Semerci’s Duet snaps up Africa fund

Duet Group, the boutique fund manager led by Osman Semerci, the former head of fixed-income at Merrill Lynch, has bought a defunct Africa fund run by New Star Asset Management as it bids to expand its business in emerging markets.

Duet plans to increase its headcount to accommodate the Heart of Africa fund and will also hire additional staff for its newly-opened offices in Dubai, Japan and Asia, according to Salami.

Duet Group appointed Osman Semerci, the ex-global head of fixed income at Merrill Lynch, as chief executive a year ago. The group mainly manages money for institutional investors and grew its assets under management from $1.8bn (€1.3bn) to $2bn over 2008

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