Frontier markets attracting increased attention

Frontier markets such as Nigeria are increasingly attracting hedge funds and money managers.

The latest is from Ahmad Zuaiter, a former money manager for Soros Fund Management who is starting a hedge fund firm to invest in frontier markets, including Nigeria.

Earlier this week at the Renaissance Capital Investor conference held in Lagos, i spoke with Bob Diamond CEO of Atlas Merchant Capital, an African Investment Company he founded with Ugandan entrepreneur Ashish Thakkar.

Diamond and Thakkar raised $325 million in an initial public offering (IPO) for Atlas Mara - a cash vehicle controlled by Atlas Merchant Capital and listed in London - in December.

Speaking to Diamond on Monday (Feb. 10), he seemed pretty bulllish on the prospects for investing in Africa, especially in the financial services sector.

Atlas Mara may be interested in one of the three state owned Nigerian banks up for sale by AMCON (the asset management corporation), of Nigeria, although Diamond declined to comment on what specific names he is targeting to acquire.