Morocco's Attijariwafabank and Abu Dhabi-owned Invest AD plan to start a jointly-managed fund to invest in Africa's listed companies, in a sign more institutional investors are lining up to tap growth in the continent.
The fund will be financed by the two companies at the outset and will be co-managed by the asset management arms of both parties, they said in a joint statement on Wednesday.
Global institutional investors plan to boost their asset allocation in African markets over the next five years, and are shifting to long-term investment strategies from more speculative, short-term bets, a survey released in January by Invest AD and the Economist Intelligence Unit (EIU) showed.
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