Investec to close three Africa funds due to lack of demand

Investec Asset Management has moved to close three of its African focused funds owing to a lack of client demand for the strategies.

The group has written to investors in its Luxembourg-domiciled GSF Africa & Middle East, and Middle East & North Africa funds, proposing a merger into its Investec Africa Opportunities fund. As part of the overhaul, it is also proposing to wind down the onshore £14.4m Africa & Middle East fund, with investors able to switch into the GSF Africa Opportunities fund. The group said the changes were an attempt to provide investors with efficiency of scale. David Aird, managing director of UK client group at Investec, said: "Having looked across our range, we have seen that investors are...