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Friday Jul 4 2008
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Icap founder launches Africa fund
Michael Spencer, founder of inter-dealer broker Icap, is ploughing tens of millions of dollars into a new hedge fund to profit from frontier markets in Africa and the Middle East amid a rush of money into the region. IPGL, Spencer’s family investment vehicle, is teaming up with a US financial consultant to put $125m of seed capital into Insparo Asset Management’s first fund, which will launch this month.
The seed investors – which include Exotix, the emerging market broker controlled by IPGL – will receive a stake in Insparo.
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