Emerging markets specialist Renaissance Asset Managers is preparing one of the first ever equity funds focused solely on the Nigerian market, Citywire Global understands.
It is understood the fund, which is awaiting regulatory approval, will be formally launched in the spring.
Nigeria has emerged as a favourite among frontier market investors, with many sector specialists highlighting its long-term growth potential.
Development of the fund would mark it as one of the first Ucits-compliant strategies to focus solely on this African market.
Management of this strategy has not been formally announced, although it its anticipated that Sven Richter, who is director of frontier markets, will be handed the new fund.
Nigerian banks, in particular, have proven a major area of interest in recent weeks, with Richter among those pinpointing the sector as one of the most attractive in the region.
A source close to the company said the Renaissance Asset Managers team is currently on a fact-finding mission in Lagos related to background for the new fund, as well as investment ideas for existing portfolios.