Africa may be the world’s second-biggest continent, but until relatively recently, it was a place where few private investors dared to tread. The threat of corruption, political instability and the difficulty of making decent returns - or even an exit - meant most weren’t brave enough to sink their money in. But the end of the Cold War, and the proxy conflicts fought by the US and the USSR across African nations, triggered a new wave of independent states and a focus on private enterprise which began to tempt in bolder players. Chief among them is Runa Alam, the co-founder and chief executive of Development Partners International, an Africa-focused private equity firm which has been making successful bets on the continent for more than a decade. DPI operates in 27 countries and has $1.1 billion (£866 million) of assets across 21 investments, putting it among the biggest players there. The office, tucked away off Chelsea’s King’s Road, is a … [Read more...] about Business interview: African queen Runa Alam hunts returns
Merrill lynch private banking and investment group
Russian rail operator RusTransCom, which transports grain, mineral fertilisers, and timber, has postponed its plans for an initial public offering (IPO), the company said in a statement. The company had planned to launch an IPO on the London Stock Exchange to raise $300 million, which would have been the first IPO by a Russian company in almost two years on the LSE. Since the start of 2019 there have been a number of IPOs on the Russian equity market, after no deals since August 2018. But the postponement of the RusTransCom IPO along with the earlier shelving of a Secondary Public Offering (SPO) by meat major Cherkizovo, show the trend may be faltering. While Cherkizovo reportedly could not raise enough bids at the price it set, RusTransCom said it had “received several proposals regarding private equity transactions, which are better aligned with the Group’s development strategy.” Molesto Investments, owned by Konstantin Sintsov and Konstantin … [Read more...] about Russia’s Biggest Grain Freight Transporter Postpones Share Sale
Who’s on the move today? MUFG MUFG, the Tokyo-based financial group, has appointed John Winter as chief executive of MUFG Securities EMEA and head of MUFG Bank’s global corporate and Investment Banking (GCIB) business in EMEA. John takes up the reins at MUFG following a 31-year career in financial services which has included senior roles at some of the largest banks. An experienced banker and a transformational leader, John will develop and oversee MUFG’s strategy and governance for its securities business across EMEA. He will also be responsible for directing the divisions and functions which deliver client solutions through the GCIB business. He will work alongside Masahiro Kuwahara, regional executive for EMEA, and Tokyo-based GCIB management. Since rebranding its banking arm to MUFG Bank from Bank of Tokyo-Mitsubishi UFJ almost a year ago, the EMEA platform has continued to push ahead with its integration of client teams and functions. John started his career at … [Read more...] about City Moves for 25 March – who’s switching jobs at MUFG, NB Private Equity and University College London?