Southern Africa Fund hired Investec Asset Management to handle its $55 million as a closed-end enhanced index equity fund, said Donald Crawshaw, spokesman for the funds board of trustees. Retaining the manager beyond Oct. 1 will be subject to shareholder approval.
Alliance Capital Management, the funds previous investment manager, stepped down earlier this month in a dispute with trustees on whether the fund should be liquidated or restructured into an exchange-traded fund. Alliance Capital recommended in February that the fund, which invests in South African equities, go into liquidation. A spokesman at Alliance Capital declined to comment.