INTO AFRICA August 2019 Edition – Managers of Africa’s Asset and Wealth

Welcome to the August 2019 edition of INTO AFRICA, a publication written by the professionals, for professionals, investors, policymakers … Advancing and providing fresh insight into Africa’s emerging markets through renowned thought leadership and peer-to-peer knowledge-sharing. The edition is titled: Managers of Africa’s Asset and Wealth.

African countries have been increasing their ranks of wealthy citizens through a phase of rapid economic growth. Knight Frank’s 2019 Wealth Report forecasts that there will be over 400 more billionaires in Africa by 2023. Also, it is expected that the growth in ultra-wealthy populations in Africa will outpace that of Europe and North America over the next decade, with the number of high-net-worth individuals (HNWIs) growing by 30% in Africa. The growth has been driven in part by a rising tide of tech-savvy entrepreneurs and local business owners who are transforming their ventures into larger, better-established businesses. Furthermore, there is an increasing number of diaspora or repatriates of African descent returning to the continent, starting new ventures. These growing groups of wealthy and ultra-wealthy individuals, as well as the government-incentivised shift to individual retirement plans and the demand for insurance products and the growth of sovereign wealth funds (SWFs), are fuelling a lively expansion of asset and wealth management as well as private banking across the continent.

Research from PwC projects that traditional assets under management in 12 markets across Africa will rise to around US$1,098 billion by 2020, from a 2008 total of US$293 billion. This represents a compound annual growth rate of nearly 9.6%. Although the fund industry in Africa is, in most countries, still developing and has much to prove, global and local asset and wealth managers are likely to become more active as the industry continues to flourish, evolves and adopts technology to make delivery of new products cheaper, bringing more consumers into the formal financial sector.

We bring you exclusive interviews with the asset and wealth management’s Chief Executives: KOJO ADDAE-MENSAH (Group Chief Executive Officer, Databank Group Ghana), KENNETH KANIU (Chief Executive Officer, BRITAM Asset Managers Kenya), AMR ABOL-ENEIN (Managing Director, CI Asset Management Egypt), OLADELE SOTUBO (Chief Executive, Stanbic IBTC Asset Management Nigeria) and CEASER SIWALE (Chief Executive Officer, Pangaea Securities Zambia).

PLEASE CLICK TO DOWNLOAD – INTO AFRICA PUBLICATION: AUGUST 2019 EDITION.