Botswana-listed Imara Asset Management is endeavouring to raise money for its Zimbabwe Value fund amid tentative signs of hope in Zimbabwe’s economy.
“We have seen a vast improvement since dollarisation. Prices have started to come down and we have started to see some foreign [investment] inflows,” said Grant Flanagan, Chief Investment Officer of Imara Zimbabwe and a native of the country.
The fund intends to invest in 10-15 projects in areas such as agriculture, diamond, gold, platinum, and coal mining.
Imara, a pan-African investment house, has a track record in the country. In 2007, it launched the Imara Zimbabwe fund, focused on the domestic stock market.
Imara Asset Management manages funds with a dedicated focus on Africa’s emerging markets. Current assets under management exceed $135 million. Imara’s investment professionals stay close to opportunities through their physical presence in Gaborone, Johannesburg, and Harare. A strong asset management team is maintained in Zimbabwe, Imara’s original home base. The Africa focus is complemented by Imara’s international team, based in London and licensed by the Financial Services Authority (FSA) UK.
#1 by Siwa on July 2nd, 2009
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Interesting concept. Obviously high-risk. Might translate to obscenely high returns. Might be a total flop. Let’s see. Someone has to take the lead and be the first though. Sad how Zimbabwe, which used to be referred to as the “Bread Basket of Africa”, sunk to this low. Let’s hope it is uphill from here.
#2 by Frank on July 2nd, 2009
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Yes, what’s been happenining in Zimbabwe is truly sad. It’s a pity they have to resolve to dollarising their economic regime to keep things in check.
I will look more into this fund … I just checked out their website and they appear to be serious individuals.