Emerging Managers Forum

Report: The Business of Africa-US

Emerging Manager Partnerships

The Business
of US-Africa
Emerging Manager
Partnerships

special report

The Ai Emerging Managers Forum (AiEMF), is a unique

international platform for emerging managers and investment leaders, to share
industry best practice, improve governance standards and assist African and
US asset owners connect with and support emerging managers through their
international allocations and knowledge networks.

The AiEMF is a response to the growing demand from asset owners in Africa
and the US to extend their programs and best practice, to support and engage
emerging managers– especially local African emerging managers that can
handle US international allocations and American emerging managers that can
handle African international allocations

The AiEMF was inspired by and builds on the work of the Ai Sovereign Wealth and
Pension Fund Leaders Forum, which brings together Africa’s leading and largest
asset owners, to engage with global asset owners and development finance partners
on co-investments and institutional investment trends in Africa.
 Increasing returns,
access, and capital
market liquidity
in Africa
THROUGH FACILITATED US
ALLOCATIONS TO AFRICAN
EMERGING FUND MANAGERS

Wilmot Allen and The Africa investor Academy Report

C
apital markets play a critical THEORY AND BEST PRACTICE FOR CAPITAL
role in economic development MARKETS DEVELOPMENT INVOLVE ALIGNMENT
AMONG REGULATORY POLICY, INFRASTRUCTURE,
by pooling domestic savings
DIVERSIFIED PRODUCTS AND EFFECTIVE
and mobilizing foreign capital INTERMEDIARIES
for investment. Most of Sub-
Saharan Africa’s capital markets Several recent reports provide helpful insights on capital
markets development strategies applicable to Africa. In a
remain largely nascent, with low special report presented in 2016, the World Economic Forum
equity and bond activity across many markets. highlighted factors such as a strong legal and regulatory
framework, ensuring existence of suitable investment
products, diversification of the investor base as well as
This is driven by few listings, small ticket sizes, limited
education of investors and issuers. The McKinsey 2017 report
secondary activity, and a low level of savings to encourage
on “Deepening Capital Markets in Emerging Economies”
investments. This report argues for a focus on coordination
emphasized the infrastructure of capital markets in asserting
in regulatory policy, diversification of financial products and
a focus on strong institutions, transparent rule with effective
capacity building of Africa asset managers as key initiatives for
enforcement and linking taxation policies with development
supporting capital markets development in Africa. While these
goals. The Milken Institute in its 2017 “Capital Markets in
recommendations are part of the common currency of ideas on
East Africa Report” support strategies focusing on cultivating
this topic, the proposal for the way to achieve these objectives
more buy side engagement among African local and regional
represents a new approach: linking African and US emerging
institutional investors.
fund managers as partners.
Various donors and multilaterals are playing an active and vital
As a structure, this report presents: i) a brief overview of
role to deepen, strengthen and enhance the offerings in capital
recent insights regarding capital markets development and
markets across Africa. In 2012, the International Finance
supporting international efforts focusing on Africa ; ii) summary
Corporation created the Next 50 Fund to facilitate more
of the profile of US and Africa emerging fund managers and the
institutional investment into emerging and frontier markets
business environment in which they operate; iii) the opportunity
which receive proportionally less in portfolio inflows, including
set for an international emerging fund manager partnership;
Sub-Saharan Africa, and offered structured advisory support
iv) an initial plan for structuring a US-Africa emerging fund
for market infrastructure development. FSD Africa, sponsored
managers program.
by the Department for International Development (DFID),
provides resources to address market failures in Sub-Saharan

28 INVESTMENT MATTERS | VOLUME 15 - ISSUE 2 2017

 FINANCE increasing returns, access & capital market liquidity

estate. In the mutual fund and hedge fund asset classes, the
Africa. The African Securities Exchanges Association (ASEA)
report highlights the following characteristics of diverse
and the African Development Bank (AfDB) established the
asset owners:
African Exchanges Linkage Project (AELP) to improve liquidity
and information on African Capital Markets. Building on these
• IN THE MUTUAL FUND ASSET CLASS:
initiatives and achieving strong returns will require even
o women and minority owned firms represent less 10%
more significant investment in the infrastructure and capacity
of the firms and manage less than 1% of total assets
development of the fund managers.
o about 25% of women and 28% of minority owned
firms on average have top quartile returns
Emerging fund managers in the U.S.
can support these efforts. • IN HEDGE FUNDS:
o women and minority owned firms represent less 10%
of the firms and manage less than 1% of total assets
US EMERGING FUND MANAGERS OFFER
o about 24% of women and 28% of minority owned
DIVERSIFICATION AND NICHE INVESTMENT FOCUS
firms on average have top quartile returns
In U.S., emerging or diverse managers are defined often as
In the U.S., beginning in 1990s support and funding for emerging
asset management firms with less than $2 billion in assets which
fund managers was provided by California Public Employee
are controlled by minority and women professionals. According
Retirement System (CalPERS), California State Teachers’
to a 2017 study by the Bella Research Group and Harvard
Retirement System (CalSTRS) and New York State Common
Business School professor Josh Lerner on the state of diversity
Retirement Fund (NY Common). As a manager of emerging
among asset management firm owners, minorities and women
managers, Progress Investment Management has worked
control about 1% of the $71trillion AUM globally. Emerging fund
successfully to increase allocations to these firms for 17 years.
managers or diverse asset managers remain disproportionately
less capitalized compared to their majority counterparts: among
While diverse asset managers in the public markets typically
mutual funds, hedge funds, private equity or real estate trust,
perform on par (or better) with traditional returns across mutual
minority and women-owned firms manage no more than 5%
funds, hedge funds, private equity and real estate according
of assets committed to each individual category. However, the
to the Bella Group report, they do face several challenges.
rationale for diversity in the asset management business has
Blackrock Managing Director, Obie McKenzie, sees a major
evolved from social advocacy to an estimable business case
hurdle for these companies as growing from small to larger
in the U.S., as more best-in-class diverse fund managers are
asset managers, “at some point emerging fund managers have
provided an opportunity to manage more capital.
to emerge”. This evolution involves their long term sustainability
in receiving more capital to deploy and graduating to invest
The impetus for Bella Research study was the discovery by
more capital in more asset classes. For diverse fund managers,
the Knight Foundation that the performance of these managers
their smaller teams and infrastructure can draw out the timeline
matched or exceeded their traditional returns when the
to meet compliance requirements in some cases compared to
institution decided to increase its allocation to diverse fund
larger asset management companies. However, their smaller
manager’s from 3% to 22% over a three year period. The
teams and pool of capital can offer the benefits of flexibility
Knight Foundation controls $2.2 billion in assets. According
in investment approaches and more direct contact with
to the Knight Foundation CEO Mr. Ibarguen, “not everyone
senior executives. Diverse asset managers in the U.S. often
succeeded brilliantly. But our experience convinced us that
engage the markets as niche investors. This approach and
contrary to conventional wisdom, any investor can pursue
their proven ability to achieve respectable returns makes their
diverse management strategies without sacrificing profits.” The
potential engagement with Africa intriguing, where there this
Knight Foundation achieved this success by carefully selecting
a need and opportunity to offer more diverse products with a
diverse managers based upon talent and individual versus
niche focus for the capital markets.
firm track records, particularly in cases where the diverse
firm ownership was not long. The Bella Group study which the
ENGAGING EMERGING FUND MANAGERS IN
Knight Foundation commissioned concluded that “there is no
AFRICA PROVIDES A NEW OPPORTUNITY TO
discernible difference in how diverse and non-diverse funds
INCREASE YIELD VIA DIVERSIFICATION AND NICHE
perform. There is no performance gap to justify the substantial
INVESTMENT FOCUS
representation gap in fund ownership and management.”
As Figure 1 indicates, the market capitalization of security
The Bella Group report presents trends in number of firms,
exchanges in Sub-Saharan Africa pales in comparison to those
amount of assets controlled and performance among asset
in developed countries. Johannesburg, Nigeria and Nairobi
classes of mutual funds, hedge funds, private equity and real
represent the largest exchanges in Sub-Saharan Africa.

VOLUME 15 - ISSUE 2 2017 | INVESTMENT MATTERS 29

 FINANCE increasing returns, access & capital market liquidity

The study presents other noteworthy facts about

emerging fund managers in South Africa and the
Figure 1. Selected Stock Exchanges by Market Cap business environment in which they operate:
(US$ trillion, as of 2016)
Source: Caproasia, Nigeria Stock • 22 of the black asset management firms are less than five
25 Exchange, Kestrel Capital
years old and 13 are greater than ten years old
19.6
20 • The number of black asset managers has grown by
15 221% since 2009
7.8 • The majority of firms have less than 20 institutional
10
5.1 investors and so diversification of the client base is still an
5 4.1 3.5
0.9 0.05 0.02 issue
0 • Majority of firms manage between 0-5 products
• 62% of firms have 5 or fewer clients making up over 80%
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administrator, while 89% of the firms use an external
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compliance officer
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• 29% of the firms have been profitable (NPAT) for three

consecutive years
• 18% of the firms administer ESG mandates
Public market investment typically focuses on listed equities • The three firms with the largest AUM among the 45
and fixed income securities in Sub-Saharan Africa. Regulation participants in the survey include Taquanta Asset
remains a key determinant informing how African fund Managers, Aluwani Capital Partners and Mazi Asset
managers invest across different asset classes, which in part Management
explains why many countries experience a faster growth in • According to the Association for Savings and Investment
assets than a corresponding growth in products. Increasing (ASISA), the pool of assets available to private sector
portfolio allocations to more qualified local asset managers asset managers is R4.6 trillion or about $355 billion
holds promise for broadening the array of financial products (black firms manage 9%)
and asset classes in Africa. Emerging fund managers or local
asset managers could potentially help achieve these outcomes.
Most emerging managers in South Africa invest long only
Compared to other countries and regions in Sub-Saharan
and source from retirement funds which allow little flexibility
Africa, South Africa has perhaps the best structured
for investing in alternative assets. An increasing number of
emerging manager network. This network was created
managers have an appetite for alternatives such as private
primarily to redress the underrepresentation of black fund
equity, infrastructure and hedge funds. These emerging
managers as a result of apartheid. Hence, emerging fund
managers typically build their business around a discrete
managers are characterized chiefly by their black racial-
strategy and offer a few select products based upon this focus.
ethnic designation. The Association of Black Security
South Africa’s largest asset manager (R1.8 trillion/$138 billion
and Investment Professionals (ABSIP) is a longstanding
AUM), the Public Investment Corporation (PIC) has supported
advocate for emerging fund managers and tracks progress
black-owned asset managers through allocation of R57
in the industry. According to the 2017 BEE.conomics Annual
billion/$4.4 billion to 14 firms (PIC 2016 Annual Report).
Transformation in South African Asset Management Survey
report by 27four Investment Managers, there are 45 black
While South Africa’s emerging manager program initiatives is
asset managers (black-owned firms), representing 9% of
putatively the most advanced in Sub-Saharan Africa, there are
total industry assets.
other efforts to support and develop local fund managers outside
of the region. According to RisCura’s Business Development
Executive in Africa, Gerald Gondo, Botswana and Namibia are
contemporary examples of countries also making progress
with structured support for emerging fund managers. These
emerging managers include indigenous firms staffed and led
by nationals with local and international investment experience
being afforded the opportunity to establish their own track
record. For example, the Botswana Public Officers Pension
Fund (BPOPF) is seeding start up fund managers across all
asset classes for investment only in Botswana. Two private
equity and one public equity fund manager have been selected.
In 2016, the Government Institutions Pension Fund (GIPF) made
an investment in Musa Group’s Namibia Mid-Cap Fund. In

30 INVESTMENT MATTERS | VOLUME 15 - ISSUE 2 2017

 the increased investment
interest in Africa suggests that
the perception of political risk there
has improved. However, many of
East Africa, broadening the definition of emerging manager to these investors seek political risk
include first time managers, DFIs such as the IFC and CDC have
made a significant contribution in funding first time private equity
insurance to become comfortable
managers, such as Ascent Capital, Kibo Capital, and Catalyst moving a deal forward
Principal Partners.

AN EFFECTIVE PARTNERSHIP BETWEEN EMERGING

FUND MANAGERS IN AFRICA AND US CAN ADDRESS address the huge demand for working capital among African
MAJOR GAPS IN CAPITAL MARKETS DEVELOPMENT SMEs and loans for aspiring homeowners.
OVER TIME
Similarly, agriculture is strategic sector which is the leading
A potentially promising approach for capital markets economic driver in the overall region. Most of Africa’s commodity
development in Sub-Saharan Africa is linking emerging US trading is based on agricultural commodities with South
and African fund managers to deploy more capital into the Africa leading in this category. Other agricultural commodity
region and to facilitate regulatory reform, diversification, exchanges, such as those in Kenya, Nigeria, Ghana, Ivory Coast
and capacity building. Success in these efforts could yield and Uganda, are underdeveloped. Alternative investments
respectable returns, greater access to capital markets in Africa into or with Sovereign Funds is also largely untapped by
and eventually increase liquidity. U.S. emerging manager. African Sovereign Wealth Funds
typically invest (e.g. reserves from natural resource wealth) for
• INVESTMENT FACILITATION OF REGULATORY future savings, market stabilization and domestic economic
REFORM development. It is estimated that African SWFs now command
an asset base of about US$159 billion. Sovereign Wealth Funds
U.S. diverse fund managers are estimated to control $7.1 such as the Nigeria Sovereign Investment Authority could offer
billion in AUM. The allocation of some of this capital to asset opportunities for co-investment into infrastructure or serve as a
managers investing in public markets or other asset classes client for potential US emerging fund managers.
can potentially help expedite needed regulatory reforms to
encourage more domestic and international investment and • CAPACITY BUILDING AND MUTUAL EDUCATION
increase liquidity. In East Africa, over the last decade, foreign
investment has supported the development of improved policies Capacity building of African managers through support from
for investing and returning capital. Africa has a lot of progress the US emerging managers and mutual education between
to make in strengthening the regulatory environment to attract emerging managers from both regions could push the needle
public and private capital. The interdependence of increasing forward on capital market development. In a Milken Institute
investment and improving the regulatory environment requires survey of East Africa Community of institutional investors, the
that better alignment be achieved. ability to assess price-volatility risk was cited as area of relative
weakness among African institutional fund managers. Gerald
• INCREASING DIVERSIFICATION WITH NICHE Gondo of RisCura observes the importance of effectively
EXPERTISE structuring an emerging manager partnerships, in stating, “in
terms of emerging manager (EM) partnerships, if we can ‘twin’
Another potential positive consequence of a partnership a US EM with an African EM, it’s important to ensure that they
between US and African emerging managers is increasing share similar investment philosophies and investment strategies
diversification of products offered across markets through (as a point of departure). These ingredients will be critical to
asset managers who possess or can develop niche strategies. putting together a cogent business model that integrates all of
Many factors bear upon launching new products in the market. the requisite governance processes and manages local market
However, several opportunities merit a real commitment to risks in order to deliver for the asset owner.” Any substantive
exploration, including greater investment in infrastructure, engagement by U.S. emerging managers would require a
REITs, asset-backed securities, commodities and other significant amount of education from their African counterparts
alternative strategies, such as co-investment with Sovereign on regulation, macro-economic trends, local markets and
Wealth Funds. currency risk in Sub-Saharan Africa.

Africa50 estimates there is an infrastructure deficit of US$130 • THE BIG PICTURE ON INCREASING RETURNS AND
billion annually in Africa. Findings from a recent survey by the LIQUIDITY
Milken Institute of 44 institutional investors in four East African
Community (EAC) countries—Kenya, Rwanda, Tanzania, and Investing in Africa represents a challenging but potentially
Uganda—indicated that most institutions expressed interest in rewarding opportunity for institutional asset managers because
a regional infrastructure “fund of funds” that would invest in of the risk-return dynamics of the markets. U.S.-based fund
cross-border projects in the region. There are only 32 REITs in manager Alliance Bernstein (AB) has a long history of emerging
Africa with South Africa as the largest REIT market having 27 markets investing over the last 30 years. AB manages $526
REITs and Nigeria second with three REITs listed. Asset-backed billion in assets and has $9.5 billion in equities and $13 billion
securities based upon trade receivables and mortgages could in fixed income as its dedicated pool for emerging markets.

VOLUME 15 - ISSUE 2 2017 | INVESTMENT MATTERS 31

 EMERGING
MANAGERS FORUM

KNOWLEDGE PLATFORM
Christine Phillpotts, Senior Equity Analyst at AB, is a member
• ONLINE PORTAL FOR ASSET MANAGERS
of the investment team managing equity funds dedicated to
AND RELEVANT STAKEHOLDERS FEATURING
frontier markets. In assessing the Africa opportunity, she holds
o Database of emerging fund managers in the US and
that “although the return volatility of individual African markets
Africa, highlighting specific firms which choose formally
can be quite high, the continent as a whole can yield attractive
to engage in the international partnership as members
risk-adjusted returns given African markets’ low correlation with
each other, and with developed and emerging market equities. o Survey of fund managers on investment strategy,
Indeed, stock market returns across African markets can vary available capital to deploy or targeted investment
widely. For example, whereas the Nigerian stock market has amount, return and yield expectations and track record
declined 36% over the last 5 years (in USD terms), the Kenyan
stock market is up 56% over the same time horizon.” o Knowledge area presenting capital market updates from
leading African and global exchanges, sector trends,
Given the low base of investors and products, liquidity updates on relevant regulatory and policy information,
continues to be a challenge even for more developed capital and key deals across selected asset classes
markets in Africa. IFC recently invested in Britam, a diversified
financial services company with headquarters in Kenya. The TWO-WAY INVESTMENT ALLOCATIONS
company is listed on the Nairobi Stock Exchange but, due to
limited liquidity, it is estimated that it would take ten months for • CURATED MATCHING FOR NEW INVESTMENT
IFC to exit through the market. OPPORTUNITIES BETWEEN THE U.S. AND AFRICA
o Support in pairing US and Africa fund managers for
Investors will also have to consider how political risk factors allocations to Africa
into their Africa strategy. According to Marlena Hurley, OPIC
Political Risk Insurance Director, “the increased investment o Recommendations of US fund managers to potential
interest in Africa suggests that the perception of political risk client African Sovereign Wealth Funds
there has improved. However, many of these investors seek
political risk insurance to become comfortable moving a deal o Development of partnerships to facilitate
forward”. Based upon the current regulatory context, thin capital investments from African High Net Worth Individuals
markets, risks and infrastructure, investing in African requires to US fund managers through African intermediaries
a longer term view for institutional investors. Those who are
patient and commitment could realize significant gains. CAPACITY BUILDING AND TRAINING
A WELL-STRUCTURED EMERGING MANAGERS • ONLINE TRAINING MODULES AND SPECIAL
PROGRAM FOR AFRICA AND US FOCUSES ON BEST CONFERENCE EVENTS
PRACTICES AND PROJECTED SOLUTIONS FOR o Targeted areas of education and training, particularly
MARKET FAILURE AND NEW OPPORTUNITIES IN AFRICA with regards to new products to offer in the Africa market

Successful emerging fund manager programs and supportive o Exploration of short-term executive exchanges for
partners already exist in the US and South Africa. Professional capacity-building and knowledge sharing between fund
associations in the U.S. such as NASP and NAIC have provided managers from both regions
outstanding assistance to these fund managers for decades
and their member institutions comprise leading diverse-owned • COLLABORATION AMONG US AND AFRICA
firms among asset managers and private equity companies, EMERGING MANAGER FIRMS, PROFESSIONAL
respectively. ABSIP is well regarded for its work in promoting ASSOCIATIONS AND RELEVANT RESEARCH
black fund managers in South Africa to redress imbalances in INSTITUTIONS ON CONTENT
ownership and capital investment for black security professionals.
NASP and USAID are partners in a new enterprise, MIDA, INVESTMENT VEHICLE(S)
which aims to strengthen the business case for investment into
strategic sectors in Africa, primarily infrastructure. • ASSESSMENT OF POTENTIAL STRUCTURES FOR
INVESTMENT VEHICLES/FUNDS TO FACILITATE THE
This report proposes a broader collaboration among US PROPOSED TWO OR ONE-WAY FLOW OF CAPITAL
diverse-owned firms and African emerging fund managers
towards creating structured alliances and a vehicle to support • CONSULTATION WITH POTENTIAL FINANCIAL
investment collaboration between their constituencies - an PARTNERS INCLUDING DFIs AND COMMERCIAL
International Emerging Fund Managers program. Some of INSTITUTIONAL INVESTORS
beneficial components of such a program should include:
knowledge sharing, two-way investment allocations, capacity
building and an investment vehicle.
AS 2017-2018 PROGRAMME

32 INVESTMENT MATTERS | VOLUME 15 - ISSUE 2 2017

 FINANCE increasing returns, access & capital market liquidity

ABOUT THE AUTHORS

Wilmot Allen is a senior Advisor to the Ai Emerging Managers
Forum. He is an experienced emerging market investor, transaction
advisor and entrepreneur. Mr. Allen is founder of the Partnership for
Urban Innovation which supports alternative financing and value-

ratings
added resources to scale African S.M.Es. He has previously worked
as Director of East Africa with CrossBoundary LLC in Nairobi, with
the private equity team at IFC and in M&A Investment Banking at
JPMorgan H&Q. He holds an MBA from the Wharton School of
Business, MPA from Harvard University and BA from Yale University.

Assessing the Risk of Entrusting Your Research assistance was provided by Shadrack Nyobii.
Capital to an Emerging Manager
The Africa investor (Ai) Academy is Ai’s thought leadership platform
A Partnership with South African Pension Funds to that exists to help investment leaders and policy makers create
networks to facilitate knowledge and partnerships on emerging and
Empower Emerging Managers to Attract Greater
underserved issues and industries, and provides a fact base for deci­
International & Domestic Allocations sion-making at the continental level. The Ai Academy hosts the Ai
Emerging Managers Forum, the Ai Project Developers Forum and
As competition quickly escalates on the mutual fund and the Ai African Sovereign Wealth and Pension Fund Leaders Forum.
investment manager front of emerging markets, Africa investor
(Ai), in cooperation with leading South African pension funds, scores on both governance and systems, helping institutional
is offering a new catalyst to stimulate international allocations to investors, consultants and financial advisors to tailor their risk
the local market through an innovative experience of risk rating. and performance appetite with the profile of each portfolio
management organization.
A UNIQUE PILOT PROJECT: The pilot project focuses
on a sample of emerging investment managers with great BENEFITS FOR THE MARKET: The main advantage for
experience, remarkable practices, persistent returns, but yet managers is to share the findings of the rating process through an
very few assets under management and little recognition in the in-house seminar reviewing various strengths and weaknesses
continental and international market place. The pilot involves the of their organisation. For investors or their representatives, the
process of undergoing an Ai Fiduciary Rating; the assessment benefits are to gain a standardised approach to the functioning
of enduring practices of investment organisations through a of several organisations and being able to compare them in A
mix of questionnaires, interviews and onsite visits. Unlike most relationship with their capital accumulation
FINANCIAL CALENDAR
and risk tolerance
ranking services (Lipper, Morningstar, etc.), Ai’s system centres needs. Since both sides of the market contribute financially
around professional practices more than returns, because to the exercise, it reduces the asymmetry and conflicts of
JANUARY
practices are likely to be more consistent than performance interests that often contaminate standard credit MAYrisk rating
9 Nigeria - Gubernatorial elections TB
or return volatility. Once practices are evaluated, according practices. The general public may19 4 also profit
AngloGold Ashanti - freely
Annual General
Unilever - Annual results
from
Meeting the 13
TB
to asset classes and investment strategies, coherence tests exercise by having access to summary 9 results
AngloGold Ashanti(the two
- First quarter ratings,
results
22 Bank of Ghana - Monetary Policy Committee meeting
15
1
are made with performance results. The rating will reflect the size, products and leadership). 25-26 9 Chad - President and National Assembly elections (second round)
Central Bank of Nigeria - Monetary Policy Committee meeting
16
1
link consistence between both factors (practices) and result 9
26-28
Telecom Egypt - First quarter results
Reserve Bank of South Africa - Monetary Policy Committee meeting 2
(performance), regardless of benchmarks or tracking error. SPECIAL FEATURES: The rating 11 Safaricom
is reviewed
- Annual results
each year,
31 Burkina Faso - Municipal elections 2
thus providing continuous tracking 13 to investors (pension funds, ELECTORAL2
Banco de Moçambique - Monetary Policy Committee meeting

financial
31 Central African Republic - Presidential and Parliamentary Runoff
13 Bank of Ghana - Monetary Policy Committee meeting
25 INDICATORS: The overall process is based on 25 key life insurers, family offices, corporate treasuries, endowments) 20 November 2
30 November
indicators, 15 of which focus on governance issues from and their representatives (financial16advisors, brokers, dealers, TBD December 2
Vodacom - Annual results

calendar
17-19
leadership, compliance and risk control to human resources, small collective saving plans, etc.). A standard rating takes 1meeting
South African Reserve Bank - Monetary Policy Committee December
18 SABMiller - Annual results 7 December
technology support, compensation and back to middle approximately three calendar weeks to be completed, once 18 December
23-24 Central Bank of Nigeria - Monetary Policy Committee meeting
office quality management. The remaining 10 outline the questionnaires are filled by the management firm. Each rating is 18 December
MPC 26 MEETINGS
Standard Bank - Annual General Meeting
reliability of systems, from the investment team and strategy released and broadcast through Ai’s financial media platforms FINANCIAL
to financial analysis and forecasting, portfolio construction, and networks. A management 17 firm has the option
November
21-23 November
of keeping 4 November
Central Bank of Egypt
South African Reserve Bank
trading, transaction cost analysis, performance measurement its rating confidential for up to one
21-22 year,
November in order Centralto adjust
Bank of Nigeria for a 14 November

and quality oversight. The outcome generates two rating public update on the second year. 28 November
29 December
Central Bank of Kenya
30 Tullow Oil - Annual General
Central BankMeeting
of Egypt
14 November
15 November
14 December Bank of Uganda 25 November

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