Two South African trusts launched

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The Independent Online
SAVERS in Britain are being offered the chance to invest in South Africa with the launch of two collective investments, writes Nic Cicutti.

Old Mutual, the oldest and largest insurance company in South Africa, is launching an investment trust aimed at institutions and sophisticated private investors.

The company says its investment policy, which relies on local knowledge, focuses on industrial and financial stocks, with particular attention paid to smaller and medium-size companies. The public offer period runs until 1 July.

Save & Prosper is launching a South African unit trust with a small proportion of its funds targeted at Botswana and Zimbabwe. The company will rely for much of its local knowledge and investment management services on its parent company, Flemings, which opened an office in Johannesburg in October 1991.

Flemings also has a joint venture with Martin & Co, a leading stockbroker in South Africa. It also owns 50 per cent of Edwards & Co, Zimbabwe's largest broker.

Save & Prosper Southern Africa Unit Trust: 0800 282101. Old Mutual South African Investment Trust: 0800 908905.