financial managers do to avoid the complacency trap and help steer their businesses in the right direction? Join many other CFOs and national and international speakers as we address the growth agenda, identify what successful businesses have done to reposition for sustainable growth, and fast-forward into the future to look at the key trends that will shape corporate Zimbabwe.
Saturday, 14 May 2011
Tuesday, 26 April 2011
IMF on global imbalances..
The IMF has issued the following observation “The pre-crisis pattern of global imbalances is re-emerging. Growth in economies with large external deficits, like the US, is still being driven by domestic demand. And growth in economies with large external surpluses, like China and Germany, is still being powered by exports. As tensions between countries increase, we could see rising protectionism – of trade and of finance. And as tensions within countries increase, we could see rising social and political instability within nations – even war."
Friday, 14 January 2011
Frontier markets are the place to be in 2011
Whilst most asset allocators are making cautious predictions for 2011, some are calling for increased allocation to those emerging markets left behind by the BRIC euphoria. In particular, new emerging markets, or frontier markets, are fast becoming an investment theme in their own right.
Frontier markets represent some 4% of global GDP, around $2.5 trillion when combined. These off benchmark emerging markets are typically nascent economies that are just starting on the process of industrialisation. According to Daniel Broby, Chief Investment Officer of Silk Invest, this means that they will enjoy above average growth for the next 5 – 15 years if they get their act together.
A number of frontier markets have either new or established stock exchanges and the investment universe is far larger than most imagine. Indeed, only last week saw the launch of a new stock exchange in Laos. Countries like Iraq, Lebanon and Zimbabwe have sustained their exchanges throughout a decade of troubles. Thanks to greater use of technology, global investors can get access to such markets and benefit from the mispriced risk.
Although the immediate opportunity is in the public markets; private equity, fixed income, and property all offer attractive returns. A number of new funds have been launched to capitalise on this theme including the Silk Road Frontier Fund, the BlackRock Frontiers investment trust and Schroder ISF Frontier Markets Equity.
The frontier markets are particularly attractive to long horizon institutional investors. That said, these are markets where stock picking and local presence is a pre-requisite. Investors should look to have an overweight exposure and not market time. Investment risks include illiquidity and political surprise, but the returns of a expected returns of a diversified portfolio far out way these in the long run.
Frontier markets represent some 4% of global GDP, around $2.5 trillion when combined. These off benchmark emerging markets are typically nascent economies that are just starting on the process of industrialisation. According to Daniel Broby, Chief Investment Officer of Silk Invest, this means that they will enjoy above average growth for the next 5 – 15 years if they get their act together.
A number of frontier markets have either new or established stock exchanges and the investment universe is far larger than most imagine. Indeed, only last week saw the launch of a new stock exchange in Laos. Countries like Iraq, Lebanon and Zimbabwe have sustained their exchanges throughout a decade of troubles. Thanks to greater use of technology, global investors can get access to such markets and benefit from the mispriced risk.
Although the immediate opportunity is in the public markets; private equity, fixed income, and property all offer attractive returns. A number of new funds have been launched to capitalise on this theme including the Silk Road Frontier Fund, the BlackRock Frontiers investment trust and Schroder ISF Frontier Markets Equity.
The frontier markets are particularly attractive to long horizon institutional investors. That said, these are markets where stock picking and local presence is a pre-requisite. Investors should look to have an overweight exposure and not market time. Investment risks include illiquidity and political surprise, but the returns of a expected returns of a diversified portfolio far out way these in the long run.
Thursday, 13 January 2011
Frontier markets webcast
IPE Webcast Series Presents: A Unique Opportunity in Frontier Markets (Silk Invest Limited)
Date:
Tuesday, January 25, 2011
Time:
14:00 UK Time, 9 am EST
Presentation by:
Zin Bekkali
Daniel Broby
Baldwin Berges
Interviewer:
Brendan Maton
Register for this event.Frontier markets have shown remarkable resilience during the recent global economic downturn and have in line with their emerging markets peers sustained their long term convergence trend. African, Arab and Asian frontier countries are increasingly able to strengthen their competitive advantages and carve out a place in the global economy.
The case for frontier markets is however not well understood and many of these markets are selling today at significant valuations discounts in comparison with the rest of the world. This is evident across asset classes and can be showcased when looking at dividend yields which are typically twice the global average or interest rate spreads which are still pricing in a very high risk premium.
This paradox of above average growth and valuation discounts, represents a unique window of opportunity for investors to start looking at these markets. The capital markets in frontier markets are relatively young but are relevant for investors. Their combined market capitalization is bigger than many of the favourite emerging markets and the fixed income universe has reached critical size.
Silk Invest is built around the conviction that the world is turning upside down and that investors should add frontier markets to their portfolios. Silk Invest will host this webcast to share its views on the markets and showcase its approach to get access to the best investment opportunities.
The webcast will allow you to take a closer look at frontier markets and obtain a better understanding of the realities and the fundamental drivers of these fast-growing economies that are increasingly opening up to global investors.
During the webcast, Silk Invest will provide insights and perspectives on:
• The macro case for investing in frontier markets with a special focus on Africa, the Middle East and Central Asia
• The development of capital markets and accessibility of the frontier countries
• Investment opportunities in equities, fixed income and private equity
• The appropriate investment approach for frontier markets and how investors can capture the benefits of this high economic growth
Date:
Tuesday, January 25, 2011
Time:
14:00 UK Time, 9 am EST
Presentation by:
Zin Bekkali
Daniel Broby
Baldwin Berges
Interviewer:
Brendan Maton
Register for this event.Frontier markets have shown remarkable resilience during the recent global economic downturn and have in line with their emerging markets peers sustained their long term convergence trend. African, Arab and Asian frontier countries are increasingly able to strengthen their competitive advantages and carve out a place in the global economy.
The case for frontier markets is however not well understood and many of these markets are selling today at significant valuations discounts in comparison with the rest of the world. This is evident across asset classes and can be showcased when looking at dividend yields which are typically twice the global average or interest rate spreads which are still pricing in a very high risk premium.
This paradox of above average growth and valuation discounts, represents a unique window of opportunity for investors to start looking at these markets. The capital markets in frontier markets are relatively young but are relevant for investors. Their combined market capitalization is bigger than many of the favourite emerging markets and the fixed income universe has reached critical size.
Silk Invest is built around the conviction that the world is turning upside down and that investors should add frontier markets to their portfolios. Silk Invest will host this webcast to share its views on the markets and showcase its approach to get access to the best investment opportunities.
The webcast will allow you to take a closer look at frontier markets and obtain a better understanding of the realities and the fundamental drivers of these fast-growing economies that are increasingly opening up to global investors.
During the webcast, Silk Invest will provide insights and perspectives on:
• The macro case for investing in frontier markets with a special focus on Africa, the Middle East and Central Asia
• The development of capital markets and accessibility of the frontier countries
• Investment opportunities in equities, fixed income and private equity
• The appropriate investment approach for frontier markets and how investors can capture the benefits of this high economic growth
Monday, 10 January 2011
Laos stock exchange goes live
Two stocks are listing on the new laos stock exhange that opened this year. Banque Pour Le Commerce Extereiur Lao, or BCEL, and, EDL-Generation Co both offer interesting exposure. More state-controlled businesses could be listed within a few years, and the market could end up with 10 or 15 companies listed.
When Laos is analysed by frontier funds like Silk Invest's "Silk Road Frontiers Fund", it is largely because of its potential as a major exporter of hydropower in an energy-hungry region. Thailand, Vietnam and China are growing power demand rapidly, and Laos, with its network of fast-flowing rivers, is viewed as a "hydropower play".
When Laos is analysed by frontier funds like Silk Invest's "Silk Road Frontiers Fund", it is largely because of its potential as a major exporter of hydropower in an energy-hungry region. Thailand, Vietnam and China are growing power demand rapidly, and Laos, with its network of fast-flowing rivers, is viewed as a "hydropower play".
Tuesday, 4 January 2011
Growing microfinance scandal
The Indian micorofinance scandal is starting to get more international press. In the last six monthe more than 70 people have committed suicide to escape payments or end the agonies their debt has triggered, according to the Society for Elimination of Rural Poverty, an Indian government agency that compiled the data on the microfinance-related deaths from police and press reports.
Thursday, 2 December 2010
African governance
The Mo Ibrahim Foundation is offering a prize of almost €4 million in recognition of contributions to good governance in sub-Saharan Africa. The Mo Ibrahim Prize for Achievement in African Leadership to former African executive Heads of State or Government who have demonstrated exemplary leadership, including delivering security, health,education and economic development to their constituents, and democratically transfer power to their successor. The prize will consist of €3.8 million over 10 years and a further €150,000 a year thereafter, making it
the largest prize in the world.
the largest prize in the world.
Friday, 8 October 2010
Sub-Saharan africa to grow 5.5% in 2011
The International Monetary Fund cut its 2011 growth forecast for Sub-Saharan Africa to 5.5 percent, but the number is still impressive. The IMF had previously estimated growth of 5.9 percent for 2011.Africa’s growth rate is forecast to almost double this year as demand from China and India drive up prices of commodities such as copper and platinum, and exports rebound from last year’s global recession.
Thursday, 7 October 2010
Laos opens stock exchange
Laos, the smallest economy in Southeast Asia, is starting its first stock exchange in early 2011. Landlocked Laos is seeking global investors to help pay for infrastructure projects and create jobs for its 7 million citizens, nearly half of whom are younger than 16. Rio Tinto Group and Electricite de France SA are among companies that have boosted investments in mines and power plants to tap into the nation’s rivers and other natural resources.
Laos’ economy may expand 7.5 percent in 2011 from an estimated 7.4 percent this year and a 5.5 percent pace in 2009, boosted by electricity sales to Thailand and higher prices of copper, gold and silver, the Asian Development Bank said in a report on its website.
Laos’ economy may expand 7.5 percent in 2011 from an estimated 7.4 percent this year and a 5.5 percent pace in 2009, boosted by electricity sales to Thailand and higher prices of copper, gold and silver, the Asian Development Bank said in a report on its website.
Friday, 20 August 2010
2nd Annual Investing in Frontier Markets
Assessing favorable regions and products in a diverse market
16th & 17th September 2010, London, UK
An expert speaker panel which includes:
Daniel Broby, CIO, Silk Invest
Peter Westin, Chief Equity Strategist/Economist, Aton Capital
Raphael Kassin, Head of Emerging Market Debt, Reyl Asset Management
Douglas Bennett, Director, Frontier Market Fund Managers
Clemente Cappello, CIO and Portfolio Manager, Sturgeon Capital
Javier Garcia, Fund Manager, Julius Baer Black Sea Fund, Swiss & Global Asset Management
Ayo Salami, Chief Investment Officer, Duet Asset Management
Frank Senyo Dewotor, Portfolio Manager (Africa), Fulcrum Asset Management
Mohammed Hanif, Chief Investment Officer/CEO, Insparo AM
Slim Feriani, CEO, Advance Emerging Capital
Khaled Abdel Majeed, Managing Partner, MENA Capital
Douglas Clayton, CEO, Leopard Capital
Keith Gubbin, CEO, Africa Asset Management
Chris Derksen, Head of Frontier Markets, Investec Asset Management
Kenneth Spurling, Managing Director / CEO, FDSH Asset Management Limited
Alisher Ali, Managing Partner, Eurasia Capital Management
16th & 17th September 2010, London, UK
An expert speaker panel which includes:
Daniel Broby, CIO, Silk Invest
Peter Westin, Chief Equity Strategist/Economist, Aton Capital
Raphael Kassin, Head of Emerging Market Debt, Reyl Asset Management
Douglas Bennett, Director, Frontier Market Fund Managers
Clemente Cappello, CIO and Portfolio Manager, Sturgeon Capital
Javier Garcia, Fund Manager, Julius Baer Black Sea Fund, Swiss & Global Asset Management
Ayo Salami, Chief Investment Officer, Duet Asset Management
Frank Senyo Dewotor, Portfolio Manager (Africa), Fulcrum Asset Management
Mohammed Hanif, Chief Investment Officer/CEO, Insparo AM
Slim Feriani, CEO, Advance Emerging Capital
Khaled Abdel Majeed, Managing Partner, MENA Capital
Douglas Clayton, CEO, Leopard Capital
Keith Gubbin, CEO, Africa Asset Management
Chris Derksen, Head of Frontier Markets, Investec Asset Management
Kenneth Spurling, Managing Director / CEO, FDSH Asset Management Limited
Alisher Ali, Managing Partner, Eurasia Capital Management
Friday, 13 August 2010
Frontier market EM yields
The announcement of a CFA 5 billion Cote d'Ivoire bonds 2009-2014 6,95% listed on the BRVM selling at only a 3% discount makes one wonder if yields can get much lower in frontier markets (Cote d'Ivoire defaulted in the not to distant past).
Some think that it is completely mad to think that frontier market yields cannot go to lower levels, even with them having the inverse government debt picture of developed markets. We disagree. Consider that in the past, at the peak of the developed markets bull period in bonds (the ultimate lows in yields), the curve gots so flat that the average spread between the long bond and Fed funds rate was only 100bps. It would seem that just as the BB frontier bond universe was over-looked and hence had the greatest return potential, the pick up in the frontier yeilds, and in particular the local and corproate yields, are still attractive. With the structural case, thhe long end of the frontier universe now also carries with it a compelling total return opportunity (inflation expectations are still far too high).
Some think that it is completely mad to think that frontier market yields cannot go to lower levels, even with them having the inverse government debt picture of developed markets. We disagree. Consider that in the past, at the peak of the developed markets bull period in bonds (the ultimate lows in yields), the curve gots so flat that the average spread between the long bond and Fed funds rate was only 100bps. It would seem that just as the BB frontier bond universe was over-looked and hence had the greatest return potential, the pick up in the frontier yeilds, and in particular the local and corproate yields, are still attractive. With the structural case, thhe long end of the frontier universe now also carries with it a compelling total return opportunity (inflation expectations are still far too high).
Thursday, 12 August 2010
All change at the NSE
The Nigerian Securities and Exchange Commission ordered the Director-General of the NSE to leave her post. Local media reported that the former CEO, Mrs Okereke-Onyuke was accused of mismanaging the accounts of the NSE, which she has led for 10 and served for 27 years after coming from the New York Stock Exchange.
Local press reported drama at the Lagos trading floor as officials of SEC and the Economic and Financial Crimes Commission, accompanied by armed police and plain-clothes security officer came to enforce the dismissal.
The cleaning up of insitutions like the NSE is a pre-requisite for Nigeria's economic future.
Local press reported drama at the Lagos trading floor as officials of SEC and the Economic and Financial Crimes Commission, accompanied by armed police and plain-clothes security officer came to enforce the dismissal.
The cleaning up of insitutions like the NSE is a pre-requisite for Nigeria's economic future.
Wednesday, 2 June 2010
Bloomberg Africa Equity Focus Day
In the World Cup month of June, Bloomberg is turning the spotlight on Africa.
It is holding its Africa Equity Focus Day at 16th June 10:30 - 13:00 with 4 experts on the Continent:
Daniel Broby - CIO Silk Invest
Plamen Monosvki - CIO of Renaissance Investment Management (Renaissance Capital)
Farooq Oreagba - Head of Strategy & Business Development Directorate, Nigerian Stock Exchange
Michael Fidance - Head of Emerging Market Cash Trading, HSBC
They will present their views and perspectives about investing in Africa. The seminar will be followed by a Lunch. Bloomberg users can sign up under BU or reply to my message.
Venue Bloomberg
Citygate House
39-45 Finsbury Square, London
It is holding its Africa Equity Focus Day at 16th June 10:30 - 13:00 with 4 experts on the Continent:
Daniel Broby - CIO Silk Invest
Plamen Monosvki - CIO of Renaissance Investment Management (Renaissance Capital)
Farooq Oreagba - Head of Strategy & Business Development Directorate, Nigerian Stock Exchange
Michael Fidance - Head of Emerging Market Cash Trading, HSBC
They will present their views and perspectives about investing in Africa. The seminar will be followed by a Lunch. Bloomberg users can sign up under BU
Venue Bloomberg
Citygate House
39-45 Finsbury Square, London
Friday, 28 May 2010
Essential Africa: Capital Markets Conference
Rainbow Consulting is hosting a half day investment conference:
London, Friday 11 June 2010, 8.45 am to 2.00 pm
Registration link
http://www.africanrainbow.org/index.php?option=com_docman&task=doc_download&gid=77.
Time
Topic Speaker(s)
9.00 am
Welcome
Katharine Pulvermacher
Founder & Chief Executive
African Rainbow Consulting
9.15 am
Key Economic and Political Indicators
An institutional investor’s perspective on Africa, covering the many changes that are transforming the landscape
Ritesh Anand
Founder & Chief Executive
Invictus Capital
9.45 am
Trading African Securities
Investors, be aware: liquidity, transparency, regulation and transaction costs in emerging markets may surprise you.
Daniel Broby
Chief Investment Officer
Silk Invest
Coffee & Refreshments
10.30 am
Development Finance Institutions:
International donors are major investors in Africa. Do they crowd out private investment or act as a catalyst?
Mavis Owusu-Gyamfi
Deputy Director, Private Sector Development
UK Department for International Development (DFID)
11.15 am
Private Equity and Venture Capital
What hurdles confront PE and VC funds trying to access the international marketplace
Guy Fraser-Sampson
CASS Business School
11.45 am
Investment in SMEs and Microfinance
The “missing middle” and the base of the pyramid offer a tantalising win-win for investors and investees alike.
Peter Hinton
CEO, Summit Development Group
Howard Finkelstein
Director, Microfinance Club of New York
12.30 pm
Closing Remarks
Mrs. Ruth Barry
Commercial Director
African Rainbow Consulting
Lunch
Speakers
Ritesh Anand
Ritesh Anand is founder and CEO of Invictus Investment Management, a pan-African focussed listed equity fund. Ritesh spent over seven years in various roles at the Wellcome Trust, most recently as Investment Manager for Africa and the Middle East.
Prior to moving to the UK, Ritesh worked as a fund manager for First Mutual Asset Management in Zimbabwe, where he was responsible for four unit trust funds and managed segregated pension funds. Ritesh received his BSc (Honours) in Economics from the University of Warwick, MSc in Strategic Management from the University of Derby and completed the Executive Finance Program at London Business School.
Ruth Barry
Ruth Barry is Commercial Director of African Rainbow Consulting Limited. She holds a Business Diploma from Kings College London and an MSc in Residential and Commercial Property from City University. Ruth is a qualified mediator (Regents College) and also studied Pharmacy and Medicine as an undergraduate at Chelsea College. She has extensive experience in negotiating and managing financial transactions in the property sector, having worked for more than a decade in local and international real estate investment, including developing residential and commercial blocks in city centres and country areas. In her earlier career, Ruth organised fortnightly sales events for commercial and residential property in Europe and East Africa, where she was born and raised.
Daniel Broby
Daniel Broby is Chief Investment Officer of Silk Invest. Silk Invest is a specialist in frontier market investments. He runs a team based in London, Egypt, South Africa and Morocco. He joined Silk Invest having sold the hedge fund he founded (Danfonds Frontier Markets SPC) to the company. Prior to that he worked for Renaissance Investment Management (UK) Limited, where he was Chief Executive Officer. He held various roles and responsibilities throughout the RIM group, principally those of Chief Investment Officer, Head of Asset Management and Director of the Renaissance Africa Fund. His roles involved extensive travel to and from offices in Moscow, Kiev, Nairobi, Geneva and London. In addition to the day to day management of the group's various investment teams, he also oversaw the successful launch of the Renaissance Africa Fund, the Global Macro Fund for RIM (UK) and the successful launch of the offshore Renaissance Russia Infrastructure Fund for RIM.
Daniel has an MPhil in economics and an MSc in investment analysis. He was a board member of CFA (UK) for over 10 years. He was the CFA Institute's President Council Representative for Europe, Middle East and Africa for four years and was presented with the Institute's Society Leader Award in 2006. He now serves as a member of the Capital Markets Policy Council. He was elected an individual member of the London Stock Exchange in 1990 and is a Fellow of the Securities Institute, a Fellow of CFA UK and a Visiting Fellow at Durham University.
Howard J. Finkelstein
Howard J. Finkelstein has been practicing law for nearly 30 years, more than 25 for large law firms. On January 1, 2009, Howard resigned his partnership at Akerman Senterfitt to open up his own law practice, focusing on structuring capital market instruments to bring Western capital to microfinance institutions (MFIs) worldwide. He is a piomeer in the securitization of microfinance-related obligations. His work has helped to bring nearly $1 billion to MFIs worldwide.
Mr. Finkelstein sits on the Board of Directors of the Microfinance Club of New York, Secretary of Microlumbia, Inc., and on the Advisory Boards of Green Microfinance, Lend for Peace, Frogtek LLC and African Rainbow Consulting.
Guy Fraser-Sampson
Guy Fraser-Sampson has held many investment posts over the years, including Investment Controller with the Abu Dhabi Investment Authority. He is also well known for having set up and run for several years the international operations of a leading fund of funds manager.
He currently teaches various investment modules at Cass Business School in the City of London, and performs consultancy assignments around the world for investors, investment managers and government bodies. He is the author of two investment books: Multi Asset Class Investment Strategy and Private Equity as an asset class (currently in its second edition).
Peter Hinton
Peter Hinton has 25 years of commercial experience including 15 years of banking, SMEs and private equity in Africa. He is currently CEO of Summit Development Group, an investment fund that SDG invests in financial institutions across Sub-Saharan Africa in order to transform them into leading banks that provide financial services to SMEs and the financially excluded. Prior to that he was with Enterprise Banking Group , African Banking Corporation, CDC Capital Partners, Africa Trading and BHS. Peter is a Chartered Accountant with a degree in Economics & Accountancy and a master’s degree in Development Economics.
Mavis Owusu-Gyamfi
Mavis Owusu-Gyamfi is currently responsible for setting DFID ’s policy direction on private sector development (PSD) and managing a team of technical specialists that provide advice to key partners in developing countries, the international community and the UK government. Prior to this she led the team responsible for managing the Department’s portfolio to support economic growth in Nigeria. She has extensive experience in private sector led growth and has provided technical advice to governments in East, West and Southern Africa as well as the Eastern Caribbean. This included facilitating the first PSD Strategies in Ghana and Tanzania and successfully managing economic development portfolios exceeding $400m in a number of countries.
She is a political economist by training and an MPhil graduate of the Institute of Development Studies at the University of Sussex. Her publications include Binding Constraints to Growth in Nigeria (Palgrave Macmillan, 2008) and Growth and Competitiveness (World Bank, 2007).
Katharine Pulvermacher
Katharine Pulvermacher is the Founder and Chief Executive of African Rainbow Consulting Limited. She obtained her MSc in Economics with reference to Africa with Distinction from the School of Oriental and African Studies in London, where she also completed the first stage of her PhD focusing on poverty alleviation. Katharine ran a highly successful investment research and marketing programme targeting institutional investors in the main capital markets for eight years. Her published research spans asset allocation, commodities and most recently, public private partnerships in Africa.
As an undergraduate at the University of Cape Town, she studied Social Work, Psychology and Sociology, and ran adult literacy classes in her spare time. She is an experienced trainer and group facilitator, has taught at university level in South Africa and the United Kingdom, and ran social reinsertion programmes for the long-term unemployed in the French department of Aude. In addition to her “new-born” - African Rainbow - Katharine is a mother of two sons, whose travels in Africa are almost as extensive as her own.
London, Friday 11 June 2010, 8.45 am to 2.00 pm
Registration link
http://www.africanrainbow.org/index.php?option=com_docman&task=doc_download&gid=77.
Time
Topic Speaker(s)
9.00 am
Welcome
Katharine Pulvermacher
Founder & Chief Executive
African Rainbow Consulting
9.15 am
Key Economic and Political Indicators
An institutional investor’s perspective on Africa, covering the many changes that are transforming the landscape
Ritesh Anand
Founder & Chief Executive
Invictus Capital
9.45 am
Trading African Securities
Investors, be aware: liquidity, transparency, regulation and transaction costs in emerging markets may surprise you.
Daniel Broby
Chief Investment Officer
Silk Invest
Coffee & Refreshments
10.30 am
Development Finance Institutions:
International donors are major investors in Africa. Do they crowd out private investment or act as a catalyst?
Mavis Owusu-Gyamfi
Deputy Director, Private Sector Development
UK Department for International Development (DFID)
11.15 am
Private Equity and Venture Capital
What hurdles confront PE and VC funds trying to access the international marketplace
Guy Fraser-Sampson
CASS Business School
11.45 am
Investment in SMEs and Microfinance
The “missing middle” and the base of the pyramid offer a tantalising win-win for investors and investees alike.
Peter Hinton
CEO, Summit Development Group
Howard Finkelstein
Director, Microfinance Club of New York
12.30 pm
Closing Remarks
Mrs. Ruth Barry
Commercial Director
African Rainbow Consulting
Lunch
Speakers
Ritesh Anand
Ritesh Anand is founder and CEO of Invictus Investment Management, a pan-African focussed listed equity fund. Ritesh spent over seven years in various roles at the Wellcome Trust, most recently as Investment Manager for Africa and the Middle East.
Prior to moving to the UK, Ritesh worked as a fund manager for First Mutual Asset Management in Zimbabwe, where he was responsible for four unit trust funds and managed segregated pension funds. Ritesh received his BSc (Honours) in Economics from the University of Warwick, MSc in Strategic Management from the University of Derby and completed the Executive Finance Program at London Business School.
Ruth Barry
Ruth Barry is Commercial Director of African Rainbow Consulting Limited. She holds a Business Diploma from Kings College London and an MSc in Residential and Commercial Property from City University. Ruth is a qualified mediator (Regents College) and also studied Pharmacy and Medicine as an undergraduate at Chelsea College. She has extensive experience in negotiating and managing financial transactions in the property sector, having worked for more than a decade in local and international real estate investment, including developing residential and commercial blocks in city centres and country areas. In her earlier career, Ruth organised fortnightly sales events for commercial and residential property in Europe and East Africa, where she was born and raised.
Daniel Broby
Daniel Broby is Chief Investment Officer of Silk Invest. Silk Invest is a specialist in frontier market investments. He runs a team based in London, Egypt, South Africa and Morocco. He joined Silk Invest having sold the hedge fund he founded (Danfonds Frontier Markets SPC) to the company. Prior to that he worked for Renaissance Investment Management (UK) Limited, where he was Chief Executive Officer. He held various roles and responsibilities throughout the RIM group, principally those of Chief Investment Officer, Head of Asset Management and Director of the Renaissance Africa Fund. His roles involved extensive travel to and from offices in Moscow, Kiev, Nairobi, Geneva and London. In addition to the day to day management of the group's various investment teams, he also oversaw the successful launch of the Renaissance Africa Fund, the Global Macro Fund for RIM (UK) and the successful launch of the offshore Renaissance Russia Infrastructure Fund for RIM.
Daniel has an MPhil in economics and an MSc in investment analysis. He was a board member of CFA (UK) for over 10 years. He was the CFA Institute's President Council Representative for Europe, Middle East and Africa for four years and was presented with the Institute's Society Leader Award in 2006. He now serves as a member of the Capital Markets Policy Council. He was elected an individual member of the London Stock Exchange in 1990 and is a Fellow of the Securities Institute, a Fellow of CFA UK and a Visiting Fellow at Durham University.
Howard J. Finkelstein
Howard J. Finkelstein has been practicing law for nearly 30 years, more than 25 for large law firms. On January 1, 2009, Howard resigned his partnership at Akerman Senterfitt to open up his own law practice, focusing on structuring capital market instruments to bring Western capital to microfinance institutions (MFIs) worldwide. He is a piomeer in the securitization of microfinance-related obligations. His work has helped to bring nearly $1 billion to MFIs worldwide.
Mr. Finkelstein sits on the Board of Directors of the Microfinance Club of New York, Secretary of Microlumbia, Inc., and on the Advisory Boards of Green Microfinance, Lend for Peace, Frogtek LLC and African Rainbow Consulting.
Guy Fraser-Sampson
Guy Fraser-Sampson has held many investment posts over the years, including Investment Controller with the Abu Dhabi Investment Authority. He is also well known for having set up and run for several years the international operations of a leading fund of funds manager.
He currently teaches various investment modules at Cass Business School in the City of London, and performs consultancy assignments around the world for investors, investment managers and government bodies. He is the author of two investment books: Multi Asset Class Investment Strategy and Private Equity as an asset class (currently in its second edition).
Peter Hinton
Peter Hinton has 25 years of commercial experience including 15 years of banking, SMEs and private equity in Africa. He is currently CEO of Summit Development Group, an investment fund that SDG invests in financial institutions across Sub-Saharan Africa in order to transform them into leading banks that provide financial services to SMEs and the financially excluded. Prior to that he was with Enterprise Banking Group , African Banking Corporation, CDC Capital Partners, Africa Trading and BHS. Peter is a Chartered Accountant with a degree in Economics & Accountancy and a master’s degree in Development Economics.
Mavis Owusu-Gyamfi
Mavis Owusu-Gyamfi is currently responsible for setting DFID ’s policy direction on private sector development (PSD) and managing a team of technical specialists that provide advice to key partners in developing countries, the international community and the UK government. Prior to this she led the team responsible for managing the Department’s portfolio to support economic growth in Nigeria. She has extensive experience in private sector led growth and has provided technical advice to governments in East, West and Southern Africa as well as the Eastern Caribbean. This included facilitating the first PSD Strategies in Ghana and Tanzania and successfully managing economic development portfolios exceeding $400m in a number of countries.
She is a political economist by training and an MPhil graduate of the Institute of Development Studies at the University of Sussex. Her publications include Binding Constraints to Growth in Nigeria (Palgrave Macmillan, 2008) and Growth and Competitiveness (World Bank, 2007).
Katharine Pulvermacher
Katharine Pulvermacher is the Founder and Chief Executive of African Rainbow Consulting Limited. She obtained her MSc in Economics with reference to Africa with Distinction from the School of Oriental and African Studies in London, where she also completed the first stage of her PhD focusing on poverty alleviation. Katharine ran a highly successful investment research and marketing programme targeting institutional investors in the main capital markets for eight years. Her published research spans asset allocation, commodities and most recently, public private partnerships in Africa.
As an undergraduate at the University of Cape Town, she studied Social Work, Psychology and Sociology, and ran adult literacy classes in her spare time. She is an experienced trainer and group facilitator, has taught at university level in South Africa and the United Kingdom, and ran social reinsertion programmes for the long-term unemployed in the French department of Aude. In addition to her “new-born” - African Rainbow - Katharine is a mother of two sons, whose travels in Africa are almost as extensive as her own.
Wednesday, 26 May 2010
Mauritius, Tourist Haven, Banks on Image Makeover
Tuesday, 25 May 2010
North Korea - the forgotten frontier market
North Korea and South Korea have been in a suspended state of war for some time. Tensions with North Korea escalated in response to tension over the sinking a South Korean warship in March. North Korea, led by Kim Jong-il, is the last Stalinist dictatorship. It set off a nuclear device in 2006 and has since test-fired a ballistic missile. It now looks like the war could flare up again. President Lee said if his country's waters, airspace or territory were violated he would immediately exercise his right of self-defence. Barack Obama has ordered that the 28,000 U.S. troops in South Korea be put on alert.
Friday, 30 April 2010
Thursday, 22 April 2010
Mauritius
THE EUROMONEY MAURITIUS CONFERENCE 2010
ACCESSING GROWTH MARKETS- THE ROLE OF GLOBAL BUSINESS CENTRES
30th March 2010
The Waldorf Hilton Hotel, London
Panel 1: The Global Growth Environment
This session was chaired by Christopher Garnett, Director, Euromoney Conferences and focused on the global growth environment. Speakers included Daniel Broby, Chief Investment Officer, Silk Invest; Richard Fairgrieve, Director, Global Emerging Markets, Blackfriars Asset Management; Slim Feriani, Chief Executive Officer, Advance Emerging Capital and Liam Halligan, Chief Economist, Prosperity Capital Management
Panel I proved to be an excellent platform to set the scene for the rest of the day. Panelists analysed the main risks that the global economy is currently going through and expressed their invaluable views on where they believed the global downturn currently stands.
According to Richard Fairgrieve, the world has not come out of the economic crisis yet. As investors, it is very important to see the world from its various horizons. It is important to split emerging markets from the rest of the world. Since emerging markets have the reserves, they will continue to grow at a faster pace. In previous years, emerging markets have grown by 4-5% while those of the West grew by only 2%.
According to Slim Feriani, major risks are still present in the developed and Western world. We live in a global village and there is currently lots of talk about decoupling. The reality is that if Western countries do not grow then the export engine of the emerging economies is going to be hit. The economic crisis has in some ways played a positive role for emerging markets as it has forced them to look inward and concentrate on their domestic and regional markets.
For Daniel Broby, the end of the game is what matters. During the crisis, the Mauritian tourism sector was hit by 10%. However, there had been a very pragmatic approach by the Government to tackle this crisis. For instance, hotels and services were upgraded to make the country more attractive. Slim Feriani pointed out that places like Istanbul and Turkey have had tangible progress as compared to what they were 10 years ago. Confidence and stability has helped the economies to grow.
The shift in the flow of capital and investment from the West to the East, the growing importance of emerging markets like India and China as well as the way major capital markets around the world are re-inventing themselves to take advantage of the new economic landscape were examined. Slim Feriani reiterated that as investment managers, they are cautious and conservative in their approach to invest. They have structures in Nigeria as well as in Mauritius. Mauritius is a stable country but not necessarily the most cost effective platform. There has been a major transformation in Africa. It is predicted that in 10 years from now, Nigeria will boom as long as politics and stability improves. However, the fact remains that while some African countries are progressing; some have gone backward, for example Zimbabwe.
For Daniel Broby, African economies such as Botswana and Mauritius have been successful as there has been a high correlation between democracy and success. It was further highlighted that for Global Business Centres to remain and enhance their competitiveness, factors like transparency, regulatory framework, consistency and extensive networks of bilateral agreements should be taken into consideration.
ACCESSING GROWTH MARKETS- THE ROLE OF GLOBAL BUSINESS CENTRES
30th March 2010
The Waldorf Hilton Hotel, London
Panel 1: The Global Growth Environment
This session was chaired by Christopher Garnett, Director, Euromoney Conferences and focused on the global growth environment. Speakers included Daniel Broby, Chief Investment Officer, Silk Invest; Richard Fairgrieve, Director, Global Emerging Markets, Blackfriars Asset Management; Slim Feriani, Chief Executive Officer, Advance Emerging Capital and Liam Halligan, Chief Economist, Prosperity Capital Management
Panel I proved to be an excellent platform to set the scene for the rest of the day. Panelists analysed the main risks that the global economy is currently going through and expressed their invaluable views on where they believed the global downturn currently stands.
According to Richard Fairgrieve, the world has not come out of the economic crisis yet. As investors, it is very important to see the world from its various horizons. It is important to split emerging markets from the rest of the world. Since emerging markets have the reserves, they will continue to grow at a faster pace. In previous years, emerging markets have grown by 4-5% while those of the West grew by only 2%.
According to Slim Feriani, major risks are still present in the developed and Western world. We live in a global village and there is currently lots of talk about decoupling. The reality is that if Western countries do not grow then the export engine of the emerging economies is going to be hit. The economic crisis has in some ways played a positive role for emerging markets as it has forced them to look inward and concentrate on their domestic and regional markets.
For Daniel Broby, the end of the game is what matters. During the crisis, the Mauritian tourism sector was hit by 10%. However, there had been a very pragmatic approach by the Government to tackle this crisis. For instance, hotels and services were upgraded to make the country more attractive. Slim Feriani pointed out that places like Istanbul and Turkey have had tangible progress as compared to what they were 10 years ago. Confidence and stability has helped the economies to grow.
The shift in the flow of capital and investment from the West to the East, the growing importance of emerging markets like India and China as well as the way major capital markets around the world are re-inventing themselves to take advantage of the new economic landscape were examined. Slim Feriani reiterated that as investment managers, they are cautious and conservative in their approach to invest. They have structures in Nigeria as well as in Mauritius. Mauritius is a stable country but not necessarily the most cost effective platform. There has been a major transformation in Africa. It is predicted that in 10 years from now, Nigeria will boom as long as politics and stability improves. However, the fact remains that while some African countries are progressing; some have gone backward, for example Zimbabwe.
For Daniel Broby, African economies such as Botswana and Mauritius have been successful as there has been a high correlation between democracy and success. It was further highlighted that for Global Business Centres to remain and enhance their competitiveness, factors like transparency, regulatory framework, consistency and extensive networks of bilateral agreements should be taken into consideration.
Reuters codes: Silk Invest
Silk - African Lions Fund A0RAC3X.DX LU0389403337.LUF
Silk - African Lions Fund A0RAC4X.DX LU0389403410.LUF
Silk - Arab Falcons Fund A0RAC6X.DX LU0389403683.LUF
Silk - Arab Falcons Fund A0RAC5X.DX LU0389403501.LUF
Silk - Arab Falcons Fund A0YETMX.DX LU0485224678.LUF
Silk - Arab Falcons Fund A0YETYX.DX LU0485223860.LUF
Silk - Road Income Fund A0X918X.DX LU0445778870.LUF
Silk - African Lions Fund A0RAC4X.DX LU0389403410.LUF
Silk - Arab Falcons Fund A0RAC6X.DX LU0389403683.LUF
Silk - Arab Falcons Fund A0RAC5X.DX LU0389403501.LUF
Silk - Arab Falcons Fund A0YETMX.DX LU0485224678.LUF
Silk - Arab Falcons Fund A0YETYX.DX LU0485223860.LUF
Silk - Road Income Fund A0X918X.DX LU0445778870.LUF
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