Africa is becoming tipped as the next emerging market. Some countries in the continent have already 'emerged' such as South Africa where the stocks are well covered by analysts.

Real opportunities arise in sub-Sahara africa and countries like Algeria and Libya are beginning to open up.

The difficulty is finding the right product to invest in with good liquidity. Liquidity is often difficult as markets emerge and investments are in PE or securities with little volume.

More fund products are being issued and centres such as Mauritius and Dubai can now provide quality fund administration to these funds. Custody has also improved and some boutique custodians now provide the most comprehensive market coverage. It is still a manual process but it is more efficient and there are now the custody and fund administration controls in place to make this a viable market for investment.