Wealth Manager - the site for professional investment managers

Register to get unlimited access to Citywire’s fund manager database. Registration is free and only takes a minute.

Bob Diamond's return to banking raises investor interest

1 Comment
Bob Diamond's return to banking raises investor interest

Former Barclays chief executive Bob Diamond is set to return to the City at the head of a new African banking company, which is set to float in London.

Diamond (pictured) is raising $250 million (£153 million) for Atlas Mara, a cash shell, which is aiming to buy a controlling stake in an African financial services firm, and has already secured significant institutional backing, according to the Financial Times. Diamond is partnering with Ashish Thakkar, the founder of African conglomerate Mara Group, to launch the venture.

After leaving Barclays last July following the Libor rigging scandal, Diamond set up New York-based merchant bank Atlas Merchant Capital and the financier is understood to be keen to tap into the opportunities in Africa.

Both Atlas Merchant Capital and Mara, which has a presence in 19 African countries across a number of sectors, will take significant stakes in the shell company with the remainder of the cash coming from institutional investors.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Play Biotech Growth: we will ride out this storm

Biotech Growth: we will ride out this storm

Geoffrey Hsu of Biotech Growth Trust says the sell-off in biotechnology stocks represents a buying opportunity for long-term investors.

Play Picton: the UK property hotspots for rental income

Picton: the UK property hotspots for rental income

Picton Property Income CEO Michael Morris reveals how he is planning to ride the ‘ripple effect’ as UK economic growth spills out from the capital across the country.

Brewin's Foster talks financial crisis MkII with Allianz's Riddell

Brewin's Foster talks financial crisis MkII with Allianz's Riddell

This week Brewin Dolphin's head of research talks to Mike Riddell, fund manager at Allianz Global Investors, about the forces driving bonds markets in a tumultuous week for markets.

Your Business: Cover Star Club

Profile: PortfolioMetrix is on a mission to kill 'Frankenstein' systems

Profile: PortfolioMetrix is on a mission to kill 'Frankenstein' systems

In a buyers’ market for off-the-peg discretionary management, self-funded start-ups begin at an inherent disadvantage

Wealth Manager on Twitter