New Star plans to close its troubled Heart of Africa fund. Managed by Jamie Allsopp, Heart of Afr...
New Star plans to close its troubled Heart of Africa fund. Managed by Jamie Allsopp, Heart of Africa trading was suspended on 9 December last year and has remained frozen despite initial expectations of only a brief hold period. The suspension was prompted by a number of liquidity issues in the sub-Saharan region, particularly in Ghana and Nigeria, where the fund invested 21% and 30% respectively. "It has become increasingly apparent that to reopen the fund to dealing would significantly disadvantage the remaining investors and after due consideration, and in consultation with the FSA...
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