Futuregrowth: Fire destroys Cape offices

THE offices of Futuregrowth Asset Management, Africa’s biggest fixed-income money manager, were severely damaged when a fire broke out in a Cape Town office block. Staff and clients evacuated the Great Westerford building yesterday after the fire started at about 8am, Michelle Usher, a spokeswoman for Futuregrowth, said. Futuregrowth had offices on the third floor, which was “gutted”, said fire-fighting authorities. The company’s systems and data were backed up, Usher said. Futuregrowth is a unit of the Old Mutual Investment Group. The blaze is unrelated to runaway fires that swept the Cape Peninsula since March 1.– Bloomberg