ABAX supports Ecobank for Mauritius-domiciled fund investing in pan-Africa sovereign funds
Ecobank Transnational Incorporated (ETI), parent company of the pan-African banking conglomerate Ecobank Group, with operations in 36 African countries, is to launch through Ecobank Development Corporation (EDC) Investments, a licensed fund manager based in Ghana, the Middle Africa Bond Index Fund (MABI Fund). Set up in Mauritius, the MABI Fund will realise long-term capital appreciation with medium level risk exposure by investing mainly in Middle Africa bonds markets.
Paul-Harry Aithnard, Group Head, Securities and Asset Management at Ecobank, said: “We are extremely happy that we engaged ABAX to support us in the setting up of the Fund. They have an impressive and in-depth knowledge in fund administration, compliance and legal matters. The broad skills within ABAX have helped to identify key issues early in the process and added significant value for us.”
Nousrath Bhugeloo, Partner at ABAX, said: “We are very pleased to work with Ecobank for the MABI Fund. We have provided them with solutions on all aspects such as preparation and finalisation of fund documents, selection of custodian, banker and legal counsel. We shall also be responsible for the administration of the Fund, and ensuring its proper governance.”
ABAX one-stop fund services include structuring and setting up, accounting and administration, investor reporting, tax and compliance, directorship and governance. An experienced team of professionals caters to the needs of private equity and hedge funds clients domiciled in Mauritius and other jurisdictions.