Stephen B. Murray is senior investment officer at Pan African Capital Group. He joined Pan African Capital Group, LLC (PACG) in February 2007. Murray helps to manage the group’s investment portfolio, with particular emphasis on investments in the financial services sectors of West Africa, and provides advisory and investment banking services to PACG’s diverse portfolio of clients. From 2000 to 2002, he worked for Modern Africa Fund Managers, LLC, identifying and evaluating investment opportunities in sub-Saharan Africa. Immediately prior to joining PACG, Murray worked for The Federal Reserve Bank of New York in the Emerging Markets and International Affairs group. Murray worked on the Asia desk at the Federal Reserve Bank of New York, and was responsible for assessing economic, financial, and political developments affecting global capital markets and financial institutions. Murray authored a number of analytical briefings for senior Federal Reserve officials including the implications of rising household credit in emerging markets, the development of Islamic banking and Shari’ah-compliant financial products, and the implications of foreign exchange reserve accumulation and diversification on the US economy and global financial markets. He graduated with honors from Villanova University with a degree in international business and received his MBA from Georgetown University’s McDonough School of Business in 2002.