It was announced last week that New Star had sold the assets to an unnamed buyer and Jamie Allsopp, the fund manager, would not be joining Henderson Global Investors, the group acquiring New Star.
This morning Duet unveiled the launch of the Africa Opportunities fund to be managed by Dr Ayo Salami, who is also the chief investment officer on the Duet Victoire Africa Index fund.
Henry Gabay, the co-chairmen and founder of Duet, says in a release that the acquisition presents his clients with another opportunity to access “macro-economic growth of the sub-Saharan African region”.
The fund, which will not be available to British retail investors, has a value bias and will focus on companies with a track record of profit, cash flows, sound business models, discount to intrinsic value and relatively high dividend yield.
New Star said it would wind up the Heart of Africa fund in February because of reduced liquidity in the sub-Saharan markets. The final value of the proceeds of the sale have not been confirmed. However, it is anticipated they will represent the equivalent of about 18p per share held.