New Star suspends Heart of Africa fund dealing

The Jamie Allsopp-managed fund, which had £56m in assets at 31 October, has also been hit by a weakening in sub-Saharan liquidity after market closures in Ghana and Nigeria. The repatriation of money received from selling securities has been delayed by restricted foreign exchange flows in Nigeria, where 30% of the fund is invested. At 11 December, the fund has $6.2m of proceeds from disposals awaiting repatriation. Similarly, in Ghana, where 21% of the fund is invested, markets have been less liquid than usual with lighter trading volumes ahead of the general election. The close electio...