Mark Mobius, executive chairman of Templeton[profile]
Emerging Markets Group, said he is excited about new private equity opportunities in Africa, Bloomberg
's Renee Bonorchis reports. Templeton has invested $1 billion in Africa, a reflection of the continent's growing $25 billion private equity industry.
The Templeton Africa Fund
has investments in Nigeria, South Africa and Egypt and is looking to stocks in the future. These prospects could supplement growing debt and equity markets investment options, Bonorchis writes.
Mobius is focusing on parts of Africa that have not attracted many investors such as Angola and Zimbabwe as the middle class in certain African countries is growing. UBS AG is expanding its wealth management services in Africa as well.
"Wherever there’s money, there’s going to be a need for asset” and wealth managers," Mobius said.
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