Benedict Carter’s career has taken him from working as an offshore investment consultant in Dubai to establishing and eventually selling two companies—first in Kazakhstan and then in Russia. He has now found fulfillment and joy in his role as the managing director of Caravel Partners in Zambia.
Caravel Partners is an independent advisory firm established in 2010 and is already radically raising the bar for offshore wealth management services in Africa. Benedict and his team boast many years of direct investment advisory, financial planning and other financial services. The company’s investment advisors have extensive expertise in various regions across the globe, not only in Africa, but also in the UK, Europe, Latin America, the Gulf and Asia.
They live and work alongside their clients and their love and understanding of Africa not only helps them relate to her challenges but also make them well suited to help those who reach out to them for financial solutions.
Wealth of Experience
“With nearly thirty years’ experience, I have lived in many countries, from my native England to Russia to Kazakhstan to China, the Gulf and Africa. I know the offshore market inside out and offer you the most modern term insurance, regular savings, lump-sum, fixed interest products and other solutions,” says Benedict.
“At Caravel Partners, we bring high-quality international, tax-free investment services and insurances to individuals and to families. At the top level, our services are equal to those of a British or European private bank.
“We have a tagline of ‘London Wealth Management in Africa’, and this indicates that we seek to bring to Africans the same modern products and services that they would see in the UK but at an affordable price.
“Some of these are unique to us in Africa. Portfolio management, short to medium-term USD bonds, Islamic Investment, our own in-house Diamond Strategies, low-risk British property for income – there is a whole host of things we can do,” he adds.
From England to Zambia
Benedict’s story begins in a very old village, more than a thousand years old, in the Fens of eastern England where he was born. He lived the first 32 years of his life in England before deciding on a future outside of it.
After becoming a University of Cambridge BA and MA graduate, a young Benedict joined the Royal Navy and graduated as an Officer from Britannia, Royal Naval College.
“These experiences did undoubtedly shape me, as did my sporting career at school and at university, but this became apparent to me only much later when I left England to work abroad,” he says.
Embarking on life as an expatriate in the United Arab Emirates, Benedict first landed a job as an offshore investment consultant in Dubai in 1997. Six months later, he decided to start his own company in Kazakhstan and made history in the process by becoming the first-ever resident offshore financial services person in that country.
After selling the company he went to Russia, where he founded what became, for a time, the biggest single office offshore wealth management company in Eastern Europe. He sold that business and moved to Zambia where he established Caravel Partners.
Embracing the African Challenge
Setting up a thriving business in Africa has not been a walk in the park for Benedict and his partners. He reveals that things only started picking up after the Covid-19 dust had settled and the world was coming to terms with the effects of a global pandemic that had affected the operations of many businesses.
“I founded Caravel Partners in 2010 to replace the business I sold in Russia but did very little with it until after Covid-19, when I restructured, found some additional shareholders and we decided that Africa should be our sole focus,” Benedict reveals.
“The offshore wealth management sector in the vast space between the Sahara and the South African border is a giant opportunity with very little competition at all. It presents challenges and issues (logistical, cultural and others) which are unique.”
Benedict, who is married to a Zambian woman, has settled so well in that country that he is already exploring the prospects of opening another business there.
“With my wife, I am planning a mineral trading business which I am really fired up about. What lies under Zambian soil is beyond incredible. Let’s be honest here: Africans should already be on the way to living like the Emiratis in the UAE,” he says.
Entrepreneurship Lessons
Shifting into the African entrepreneurship space can be daunting, especially for a person who has limited knowledge of the continent’s business landscape. Operating a business in Africa has been something of a learning curve for Benedict and he is happy that he has quickly caught on.
“In Africa, do not even start a business until you have the surety of sufficient working capital to see you through the inevitable delays you will experience in setting up. Take what you are told about timescale, multiply by three and make sure you are properly funded for that period,” he says.
“A budget for brand development and marketing is essential. Understand that you will not find good candidates for key positions easily. There is no shortage of intelligence or talent, but there is a huge shortage of relevant working experience.
“You must be prepared to play a long game, and have serious and deep training programmes ready to deliver to staff. Africa is not for short-termers or for those who are used to a quick move to profitability.
“In terms of leadership, trust your management team. Do not do everything yourself because you will burn yourself out and diminish them. Delegate but ask for definite execution and reporting by definite dates,” he adds.
