Last month saw UCT launch the African Institute of Financial Markets and Risk Management (AIFMRM), the first of its kind on the continent. AIFMRM is an academic institute that conducts research and delivers education and training in financial markets and risk management.

"No similar academic institute, aimed at creating a steady and sustainable pipeline of African university graduates with sophisticated knowledge in banking, insurance, risk management and quantitative finance, exists on the continent," said Professor Don Ross, Dean of the Faculty of Commerce.

"In the 21st century, capacity for situation-specific innovation in financial markets and risk management will be among the core determinants of which emerging markets graduate to mature development, and which remain mired in middle-income traps.

"AIFMRM's establishment improves the prognosis in this area. We owe this new basis for optimism to the forward-looking and expansive vision of our sponsors from the sector who have risen to the development challenge we face," Ross added.

Founding director Associate Professor David Taylor said: "While our overall purpose is to increase the extent and depth of expertise and to address skills shortages, the institute is specifically focused on two key areas. One is transforming the profile of quantitative finance, risk management, insurance and banking professionals.

"The other is ensuring that the next generation of academics is in place to safeguard the continuity of graduates in these areas."

Founding sponsors of the institute are FirstRand Ltd, Barclays Africa Group, Liberty Holdings Ltd, and the Western Cape Government's Department of Economic Development & Tourism.