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Andre Steyn From Precy Dumlao, Opalesque Asia:

Despite the perceived restriction in the new rule, South Africa’s Regulation 28 will catapult the nation’s hedge fund industry to a level playing field with its Western counterparts, agreed hedge fund investors who participated in the latest Opalesque South Africa Roundtable sponsored by IDS Group and held at their office in Cape Town.

André Steyn, Portfolio Manager at Steyn Capital Management said, "I see a big, exciting move where the local hedge fund managers have started to look northwards; that is they are looking into Africa. Two related factors are behind this development. Everyone at the table here knows about the changes in the pension fund regulations (the so-called Regulation 28), which has increased the amount that pension funds can invest into hedge funds from 2.5% to 10% of assets, and which now allows an additional 5% of assets to be invested into Africa. While these changes may limit in the short term some investments into South African hedge funds, because some pension funds had already exceeded the 10% upper limit, in the longer-term it will be positive."

He added that the new regulation has opened up another avenue for pension funds to invest in Africa. As a result, a lot of highly skilled South African fund managers are looking up into Africa in order to capture bo......................

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