Time to position yourself in sub-Saharan sales
As the revelation that China's buying one sixth of Nigeria's oil reserves suggests, sub-Saharan Africa is increasingly appealing to investors.
Sub-Sahara's rise hasn't been entirely smooth. New Star launched a Heart of Africa Fund in 2007; it was suspended last year due to the low turnover of equities in the region.
However, times may be changing. Rising commodity prices, the increasing political stability of countries like Ghana and investment from China, are helping push sub-Saharan Africa up the investment agenda. Nordea launched an African equities fund late last year, and the Heart of Africa fund has been subsumed into the Duet Africa Opportunities Fund.
Mike Goggin, managing director of recruitment firm Brookleigh, says there's growing demand in London for people to sell sub-Saharan investments to UK-based institutional investors.
"Coverage of countries like Nigeria and surrounding countries in west Africa is increasing on a monthly basis," he tells us. "Candidates need to know the African markets. Most clients are from London and other traditional financial centres, but as some of these countries are Francophile it helps to speak French too."
London is already home to African organisations like Zenith Bank, First City Monument Bank, First bank of Nigeria, and Guaranty Trust Bank. UBA Capital, the investment banking arm of United Bank of Africa, appointed a sub-Saharan sales trader in July. Standard Chartered and Standard Bank are also rumoured to be looking for Africa-focused sales people to work out of London.
Hal Stoddart, a consultant at Stevenson James Executive Search, says he's working with a small African bank which is setting up in London and looking for sales people. "They want people with relevant previous experience. And they only cover Francophone Africa, so they need French skills," he says.
