Archive for the 'Appointment' Category

More hires at leading Africa and frontier investment bank Exotix Capital

A leading emerging and frontier markets investment bank, Exotix Capital, continues to add senior hires in key African markets. Exotix has offices in London, New York, Dubai, Lagos and Nairobi and is a licensed stockbroker on both the Nigerian and Nairobi stock exchanges – and in July rated #1 with 24% market share in Nairobi. The hires, which take immediate effect, add to the strengthening of the team in recent months and new appointments across business lines and geographies to harness growing investor interest in the world’s highest-growth economies.

The past year has seen significant growth for Exotix across Africa’s equity capital markets both in clients and market share. In Kenya, Exotix has been steadily increasing month-on-month this year. In June the firm launched a Research, Analytics and Data division, by Paul Domjan, the former Chief Executive of Roubini Global Economics and Founder of Country Insights.

It has also been expanding its investment-banking reach in Africa, with particular focus on the energy, financial and consumer sectors. On 3 October, Exotix was one of the three deal managers, alongside JPMorgan and Morgan Stanley, for the tender offer by Guaranty Trust Bank on its $400 million 2018 Eurobond.

The new appointments are
Serge Marston, currently Head of EMEA sales at NEX Markets, Serge Marston from NEX Markets as Non-Executive Director on Exotix’s Executive Management Board
Chiamaka Ezenwa, formerly at Morgan Stanley in London and FBN Capital in Lagos, as the new Head of Investment Banking West Africa
Mbithe Muema, previously with African Alliance Kenya, is appointed as Head of Equity Sales in Nairobi

CEO Duncan Wales says in a press release: “We are excited to have Serge, Chiamaka and Mbithe on board to help us take full advantage of the opportunity presented by our unique place in the world’s most exciting economies. Serge brings unparalleled expertise from his experience at the cutting edge of financial innovation.”

Marston is Head of EMEA sales at NEX Markets, a division within NEX Group that provides electronic trading technology services in the fixed income and foreign exchange markets. As Non-Executive Director he will work closely with CEO Duncan Wales and Chairman Mark Richards. Prior to joining NEX, he spent 19 years at Deutsche Bank in a variety of roles, most recently as Co-Head of Fixed Income, Currencies & Commodities, and e-Commerce Sales in the Global Markets division. NEX Group is a key shareholder of Exotix.

Ezenwa will be working with Andrew Moorfield (Natural Resources) and Fabrizio Ferrero (Financial Institutions), co-heads of Investment Banking at Exotix, and Esili Eigbe, Head of Equities, Africa, based in Lagos, to expand business in West Africa. She had previously spent 6 years at Morgan Stanley in London with primary focus on equity capital markets for Sub-Saharan Africa, the UK and Northern Europe, and the past 4 years in Lagos at FBN Capital, the investment-banking subsidiary of FBNH, Nigeria’s largest bank by total assets, most recently as Head of Equity Sales. She has originated and executed a variety of transactions across jurisdictions for international and Nigerian corporations.

According to Ferrero: “Chiamaka’s appointment enhances our investment bank offering in West Africa and overall in Sub-Saharan Africa through her extensive experience and relationships in the local markets. I am confident she will be a valuable addition to our team and further expand Exotix Capital’s investment banking footprint in the region.”

Muema was previously Head of Institutional Sales at African Alliance Kenya, where she was largely responsible for building the company’s local client base in the Nairobi office. She will lead Equity Sales further boosting Exotix’s position. She had previously worked at Renaissance Capital and Equity Bank as a research analyst and is currently on the board of the Konza Technopolis Development Authority in Kenya in a non-executive role, where she steers the business development committee. She will work closely with Eigbe and Debbie Rees, Global Head of Equity Sales.

Eigbe commented: “Mbithe has the necessary experience of markets in the region to support our commitment to expand Exotix’s business in Kenya and the wider region.”

Earlier in October Exotix appointed Matthew Pearson, former Head of Equities at ICBC Standard Bank, as Global Head of Equities, joining the firm’s Executive Committee, and Christopher Dielmann, formerly Research Analyst in the International Monetary Fund’s Strategy, Policy & Review Department, as Senior Economist with responsibility for markets including Egypt, Kenya, Nigeria, Bangladesh, Pakistan and Vietnam.

Other new additions to the team include Rafael Elias, formerly Head of Emerging Markets Research and Strategy for Fixed Income at Cantor Fitzgerald, returning to Exotix to continue his core focus on Latin America as Corporate Credit Analyst, and Rex Nowell, who has successfully directed independent research sales and account management teams in the Americas, Europe and Asia for the past 20 years, most recently for Roubini Global Economics, joining Exotix in New York as Managing Director for New Client Development.

Exotix has also been expanding financials research with the hire of three new analysts last month inlcuding Temitope Ode, previously an analyst at Sankore Global Investments and before that at Goldman Sachs, joining Exotix’s Lagos office to cover financial companies. Faith Mwangi, formerly Senior Research Analyst at Genghis Capital, covering banking and media, and prior to that Investment Analyst at Standard Investment Bank, covers financials in East Africa after joining in August.

Exotix Capital says it “provides the most comprehensive and integrated cross-asset platform to penetrate the full capital structure in frontier and emerging markets.” Its analysts cover over 160 companies, more than any other frontier-markets firm, in emerging Europe, the Middle East, Africa, Asia and the Americas. It is specialist in equity and fixed-income markets and the Exotix advisory team provides the full range of investment-banking services to companies, financial institutions, investment funds and governments. These include strategic advisory assignments from debt capital to private equity fund raising.

Serge Marston, Chiamaka Ezenwa and Mbithe Muema

Ethiopian Commodity Exchange (ECX) CEO resigns

The CEO of the Ethiopian Commodity Exchange (ECX), Ermias Eshetu, has tendered his resignation, according to a report in Ethiopia’s English weekly newspaper The Reporter. He will stay until a successor is found.

His decision took people by surprise, as he was publicizing the new working procedures he was planning to introduce in ECX. The resignation came after a stringent evaluation by the Board, which lasted the whole day. “The evaluation dwelled on the performance of the trading floor (ECX) and on the issue of who should leave and who should remain in office. The CEO tendered his resignation letter in the wake of the in-depth evaluation,” sources told The Reporter. It is part of Government efforts “to identify the weaknesses of ECX and reform the organization”.

The ECX management declined to comment to The Reporter.

The ECX was founded by agricultural economist Eleni Gabre-Madhin in 2008. Ermias had joined the ECX in January 2015, taking over from Anteneh Abraham, former vice president of Abyssinia Bank, who had resigned due to illness.

Electronic trading on ECX began in July 2015 and by January 2017 had replaced 89% of the open outcry trading, using a bespoke software built by Ethiopian engineers. According to a news report, ECX had started commissioning e-trading centres in different regions, including 3 set to be operational in the second quarter of 2017 and 4 were to follow. In the 2015-16 fiscal year (to July), the exchange traded 632,000 metric tons of commodities, worth ETB23 bn. They trained 760 users.

Ermias, 42, previously served Zemen Bank as Vice President for Marketing and Corporate Services since 2007. He lived for 20 years in UK, gaining technical and leadership experience at firms such as global IT giants IBM, Alcatel, Orange and MicroStrategy. He has a Master’s degree in international business from University of Manchester Management Business School and a Bachelor’s with honours in Computation from University of Manchester Institute of Science and Technology.

Ermias Eshetu (photo from http://innovation-village.com)

Meet the new CEO of Uganda Securities Exchange

Paul Bwiso, the former general general manager of stockbroker Dyer and Blair Investment Bank of Uganda, has big plans as new CEO of the Uganda Securities Exchange. His challenges include a challenger exchange, plans to win more listings, more automation, hopes to demutualize the exchange.

Low liquidity in the Ugandan capital market has not deterred a rival exchange, ALTX Uganda, which is currently testing and plans start trading from 1 May. ALTX was founded by Joseph Kitamirike, a previous CEO of the USE. Last month ALTX announced backing from GMEX Group which is offering an “exchange in a box” hosted trading solution and has backing from Deutsche Börse AG and Forum Trading Solutions Limited through its investment vehicle.

Paul Bwiso, the new USE chief executive officer. Photo by Mark Keith Muhumuza

Paul Bwiso, the new USE chief executive officer. Photo by Mark Keith Muhumuza

According to a recent interview in Uganda’s Daily Monitor newspaper, Bwiso, who has been on the exchange’s governing council, says: “My plan is to correct the way we have been doing things… We know the problem with the way things have been done. We shall review some of regulations in order to open up the market.”

He is confident on ALTX: “They were only putting us on the edge but I believe we are in a stronger position.”

He admits the market has struggled to attract listings while Ugandan companies are also seeking to raise money: “We’ll have to sell the potential of the main market segment, growth enterprise market segment and corporate bonds. In about 18 months, if we can fix the system here, then I see about 7 listings,” he said.

Market capitalization on the USE was UGX 28.6 trillion ($9.8 billion) including dual-listed stocks, according to today’s (12 March) market report. A recent news report put the value of 8 local stocks at $1.27bn, dominated by Stanbic Bank Uganda with $600m of market capitalization (measured by number of shares multiplied by closing share price). Power distributor Umeme attracted a lot of interest when it came to the market in November 2012 and since then the share price is up from UGX340 to UGX500 today.

So far only 40,000 Ugandans have registered as shareholders, according to the 2014/15 national budget speech, out of a population of 37.6 million. Liquidity both to invest and to exit have been some of the major worries.

It took the USE governing council more than a year to find the right successor to Kitamirike, according to the report.

“Jeff” Otieno Odundo new head for Nairobi Securities Exchange

Geoffrey “Jeff” Otieno Odundo will be the Chief Executive of the Nairobi Securities Exchange (NSE), effective from 1 March 2015. The announcement was made yesterday (8 Jan) by the NSE Board of Directors.

Mr. Odundo is an accomplished investment banker with 22 years of experience in the financial sector experience including 16 years in the capital markets in various senior roles in asset management, corporate finance and stock broking, according to a press statement.

Geoffrey Otieno Odundo (credit Salaton Njau, Nation Media Group)

Geoffrey Otieno Odundo (credit Salaton Njau, Nation Media Group)

Leadership skills
Mr. Odundo has been Managing Director and CEO of Kingdom Securities Limited from June 2009. According to the statement: “During his tenure at Kingdom Securities Limited he has overseen the growth of the firm to become one of the leading trading participants of the NSE and has been instrumental in key listings on the NSE as well as other corporate finance transactions.”

According to a report in Business Daily NSE chairman Eddy Njoroge said the investment banker was appointed after a thorough vetting process: “The board together with KPMG considered numerous applications from various applicants of the highest standards”. He said Mr. Odundo’s leadership skills, experience and wealth of knowledge would be instrumental in driving the NSE’s strategic plan.

Capital FM quoted Mr Odundo as saying: “I am very confident that the future of the NSE as a key driver of Kenya’s economy is very bright as we deepen the current products and diversify into new product offering.”

He takes over from Peter Mwangi who left in November after serving two 3-year terms as CEO and became CEO of Old Mutual Kenya. Mr Njoroge also thanked Andrew Wachira, the Head of Compliance and Legal, who has been the Acting Chief Executive for the transition.

Leading stockbroker
Odundo has served as a Non-Executive Director of the NSE representing Trading Participants from March 2012. During this time, he has been the Chairman of the NSE Technology Committee and has also been a member of the NSE Finance and Manpower Committee and the NSE Listings and Admissions Committee.

Before moving to Kingdom Securities he was instrumental in setting up Co-op trust Investment Services and Co-op Consultancy Services Limited. Other roles include as a Director and Secretary of the Kenya Association of Stockbrokers and Investment Banks (KASIB), “a role in which he was instrumental in improving the service delivery and standards on the operations of Capital Markets intermediaries.” According to the statement.

Personal
Qualifications include a Bachelors of Arts Degree in Mathematics and Economics from Egerton University in Kenya (main campus Njoro near Nakuru) and a Masters in Strategic Management from the United States International University (Nairobi). He is married with 3 children and enjoys soccer, golf and Formula One. He is also a dedicated member of the St. Paul’s University Chapel Lectors Group and founder of Ame Foundation to support the less fortunate.

Nairobi SE appoints Andrew Wachira as acting CEO

The Board of Directors of the Nairobi Securities Exchange appointed Andrew Wachira as the Acting CEO of the exchange, effective from 1 Oct 2014. Peter Mwangi left on 30 Sept, as reported on this blog. The process to recruit a permanent Chief Executive is ongoing.
According to the NSE announcement, lawyer Mr. Wachira has over 10 years’ experience at the Nairobi exchange. He has been the Head of Compliance and Legal Department, NSE since 2009. He has a Bachelor of Law Degree from the University of Nairobi and is an Advocate of the High Court of Kenya. He is a member of the Law Society of Kenya.
Board Chairman Mr. Eddy Njoroge said: “Andrew has been instrumental in the implementation of a number of key initiatives at the exchange. His experience, leadership skills and wealth of knowledge will ensure a smooth transition for the exchange. As we formalise the substantive recruitment of a Chief Executive, we are confident that he will execute this interim position commendably.”

History pic - Nairobi SE in 2009 (credit www.businessdailyafrica.com)

History pic – Nairobi SE in 2009 (credit www.businessdailyafrica.com)

New CEO announced for Dar es Salaam Stock Exchange

Tanzanian news media yesterday (1 May) released the news that 37-year old Moremi Marwa has been appointed as the new CEO of the Dar es Salaam Stock Exchange (www.dse.co.tz). According to this news report on Tanzania Daily News, Marwa was selected by the DSE governing board in mid-March, after the post had been advertised earlier (see this blog post), and is the first stockbroker to manage the East African securities exchange.
He is scheduled to take up his post in mid-May, He replaces Gabriel Kitua, who resigned early in 2013 and will be the fourth CEO since the DSE began operations in April 1998. At the time of writing the news is not yet confirmed on the DSE website (1 May was holiday).
Mr Marwa was the Director and Chief Executive Officer for stockbroker Tanzania Securities Ltd. According to this bio on the TSL website, he was responsible for executing the licensed brokerage’s corporate strategy and investment policy and for discretionary mandates.
“Before he joined Tanzania Securities Limited in September 2010, Moremi was a Senior Manager in Ernst & Young’s Transaction Advisory Services. He has a significant corporate finance and investment advisory experience and has worked with a number of major clients both in the public and private sector.”
Before E&Y he was with Deloitte & Touche in Corporate Finance Services since 2006 as a business analyst. His accounting career included managing assignments such as corporate finance structuring, capital raising, transactions support, syndicated loans structuring and reviews, valuations and financial modeling, feasibility studies and business plans. His earlier career was with Barclays Bank and Bank of Africa.
Qualifications include being a Certified Public Accountant (CPA), a Masters of Business Administration in Finance (MBA) and a Bachelor of Commerce (B.Com) in Accounting. He also holds the ACI (Financial Markets Association) Treasury Operations Certificate. He is licenced by the Capital Markets & Securities Authority (CMSA) as Authorised Dealers Representative and Authorised Investment Adviser. Moremi is also a Licensed DSE Floor Trader and is a Council Member of the DSE.
Congratulations to Mr Marwa and best wishes to the DSE, well managed in the interim by Mrs Mary Mniwasa.

Stock exchange CEO wanted

The Dar es Salaam Stock Exchange is advertising for a new CEO, see here on the DSE website for the job advertisement. The deadline is this Friday, 15 February.
The contract of the previous CEO Gabriel Kitua, expired on 31 January. Gabriel is recommended from my own experience, as a firm and results-oriented manager with vision who had the drive and hard work to make it happen. He read reports carefully and made constructive inputs and he was also pragmatic and believed in progress. We wish him all the best going forward.
Pending the new appointment, the DSE is in the capable hands of Mary Mniwasa, a lawyer who has served the DSE for long as Corporate Affairs Manager and Legal Counsel, including many key strategic and management processes.
Dar es Salaam and the Tanzanian economy are both booming with much growth still to come. The people and place are very pleasant. Closer links across the East African community are hotting up the pace of progress, modernization and integration. The DSE and its key stakeholders, the Capital Markets and Securities Authority, the Bank of Tanzania, the Government, issuers, stockbrokers and investors, are pushing processes of modernization and change including a demutualization strategy and an ambitious 5-year plan.
We wish them all the luck with the recruitment process.

ECP announces new CIO for giant African private equity fund

Pan-African private equity specialist Emerging Capital Partners (www.ecpinvestments.com) today (4 May) announced that Andrew Brown is appointed Chief Investment Officer (CIO) in a newly created position. He will join the investment committee of $613 million ECP Africa Fund III, which the company claims is the largest private equity fund for growth equity in Africa. The fund closed in June 2010 and has so far made 4 investments during 2010 in financial services, industrials and telecom/cable TV sectors across Africa.
Mr Brown will be based in ECP’s Paris office and will oversee and implement ECP’s investment process and strategy across its 6 active funds.
Vincent Le Guennou, co-founder, Managing Director and co-CEO of ECP, said in a press release: “Africa is one of the fastest-growing regions in the world and ECP is dedicated to seizing those opportunities. Andrew’s appointment adds operational experience, support and oversight to the investment process. Andrew has been operating in our core markets for well over a decade and is well suited to lead ECP’s investment process.”
Mr Brown said: “ECP has already invested more than US$1 billion through 50 investments in a variety of sectors across Africa in its decade of operation. I’m looking forward to working with the pre-eminent pan-African private equity firm and its outstanding team.”
He joins ECP from Amundi Private Equity (formerly Société Générale Asset Management Alternative Investments), which he joined in 2006 as CIO for the Kantara Fund, a multi-sector fund targeting private companies in North Africa, securing over €150m in funding and recruiting a North African investment team.
Mr. Brown first worked in emerging market private equity in 1998 when he joined CDC in London specializing in telecoms and infrastructure investments in Africa, Asia and Latin America. He moved to Cairo in 2001 to establish CDC’s Egyptian office. Following the creation of Actis from CDC he was the Actis Egypt Country Manager.