• About Nile
  • Overview
  • Our Core Values
  • Investment Philosophy
  • Our People
  • Board of Trustees
• Investing in Africa
  • Why Africa, Why Now?
  • Capital Flows and Remittances
  • Regional Profiles
• Nile Pan Africa Fund
  • Overview
  • Portfolio Management
  • Performance
  • Historical NAV
  • Composition
  • Fees and Expenses
  • Forms and Documents
  • Fund Fact Sheet
• Research & Insights
  • Research
  • Insights
  • Press Releases
  • News
• Separate Accounts
• Invest With Us
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  • Request a Document

Our People

Larry Seruma, Chief Investment Officer and Managing Principal
Larry Seruma has more than 19 years of experience in portfolio management, equity and derivatives trading, investment research and quantitative investment strategies. In 2004, he founded Nile Capital Management, LLC.  In recent years, he has served as a Managing Director at Proxima Alfa Investments (USA) LLC, a joint venture between Banco Bilbao Vizcaya Argentaria (BBVA) and Vega Asset Management. Previously, he was a Principal at Barclays Global Investors (BGI), a division of Barclays Capital, where he worked in the Active Strategies Group there and was also a member of BGI’s Investment Process Committee. He also has experience as an Options Market Maker at the Chicago Board of Options Exchange.  Mr. Seruma serves on the Board for All For Africa, a non-profit organization that focuses on providing sustainable funding to charities and community based programs in Africa.  Mr. Seruma is originally from Uganda.  He holds an MBA in Analytic Finance and Statistics from the Booth School of Business, The University of Chicago.

Andy Chen, Principal, Trading and Research
Andy Chen has more than 10 years of experience in growth investing, research, consumer goods and technology sectors. Recently, he was responsible for research and risk management for the Nile Master Fund at Proxima Alfa Investments (USA) LLC. Previously, he served as a Project Manager at Hewlett-Packard, responsible for managing in-sourced global customer relationship management systems, and as a Systems Manager at Procter & Gamble. He holds a BS in Computer Science from Cornell University and an MBA in Analytic Finance from the Booth School of Business, The University of Chicago.

Brittany Kielhurn, Analyst, Research
Brittany Kielhurn has nearly four years of experience in investment management and research, as well as experience with African development and business partnerships. Previously, she worked in research, client relations, and business development at the Meredith Whitney Advisory group (MWAG). Prior to MWAG, she was an associate in the Private Client group at Bernstein Global Wealth Management, which specializes in high net worth accounts. In addition, she completed an internship with the African bureau of the US Agency for International Development, during which she provided data analytics and reporting on the budgeting process and Public-Private Partnerships. She holds a BA in International Relations and Economics from Duke University. In addition, she holds the Series 7 and 63 FINRA licenses.

0134-NLD-1/19/2011

© 2010 Nile Capital Management, LLC

Investors should carefully consider the investment objectives, risks, charges and expenses of the Nile Pan Africa Fund. This and other important information about the Fund is contained in the prospectus, which can be obtained by calling 1-877-68-AFRICA. The prospectus should be read carefully before investing. The Nile Pan Africa Fund is distributed by Northern Lights Distributors, LLC.

Mutual Funds involve risk, including possible loss of principal.  Because the Fund will invest the majority of its assets in African companies, it is highly dependent on the state of the African economy and the financial prospects of specific African companies.  Certain African markets are in only the earliest stages of development and may experience political and economic instability, capital market restrictions, unstable governments, weaker economies and less developed legal systems with fewer security holder rights.  Adverse changes in currency exchange rates may erode or reverse any potential gains from the Fund’s investments.  ETF’s are subject to specific risks, depending on the nature of the underlying strategy of the fund. These risks could include liquidity risk, sector risk, as well as risks associated with fixed income securities, real estate investments, and commodities, to name a few.  Non-diversification risk, as the Funds are more vulnerable to events affecting a single issuer.  Investments in underlying funds that own small and mid-capitalization companies may be more vulnerable than larger, more established organizations. The Fund’s exposure to companies primarily engaged in the natural resource markets may subject the Fund to greater volatility than investments in a wider variety of industries.  There is a risk that issuers and counterparties will not make payments on securities and other investments held by the Fund, resulting in losses to the Fund. In general, the price of a fixed income security falls when interest rates rise. The Fund may invest, directly or indirectly, in "junk bonds.”  Such securities are speculative investments that carry greater risks than higher quality debt securities.

0605-NLD-4/28/2010