London-based New Star Asset Management is venturing into Africa next month with the launch of a new Heart of Africa fund. The company believes Africa could follow in the footsteps of the BRIC economies of Brazil, Russia, India and China and be the next emerging market to generate big profits for investors. John Duffield, founder and chairman of New Star, said: "There was a day three months ago when the Zimbabwe market went up a million per cent in a day and its currency devalued by a million per cent, so you will get excitement with this fund. But the biggest profits are made at the time of the biggest risks and there is a hell of a risk with these African markets at this time.'' Heart of Africa will invest in Zimbabwe, the Republic of the Congo, the Democratic Republic of the Congo, Zambia, Botswana, Senegal, Ghana, Namibia and oil-rich Nigeria. It will also invest in around five Aim-listed stocks exposed to the region. The fund will be managed by Jamie Allsopp and will be listed in Dublin, subject to regulatory approval. It is aimed primarily at institutional and high net worth investors. The initial minimum investment level has yet to be decided. Wealth manager Helvetica has previously announced the launch of an Isle of Man-domiciled, Aim-listed company called the PME African Infrastructure Opportunities fund.