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Singaporean Firm Heads for New Frontier with Fund Launch
Singapore's Wittenham Investment Management has launched a fund
of hedge funds to invest in frontier capital markets such as
Africa, Middle East and countries in the former
Soviet Union, continuing a recent trend of fund launches
targeting such parts of the world, according to media reports.
The MENA Plus fund is to start with at least $7 million seed capital and has a capacity to take as much as $300 million of funds from investors.
High prices of oil and commodities have boosted economic growth
and wealth in the Middle East and in
Africa, encouraging fund managers such as Franklin Templeton and
Pictet to invest in these so-called frontier markets.
Last year MSCI Barra, a unit of Morgan Stanley launched the MSCI
Frontier Markets Indices, covering 19 countries in central and
eastern Europe, Asia and
Africa.