The global asset management industry has experienced significant turmoil in the last five years, driven primarily by the global financial crisis in 2008. However, the green shoots of economic recovery, particularly in Europe, have given industry analysts reason to be optimistic about the sector. Africa is forecast to be a driver of significant growth for the fund management industry globally.
The World Bank recently raised the medium-term economic outlook for sub-Saharan Africa to 5.5%, up from 5.2% six months ago. While the International Monetary Fund (IMF) has warned that rising fuel and food prices are the main economic threats in Sub-Saharan Africa and that monetary tightening has failed to keep pace, economic growth in the region has firmly returned to pre-global financial crisis levels. The IMF has reiterated its forecast of 5.5% GDP growth for the region this year and 5.9% in 2012, with low-income countries that make up the bulk of the continent expected to recover the fastest.
KPMG has collaborated across our member firms in Africa to produce the inaugural KPMG Africa funds and fund management survey, which provides an overview of the accounting, regulatory and taxation regimes in 11 African countries including South Africa, Nigeria, Kenya, Ghana and Mauritius. The survey aims to demystify the African story so that investors and the fund management community at large are better informed.
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